Master data is information that industries, organizations or departments agree to share. This can include any type of data including reference, transactional and analytical data. Deciding what information to share as master data typically involves several considerations:
CostsInformation such as market data that is purchased from data vendors may have a significant cost. As such, organizations typically want to purchase it and use it efficiently.
CarnalityData with a large number of elements. For example, reference data with millions of rows may have more value as master data than reference data with four rows.
Life CycleData that remains valuable for a significant period of time. For example, customers records may be relevant for years or decades.
VolatilityData that doesn't change at all may not require a master data management solution. Such data can be defined as constants in a variety of systems.
ValueData that is critical to business strategy and operations.
ReuseData that is used in many places has more value as master data. Typical candidates for master data include customer, product and market data that tend to get used by a large number of systems and analytical tools.
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