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Master data is consistent and structured data that describes the key business units of a company, such as customers, products, suppliers, and employees. They contain key information that remains unchanged over a longer period of time and is used for numerous business processes.
Managing master data has established itself as a critical component in the information strategy of modern companies. Originally born out of the need to have consistent data across various business functions, master data management has developed into a separate area of expertise that includes specialized methods and technologies.
Master data is used in almost all business processes, from order processing to accounting and customer management. In industrial companies, they are particularly important for managing product information in a Self-service portal, where customers and partners have access to detailed product information.
The correct management of master data results in improved data quality, more efficient business processes, and greater data integrity. This results in fewer errors, faster process runtimes and better decision-making based on reliable data.
Master data management challenges include ensuring data consistency across various systems and business areas, updating and maintaining data, and integrating new data sources. Solutions for this include the implementation of specialized software solutions and governance structures.
A specific example is the use of master data in a B2B retailer portal, where consistent product information plays a key role in maintaining the supply chain and customer satisfaction. Such portals often use master data to provide detailed product descriptions, availability information, and technical data.
Master data is essential for the efficient and effective implementation of numerous business processes in industrial companies. They help to reduce errors, speed up processes and make well-founded decisions.