Hi Santhosh,
Master data is the core data of an enterprise that exists independently of specific business transactions and is referenced in business transactions. It builds the foundation for the smooth execution of business processes and well-informed business decisions. Master data represents business objects rather than business transactions and is rarely changed over a long period of time.
Companies have to be aware that there are several different views on master data. So within one company, the different areas create individual versions of a master data record and the trading partners along the value chain also introduce additional versions.
So the definition and handling of master data is a task of paramount importance for a company because:
● Master data is needed to make decisions on all company levels.
● Business processes throughout the entire company rely on master data.
● High-quality master data helps to improve the operational efficiency of a company.
● With high-quality master data, costs can be reduced. With a Global Spend Analysis you can negotiate better prices granted from the suppliers
This is why we need MDM.
Regards,
Sravan
Bluesky
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