Reference data vs Master data

[Former Member]

Hello experts,

I am a little bit confused with the relationship between master data and reference data. Are these the same things? Where is reference data stored in MDM? What are some examples of reference data?

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Thanks!

Nichole

Edited by: Juan Reyes on Apr 3, 2009 11:14 AM

[Former Member]

Hi Nicole,

Master Data can be stated as the key data that the Business requires and the Reference data that we generate points to one of the Master Data.

A simple Example : Any data that acts as an Asset to a Business can be stated as a Master Data like Customers and the Suppliers with whom the Business is dealing with, The Product that a Company Manufactures, its Employees.

Basically the entities or data that rarely change.

whereas

Reference Data : The data that keeps changing on daily basis.

Example : The daily transaction that the Business does with its Suppliers of Customers, the total cost that the Business has to pay to buy Materials etc.

So, any data that keeps on changing on a daily Basis can be stated as a Reference or a Transactional Data.

The data that we store in MDM is the Master Data whereas we use BI ( Business Integration) as one of the tool to generate reports for Reference or Transactional Data.

Hope this would help!!!!

Regards,

Parul