Reference and Master Data Management

What is it?


Reference data is a subset of data used to categorise other data. Master data is the core data that is essential to an organisation’s operations, providing a single source of truth for key business entities. 

Every business transaction relies on reference and master data – your business processes and analytic insight are only as good as the data used. 

Reference and Master Data Management is the process of managing an organisation’s core data assets—reference data and master data—to ensure consistency, accuracy, and reliability across systems and processes. 

It is a discipline where business and IT ensure the accuracy, stewardship and accountability of an organisation’s shared reference data (e.g. currencies, country codes) and master data, including: 


  • Who: Customers, employees, vendors 
  • What: Products, SKUs, materials etc. 
  • How: Services, costs, etc. 



Why is it important?

 

Reference and Master Data are the core foundation of your business processes and insights. It’s not about the tools, it’s about the data that you execute the tools against. Hence, good Reference and Master Data Management delivers: 

 

  • Governance processes which are complete, thorough, and deliver   
  • The ability to be data-driven. 
  • The ability to trust your reports and make fact-based decisions.  
  • The ability to respond to changing business requirements and regulatory drivers.  
  • The ability to leverage a true operating model where business stakeholders collaborate with data teams to become more efficient and data-driven.   
  • The best possible enterprise reporting & insights  
  • Accuracy & consistency of key data elements  
  • Easier collaboration and information sharing across the enterprise and with external partners.  
  • Reduced costs & improved efficiency by standardising data  
  • Improved security of sensitive data.  

 


Please contact us to discuss how we can help you with your reference and master data management requirements.