Any item and party data applicable across multi-business transactions; it can be neutral – constant across all trading partners (e.g. product size, name of manufacturer) – or relationship dependent (e.g. price).
Master data is a data set describing the specifications and structures of each item and party involved in supply chain processes. Each set of data is uniquely identified by a Global Trade Item Number (GTIN) for items and a Global Location Number (GLN) for party details. Master data can be divided into neutral and relationship dependent data. Master data is the foundation of business information systems.
In R/3, data relating to individual objects, which remains unchanged over an extended period of time. Master data contains information that is used in the same manner for similar objects. Examples would be the master data of a supplier containing name, address, and banking information, or the master data of a user in the R/3 System, containing the user's name, authorizations, default printer, etc.
The set of data that is needed to establish sufficient reference material to support the maximum use of pre-coded, pre-agreed information enabling more efficient transaction messaging.
Master data represents the parties to the transactions that record the operations of an enterprise. Two examples are customer and product.
Within the context of Data Synchronization, any data or constructs that are applicable across multiple business transactions. Master data describes each Item and Party involved in Supply Chain Processes. Each data set is uniquely identified by a Global Trade Item Number (GTIN) and a Global Location Number (GLN). Master Data can be divided into neutral and relationship dependent data. Typically Master data is static - not transactional. Master data are exchanged between the trading partners during data alignment process.
Is the basic structure of codes and fields within SAP.Common fields of financial master data include cost objects, general ledger accounts/cost elements, fiscal period document type, material groups, profit center, and fund center.Master data is “standing data”, not transactional data.
Master data, or reference data, is information that is key to the operation of business and is the primary focus of the Information Technology (IT) discipline of Master Data Management (MDM). This key business information may include data about customers, products, employees, materials, suppliers, etc. which often turns out to be non-transactional in nature. In this regard, master data can support transactional processes and operations, but its use is certainly not limited to such (analytics/reporting is another area greatly dependent on an organization's master data).