How Blockchain And AI Can Help Master Data Management

Master data is easily one of the most critical assets that a business possesses. With continuous digitization and the advent of the fourth industrial revolution, the value of master data and the importance of master data management are only going to grow. Before we proceed into the importance of master data management, let’s understand what master data is.

Gartner defines master data as “...the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.”

Essentially, master data refers to all the static information that is used to identify the critical elements of a business. This can include the names of products, people (customers, suppliers, employees, leads, etc.), special equipment and tools, facilities, etc. Master data is different from transactional data such as invoice numbers, invoice amounts, dates, process parameters, etc. The purpose of master data is more about identifying and less about measuring.

The full Forbes article can be read at this link.