Master data refers to the data assets within a corporation—information on customers, products, items, vendors, locations, routes, and bills-of-material. These are the components that define the corporation—who it is; where it is located; who it does business with; and what it sells, buys, and makes.

It is important to note that all other types of data within the corporation (such as transactional, analytical, and operational data) are derived from or based on this master data.

1. Reference Data Business Processes is referring to the business processes and the associated workflows around how master data is managed.
2. Data Quality is integral to master data. The information propagated to all users and systems within and outside the enterprise must be consistent and accurate.
3. Meta Data Management is defined as "data about data" or, the definition of master data and associated systems.
4. Synchronization is method by which data is replicated and distributed across multiple systems.
5. Governance encompasses the people, roles and organizations that manage data and uses standard methods and processes.

An approach to reference and master data management should incorporate the ability to manage reference data, which is typically available across multiple sources within an enterprise. Having consistency across the enterprise reduces significant complexity and rework around the use of reference data in applications. Reference data, after creation, is used across disparate business processes throughout the enterprise.

For more information on how Teradata can help your organization, download the pdf.