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Unlike transactional data, master data is static data that describes products, customers, and other informational assets and their properties. Master data management is the practice of building a single, accurate and authoritative view of these assets without forcing every department or external party to use the same application.
The challenge is that most organizations' master data is duplicated and disbursed among multiple systems and applications. As the data independently evolves, it becomes error prone. This prevents decision makers from having a unified view of their data.