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Item Master Data: What is it and Why is it Important?
Item Master Data: What is it and Why is it Important?
Updated over a week ago

Master Data is known as the single source of truth, but what does that mean? Data often exists in various systems or within various departments across an organization. If these systems operate in silos it creates a challenge when making data driven business decisions. For this reason, many organizations are moving towards a “single source of truth” (SSOT) model. Simply put, a single source of truth is the practice of collecting data from many systems and departments into a single location. The SSOT model works with all company data, including and most importantly for PDX users, item data.

What Is an Item Master?

An item master is an organized collection of all the key information about a singular particular item in your inventory. This information could include date of manufacture, a short description, item dimensions (size, weight etc.), cost, and marketing data. Item masters can be very comprehensive and should have every piece of information needed to make informed decisions about that product.

What is Item Master Data?

Item master data refers to all the information within the item master for all products within your company. The greater the detail of the item master, the greater your company’s ability to improve the financial return of the that product. Item master data should contain useful inputs for analysis aimed at improving supply chain, and overall business processes but should also contain data fundamental to sales and marketing.

Why is Master Data Important?

As the single source of truth well-maintained item master data helps businesses in many ways, including but not limited to, staying on top of product listings, avoiding shortages, providing accurate information to buyers and merchants, and informing high-level decisions about product lines. Where there is a lack of master data challenges such as data redundancy, data inconsistencies, business process inefficiencies, chargebacks, and rapid changes in the business model can arise. For these reasons, having well-managed master data is important.

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