Question: I've worked on a few BI projects with different clients where dealing with unharmonized, outdated or inaccurate financial master data was a major issue (charts of accounts, KPIs and other accounting/consolidation/reporting master data). However, when I read about master data management (MDM), these financial master data never seem to be in the focus of MDM systems or projects. They usually talk about customer and/or supply chain master data. I've been wondering why that might be. Do you as experts have an idea why financial master data is not on the screen when MDM is discussed? Thank you for your insight in advance!
Majid Abai's Response: I agree with your point. Financials should be considered as a master data and it is. Today, we hear a lot about customer and supplier data integration and management, but the truth is that a lot of companies are also doing ERP consolidation which will ultimately have the same result. Most companies should have finance, product/service, supplier, customer, employee and partner as part of their master data plan.
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