I will start with another assertion every business has master data.  Master data or key reference data is that which defines or refines enterprise data transactions. It is almost always cross-functional and is the corporations ‘reference’ or gold-standard information about its key entities (i.e.: actors in the business process) The complexity of IT systems has caused IT to become reactive rather than proactive.  This I believe is because of a number of reasons but primarily:

Master data is the critical information that provides context and integrity to transactional data in the enterprise. Some of the typical characteristics of Master Data that help understand it better are:

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