The two most common master data types are:
- Party master data (customers, prospects, suppliers and other business partners)
- Product master data
The basic activities as standardization, consolidation and hierarchy building are the same.
Some of the differences I have learned are:
- Party master data is often stored in a single global format but should be transformed to embrace multi-cultural diversities.
- Product master data may have multi-cultural issues but should be transformed into a single global format (of course embracing multi-language hierarchies and so).
External reference data available:
- For party master data the possibilities for real world alignment with external data sources are plenty.
- For product master data the possibilities for real world alignment with external data sources are few.
Industry specific requirements:
- Requirements for party master data quality are pretty much the same across industries with few variations as B2B (corporate customers) or B2C (private customers) or both being the most prominent.
- Requirements for product master data quality vary tremendously across different industries.
What are your examples of (similarities and) differences between party master data quality and product master data quality?