The shoppers are cultivating a trend of wearing clothes once, before returning the items for a refund. In the latest survey done by Barclay Cards in the United Kingdom, approximately one in ten shoppers reveal that they have purchased clothes online only to wear once to post a photo to social media and subsequently returning their purchases.
Master Data refer to any classified business data that centers around clients and customers, employees, inventory, suppliers, analytics, and more. It is a single file document. This compiled data stands ultimate against the rulings of other data; about the subject matter, it is storing data. It is otherwise called Reference data and is collected into a single document to cut out errors borne from duplicate records, and to increase the business’ operative efficiency. The single-file information becomes the source for projects or tasks that require details of the data. It will give room for uniformity across the company. Note that master data only contains records of critical operations and knowledge in business.
The master data is a crucial part of every decision-making process in your e-commerce business. From viewing the master data of a company, one can tell what the business does, the product or service with the highest demanded, the category of the market that their service or product appeal to, product prices, customer details, and a long list of other information.
The Types of Master Data to Pay Attention to in 2020
There are several types of Master Data, but the following six are core to the growth of any business.
Employee master domain
The employee master data is a type of master data that compiles the details of every staff working in a business enterprise. It contains names, pictures, contact details, addresses, position, educational qualification, remuneration, leave due, work history, and all other necessary detail about each employee across the different departments in the establishment. Although individual departments would also have their bio-data document for staff within their department, they are not allowed to source for the information from any other source different from the employee master data- the reference data.
Customer master data
The customer master data is the centralized document that contains all the details about customers. Having the Customer master data gives entrepreneurs or business administrators a better view of their market share and can help tailor their next big marketing move.
Product master Data
The importance of the product master data cannot be over-emphasized. It is the one master data type that every business should have. It is very instrumental in rapid business growth. Like other types of master data explained above, the product master data concerns business detail that is in line with the products that the business provides.
Asset Master Data
The asset master data contains information about the different assets owned by the business, the condition of the asset, depreciation, valuation, and all.
All the above-listed master data are relevant, but some are more instrumental to the growth of your business than others. In 2020, you should not neglect the importance of the product master data and customer master data.
Master data will always contain entries from all these domains, and sometimes from more. Details on Master data are useful to other data fields for use as Reference data for operations that could be internal or external to the business.