Today's Data Term *Master Data* Master data represents "data about the business entities that provide context for business transactions". The most commonly found categories of master data are parties, products, financial structures and locational concepts. Characteristics of master data: 1. *Core and shared*: Master data is shared across multiple applications and systems. 2. *Authoritative and trusted*: Master data is considered the single source of truth. 3. *Standardized and normalized*: Master data is standardized and normalized to ensure consistency. 4. *Governed and managed*: Master data is governed and managed through data governance processes.