Master data is the most essential core data in a business, including various types like metadata, semi-structured, unstructured, analytical, and reference data. In certain instances, it may also include transactional data. In brief, it contains objects that hold the highest value, single-source-of-truth info across a business unit, organization or organizational ecosystem.
What is considered master data can vary from industry to industry and even among competiting entities in similar industries. This data is necessary for business analytics and operations, as it can provide critical information around business actions and behaviors.