what is the purpose of item master organisations?
can we define more than one item master?
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Answer Posted / vamshi
An item master is a master record of inventory items. The
item master includes the item code and description and
other mandatory attributes to uniquely identify the item;
it may also include materials and handling specifications,
sales and fulfillment specifications etc.
An item in the master can exist without any corresponding
inventory item in stock, but an inventory item cannot exist
without that in the item master!
Accurate, comprehensive item master data is the critical
foundation for many essential business processes. In most
companies, item master data is entered and maintained in
one or more ERP, procurement, maintenance, PLM, inventory
and other legacy systems. Consistency and synchronization
between the various instances of the data are typically
nonexistent as each system, location and user group uses
different data standards, naming conventions, and
classification taxonomies. The problem grows exponentially
over time as underlying systems and users change and
evolve. Duplicate entries, incomplete records and out of
date information may become commonplace.
Item Master is useful in:
Inventory reduction
Spend management
Strategic sourcing
Systems consolidation
Acquisition and integration
Compliance with Sarbanes-Oxley
Reporting and business intelligence
ERP upgrade and migration
| Is This Answer Correct ? | 26 Yes | 4 No |
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