Jürgen flag has worked in specialist, consulting and line managing roles in several industries, such as steel trading, retail, insurance, third-party vendors of data management software and financial services, after completing his university studies in mathematics and physics with a master’s degree. With his profound methodological skills and long-term practical experience in project and programme management, master data management, data governance, data quality, and solution architecture and design, he supports his clients in both regulatory and business development projects.
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Part 4
Before diving deeper into the details of how a digital enterprise leverages its internal data more effectively, let us define the characteristics of internal data. Internal data are fully maintained and processed by the company, including master data with their life cycle and transactional data. Stability of models and low modification rates are major properties of master data, such as partner, product type or account. Examples of transactional data include payments and buy/sell transactions. Transactional data do not exist independently; they always relate to associated master data. Often regulatory requirements define the scope and retention period. Truly digital enterprises regard internal data as real assets. The table below visualises the major drivers of business outcome.
