Microsoft continuously refines Dynamics 365 Business Central, adding new features based on user requests while phasing out less relevant features that are only important for specific purposes or regions. These adjustments are implemented annually in two major ‘wave’ updates, the most recent of which took place in April 2023.
In the latest update, a striking feature immediately caught our attention: the addition of master data management as a standard function in Business Central. In this blog, we'd like to take you on a journey into the wonderful world of master data.
What is master data and when is it used?
Master data is like an organization's secret weapon. It is the crucial and essential data that forms the heart of all business activities. It contains information such as customer data, product details, financial data, and much more. This data is stored in a central source and uniformly applied across all business processes and departments, ensuring efficiency throughout the organization. In short, master data is the key to successful business operations.
To better understand master data, we must first know the difference between the primary company and the secondary companies. The primary company is responsible for creating and modifying all data that is then used by the different secondary companies. In the secondary companies, this data is synchronized, making it usable for them. To make this process easier, we can set up an automatic task queue post for synchronization.
But please note, the data deletion function is intentionally disabled in the primary company to prevent accidental data loss. If you wish to delete data, this must be done directly in the secondary company.
What types of data can we exactly take over into the master company? This depends on the organization and its specific needs, but in general, we can distinguish the following data types:
- Customer and supplier data: think of names, addresses, billing information, and other relevant data.
- Item Data: here we are thinking about item details, stock settings, valuation methods, and/or prices.
- Financial data: To form a uniform basis across different companies, general ledger accounts, currency settings, or dimensions can be replicated across companies through the master company.
- Settings at all levels: from user settings to accounting settings can be configured via the master data to be the same for everyone, in every company.
What makes using master data so advantageous?
The great power of master data is data consistency. It ensures that essential information is managed and applied uniformly across all businesses. No more hassle with duplicate entries, leading to a boost in efficiency and collaboration, and making time-consuming error detection a thing of the past.
Last but not least, master data and data quality go hand in hand. It ensures central management, keeping all information accurate, complete, and up-to-date. No more lost data or outdated details. This enables reliable reporting and analysis, and strategic decisions are facilitated.
Business Central can be used for a variety of functions, including: * **Financial management:** Accounting, budgeting, cash flow management, fixed assets, and financial reporting. * **Sales and service management:** Sales order processing, invoicing, customer relationship management (CRM), and service order management. * **Operations and supply chain management:** Inventory management, warehousing, purchasing, production planning, and shipping. * **Project management:** Project planning, resource management, and project costing. * **Reporting and analytics:** Business intelligence tools, dashboards, and customizable reports for insights into business performance.?
- Multiple companies can subscribe to data from the master company.
- In the master company, tables and fields can be defined that need to be synchronized.
- Via task queue posts, updates from the master company are synchronized within the chosen timeframe (e.g., daily or weekly).
- In the receiving company, changes to synchronization can be tracked in the log entries.
The master data management function can be activated via the “Master Data Management Settings” page, where you can also view tables and logs. On this page, you can also manually start the synchronization.
Do you have any further questions on this topic or are you interested in implementing Business Central in your company? Don't hesitate to contact us using the form below. We are ready to help you!