Party data

In relation to Master Data Management, party data is understood in two different ways. First of all, party data can mean data defined by its source. You will typically hear about first, second and third-party data. First-party data being your own data, second-party data being someone else’s first-party data handed over to you, while third-party data is collected by someone with no relation to you—and probably sold to you. However, when talking about party data management, party data refers to master data typically about individuals and organizations with relation to, for example, customer master data. A party can in this context be understood as an attorney or husband of a customer that plays a role in a customer transaction, and party data is then data referring to these parties. Party data management can be part of an MDM setup, and these relations can be organized using hierarchy management.


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