Widely adopted internationally[1][2][3] it describes the features and defines the requirements for standard exchange of Master Data among business partners.
Master Data is used to manage critical business information, most commonly in the context of a digital supply chain although also used across public services e.g. health,[5] about products, services and materials, constituents, clients and counterparties, and for certain immutable transactional and operational records.
Application of this standard has already proven it can significantly reduce procurement costs, promote inventory rationalization, and deliver greater efficiency and cost savings in supply chain management.
Around the world, Government agencies in major economies involved in the supervision and regulation of financial and commodities markets, telecommunications, media, high technology and military have adopted a wide range of ISO 8000 Master Data strategies, and several are establishing audits and controls based upon ISO 8000.
[6] ISO 8000 is one of the emerging technology standards that large and complex organizations are turning to in order to improve business processes and control operational costs.