Hi Partho Sarathi,
We will extract the data from ERP and will bring it to Ariba. We will store a copy in Ariba and Contracts and Sourcing Products will use it for Contracts Creation and Events creation. This data will be periodically updated based on changes in ERP. It is not only the Material Master, we also bring in other required master data like Purchase Org, Company, Plant etc.... I know it is it a high level. Let me know if you want to talk on this. Also mentione whether your organization is interested in going down this line.
Hari