Reference data and master data serve different purposes within an organization, and storing them in separate repositories can be beneficial for managing them effectively.
* Reference Data:
* Reference data is used to classify or categorize other data. Examples include code tables, taxonomies, and standard lists like country codes or industry classifications.
* It is often less volatile and has a higher degree of standardization.
* Master Data:
* Master data refers to the core business entities that are essential for operations, such as customers, products, employees, and suppliers.
* It is often more dynamic and requires frequent updates to ensure accuracy and consistency across systems.
* Separate Repositories:
* Storing reference and master data in separate repositories allows for tailored management strategies, governance, and security measures suited to their specific needs.
* This approach can improve performance, data quality, and accessibility by reducing complexity and focusing resources on maintaining each type of data appropriately.