Reference data is information that is used to define other data.Master data is any information that organizations can agree to share.
Reference Data vs Master Data Reference data is often composed of static identifiers such as the names of countries. Such data is reasonably constant but can change. For example, ticker symbols for stocks can be considered reference data that can be added, deleted or changed with some frequency.Master data can include reference data and any other type of data that organizations agree to share. For example, it is common for organizations to share critical business entities such as customer and product records. Analytical data such as market feeds may also be considered master data.
Key RelationshipsReference data is one of many types of master data. Not all reference data can be considered master data as teams may set up their own reference data that differs from the organization.
|Reference Data||Master Data|
|Definition||Constants that define permissible values for data. ||Data that has a common definition across an organization.|
|Value||Data standardizationValidationData quality||Data qualityReduced costsOperational efficienciesStreamlining data management and governance.|
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