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Reference Data is very important because it establishes the foundation for the data in any Database.
A Platform can be defined for Reference Data whuich is put in place first step in creating a Database.
Wikipedia says
"Reference Data are data describing a physical or virtual object and its properties.
Typical reference data are:
Physical: products, material, assets, customers, locations
Virtual: cost centers, planned buildings
Reference data can change over time via transactions (described in transaction data). E.g. a logistical transaction can change the location of an object, a financial transaction like adding tax can change the price of an object and a series of work transaction can change a virtual object like a planned building into a physical object."
The diagram conveys the idea of Reference Data is the first component to be put in place, followed by a Product Catalogue and a Customer Master Index.
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