81:. While both provide context for business transactions, reference data is concerned with classification and categorisation, while master data is concerned with business entities. A further difference between reference data and master data is that a change to the reference data values may require an associated change in
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For most organisations, most or all reference data is defined and managed within that organisation. Some reference data, however, may be externally defined and managed, for example by standards organizations. An example of externally-defined reference data is the set of country codes as defined in
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Curating and managing reference data is key to ensuring its quality and thus fitness for purpose. All aspects of an organisation, operational and analytical, are greatly dependent on the quality of an organization's reference data. Without consistency across business process or applications, for
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to support the change, while a change in master data will always be managed as part of existing business processes. For example, adding a new customer or sales product is part of the standard business process. However, adding a new product classification (e.g. "restricted sales item") or a new
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example, similar things may be described in quite different ways. Reference data gain in value when they are widely re-used and widely referenced.
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customer type (e.g. "gold level customer") will result in a modification to the business processes to manage those items.
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Reference data sets are sometimes alternatively referred to as a "controlled vocabulary" or "lookup" data.
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used to classify or categorize other data. Typically, they are static or slowly changing over time.
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Examples of good practice in reference data management include:
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377:"5 best practices for managing reference data - LightsOnData"
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295:"The Foundations of Successful Reference Data Management"
241:"Using reference data for lookups in Stream Analytics"
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Govern the reference data specific to your enterprise
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Microsoft MSDN, Reference Data
Services in DQS, 2012
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407:Managing Reference Data in Enterprise Databases
118:Use external reference data as much as possible
266:DAMA-DMBOK: Data Management Body of Knowledge
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323:"IBM Redbooks | Reference Data Management"
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405:Chisholm, Malcolm (2001).
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103:Reference data management
70:structure and constraints
16:For use in finance, see
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51:Fixed conversion rates
222:. European Commission
327:www.redbooks.ibm.com
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247:. Microsoft
138:Master data
79:master data
59:temperature
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387:2018-08-17
362:2015-12-09
333:2015-12-09
308:2020-06-07
251:2020-06-07
226:2020-06-07
174:References
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245:Microsoft
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272:. 2017.
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