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Object Vs Properties

We have a list of Customers (Companies) and it is in a Value List (Property is Customers).  What benefit would it for Creating a "Customers" Object?  I am asking because I see this in the Admin panel when I click on the "Metadata Structure" under Document Vaults.  In this graphic, it looks like the suggested M-Files format is to make Customers as an Object, and not as a Property/Value list.

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