Tenant is a physical infrastructure or if you like to think of it is a huge container that has central control over all the data set we have of a particular client. Every client should only ever need 1 tenant.
Workspace exists within a tenant and multiple workspaces can exist within a single tenant so they are like boxes that are held within the container. Each workspace or box can have different configurations applied to it so one workspace can contain a completely different data set and/or look and feel to another workspace despite being in the same tenant.
Use case of why we may need multiple tenants
There should be no need for this moving forward given the ability of workspace user access controls unless in the future we have client requirements to store the physical infrastructure in a different country region
Use case of why we may need multiple workspaces
Org design - users may want to have a separate workspace or environment to model out a new team structure with limited access to who can see the data
Using the same people/HR data set but wanting to apply a different demand or supply structure to display the data
Preservation of a specific baseline data set to enable reporting purposes
Creating a test environment to test new features or integrations before deploying the new solution into Production
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