What is a "Comparables Database"?

I know what company comparables are, but what all would you keep in this database? I work at a small firm and we work across many industries, but should I suggest maintaining a comparables database?

We have access to comparables for various industries via capiq, but not aggregated into a database? For MM and Boutiques, is this typically something that could just be in excel?

Most common source just news outlets and capiq for target industries?

What is the point of maintaining a database if you can just look in capiq anytime?

Is this mainly for firms/teams that focus on one industry?

 

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