Wikidata provides factual data in the form of a central repository that can be used over in different Wikepedia articles without requiring a manual edit of all the articles where it has been used if there is a change in the underlying data. Editors of different articles on Wikipedia can simply embed the information available on Wikidata viz. ID of movie on IMDB, population of a city, etc. and if changes are made to data in Wikidata, they will be automatically reflected on the Wikipedia articles.
Another benefit of Wikidata is that articles on Wikipedia can now be localized with less effort as it will remove the need of copying and pasting data in articles in alternate language versions. Announcing the development on Wikimedia foundation’s blog, Lydia Pintscher, said that event is a “huge step for Wikidata”.
With over 8 million objects available, Wikipedia editors will have a lot to work with when it comes to factual data and will have to find ways to use this information as effectively as possible. The data present in Wikidata can not only be used in Wikipedia but, can be used by others as well as is has been licensed under the Creative Commons CC Zero licence.