This component plays an important role on microservice architecture once it easily provides a centralized configuration service for distributed systems. By using Spring Cloud Config we can get a very good embedded config server that runs as a standalone application.
For simplicity I'm just using classpath as my repo, but for the real world Git is better and simpler too.
Also Spring Cloud Config allows us to change app configuration dynamically without having to rebuild or restart. By using @RefreshScope annotation you can easily accomplish that. Note that there are some limitations for dynamic refresh though. @RefreshScope doesn't work with @Configuration classes and doesn't affect @Scheduled methods.