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Custom fields allow for data type changes, while standard fields do not. Both standard and custom objects can have custom fields created. Caution is advised when changing a custom field's data type, as incompatible types (e.g., number to date) can lead to data loss. Custom fields cannot be deleted if they have existing references. Deleting a custom field may also remove any corresponding list views and affect assignment or escalation rules tied to that field. Additionally, other related rules may also be impacted due to the deletion, as it removes the field entirely from the system.