What is an ontology? In simple terms, an ontology is a representational system which defines the concepts, topics, subjects and the relationships within a subject domain. Models such as taxonomies, ontologies, controlled vocabularies and thesauri allow organizations to identify and create a consistent language, which users understand and describes the organization, processes and customers so they can:
- Consistently apply context and meaning to information throughout the enterprise in order to realize its value.
- Find the information they need and act on it to drive successful results.
- Apply text analytics to identify the meaningful information within enterprise information using machines and algorithms.
- Apply a series of tags also known as metadata, which identify the core concepts found within information.
- Identify important information found within information assets, which is not part of your model, but improves classification results such as, people, places, dates, measurements, nouns, zones of text, etc. using extraction.
- Harmonize disparate information sources against a canonical model to unify information and drive key decisions.
Seems like having a model is good thing to have, so why doesn’t every organization have one? They take time to build, the language throughout the enterprise is not always consistent and not everyone understands the value – so they are reluctant to provide the time and resources it takes.