The technology associated with ontologies has been around for quite some time. But since high-level, key decision-making employees often don’t understand how an ontology could benefit the business, they don’t see them as an immediate need and are loath to invest in them. However, Dean Crowley and Oliver Browne, in an article they wrote for Cutter’s annual trends and prediction series, believe that is about to change — especially in the financial industry.
In “Semantic Ontologies: Be the Shepherd, Not the Sheep,” Crowley and Browne (who are doing research on semantics at University College Cork) explain that in the financial industry there is often a hesitancy to adopt or implement significant industry-wide change: companies prefer to let someone else take the plunge and wait and see if the benefits come to fruition, and if so, how they could adopt and adapt for their own benefit.
Over the past several years, there have been independent movements towards financial-industry-wide ontologies by several financial organizations, including Bloomberg, Deutsche Bank, Wells Fargo, and State Street. Crowley and Browne predict it’s these organizations that will benefit the most from the universal standard that emerges. Why?
We predict that the successful adoption of an ontological standard, such as the Financial Industry Business Ontology (FIBO), will lead to a major change in customer experience for the financial industry by eliminating lengthy and costly processes involved in transferring a customer’s business from one organization to another. Because of this new open market, organizations will have to ensure their customers are provided with the best possible services. If they are not, customers will quickly take their business to a competitor. It is in an organizations’ best interest to ensure it is up to speed when the market becomes more open for customers who want to change institutions. Failure to do so may result in disaster.”
That “disaster,” of course, is your customers leaving for a better experience.
More on Semantic Ontologies
Cutter Research: Learn more about the importance of adopting an industry-wide ontological standard within the financial industry.
Webinar: Data Harmonization through Open Industry Standards: A Financial Industry Case Study. Learn how open industry standards like FIBO are improving the precision, usefulness and value of data. Discover how data harmonization — via the marriage of open industry standards and semantic database technologies — results in improved outcomes in data quality, analytics, risk management and governance.
from The Cutter Blog | Debate Online http://ift.tt/2H4m3ja
via https://ifttt.com/ IFTTT
No comments:
Post a Comment