Back in March, The Semantic Web Blog wrote an article about FIBO, the Financial Industry Business Ontology that’s on its way to being an Object Management Group series of standards. There, we explored its value as an open semantic standard that can be used by financial institutions and industry regulators, both to support conformance to federal regulatory reporting requirements and for internal business processes and risk analysis.

To continue the discussion about the operational value of FIBO, we recently spoke with key participants developing the standard: David Newman, Strategic Planning Manager, Vice President, Enterprise Architecture, Wells Fargo Bank, who is lead of the industry team collaborating on semantics OTC (over-the-counter) derivatives proof-of-concept, and Mike Atkin, managing director at the Enterprise Data Management (EDM) Council, where FIBO was born and is included as content of EDM’s Semantics Repository.

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SemTechBiz is Less Than 3 Weeks Away

The Semantic Tech & Business Conference (SemTechBiz) is coming to San Francisco on June 3-7! Join us for case studies, innovative panels, tutorials, and keynotes that will provide you with practical advice, hands-on guidance, and breakthrough approaches to solving business problems with semantic technology. Passes go up $200 at the door. Sign up now and save !

If there’s one thing the Semantic Web arena is full of, it is start-ups. In fact, the slew of creative and innovative ideas out there coming from young companies is one of the reasons for the first Start-Up Competition to be held at the Semantic Tech & Business conference in San Francisco this June.

If you fit the bill and haven’t checked out this opportunity, you should, right this way. Are more opportunities waiting in the wings for entrepreneurs? Yesterday Congress sent the JOBS (Jumpstart Our Business) Act bill to President Obama for his signature. Once he signs it – and the White House has said that is the intention – entrepreneurs no longer will be prohibited from advertising their intentions to raise funds for their companies to investors, because the Act abolishes the general solicitation ban. As reported by The Washington Post, “the bill also establishes a framework for crowdfunding — which enables small companies to solicit equity capital from myriad small-dollar investors.”

What’s the reaction from some members of the Semantic Web community?

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A room full of interested parties gathered in Microsoft’s Silicon Valley Campus yesterday to discuss Schema.org, its implications on existing vocabularies, syntaxes, and projects, and how best to move forward with what has admittedly been a bumpy road.

Schema.org, you may recall, is the vocabulary for structured data markup that was released by Google, Microsoft, and Bing on June 2 of this year.  The schema.org website states, “A shared markup vocabulary makes easier for webmasters to decide on a markup schema and get the maximum benefit for their efforts. So, in the spirit of sitemaps.org, Bing, Google and Yahoo! have come together to provide a shared collection of schemas that webmasters can use.”  (For more history about the roll-out and initial reactions to it, here’s a summary.)

Yesterday was the first time since the Semantic Technology & Business Conference in San Francisco that community members have gathered face-to-face to discuss Schema.org in an open forum. It was a full agenda with plenty of opportunity for debate and discussion.

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At the SemTech San Francisco 2011 conference, Chris Testa of Adly spoke about a platform they used internally for Business Intelligenge analytics. There was great interest from the audience, and this week, Adly announced the release of “Blingalytics” as free, open-source software. While not explicitly semantic itself, Blingalytics works WITH Adly’s semantic system, serving as the underlying billing and business intelligence infrastructure they use to manage the business. I caught up with the Adly team (Arnie Gullov-Singh, CEO; Chris Testa, Director, Engineering; and Krista Thomas, VP Marketing) to hear more about the platform.

Q: So what is Blingalytics?

A: Simply put, Blingalytics is the first and only open source business intelligence platform in Python.  The Blingalytics Python package makes it easy to slice and dice your business KPIs, no matter what data you’re looking at: retweets, click-through rates, net revenue, etc.

Blingalytics takes care of the gritty details of optimally crunching the numbers, so that you can jump straight to defining your view into your business stats and performance analytics.

Blingalytics was built by Chris Testa and Jeff Schenck

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Semantic technologies of various flavours have the potential to discover connections and enable insights that are powerful, valuable, intriguing, insightful, and surprising. However, as with so many technologies, there’s a flip side. As tools grow more capable and data sets continue to blossom, it becomes ever more likely that the segmented lives of web users — whether public and private, law-abiding and nefarious, or respectable and risqué — will be joined up without our explicit consent. As developers who see the best in people build ever-richer tools, technology companies that cannot — or will not — understand the value of the ageing legal system’s checks and balances continue to use them in pushing the boundaries of what society considers to be acceptable. There are already scare stories, and as the reality becomes more capable, those scare stories will undoubtedly become increasingly terrifying. Some of them may even turn out to be true. But it’s not necessary to believe the full Orwellian horror of a Mountain View search engine (or a Menlo Park social network) that knows everything about you, and acts upon that knowledge. Even in the smaller every-day injections of semantic smarts into business processes, there are things that should perhaps make us sit up and take note. Just because semantic technologies can discover patterns in customer behaviour, doesn’t mean we should necessarily act upon them too soon.

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[Editor's Note: This week, we welcome Yefim "Jeff" Zhuk of Sallie Mae as he presents a series on Knowledge-Driven Architecture. This series follows up the author’s presentation at the recent international 2011 Semantic Technology Conference San Francisco and further expands on the subject of integrated software and knowledge engineering, originally described by Mr. Zhuk in the book “Integration-ready Architecture and Design.” Part I | Part II | Part III]

Part IV – Creating a semantically rich service environment locally and across industry

Part III focused on the Conversational Semantic Decision Support (CSDS) and related Use Cases.

This example can be expanded from requirements to design and development phases, including hints on service names and application messages. Standards, recommendations and best practices offered by W3C [6] can serve as the base for conversational scripts, which would help a SME, (in this case, a software developer) to successfully implement them and create a truly semantically rich SOA environment.
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[Editor's Note: This week, we welcome Yefim "Jeff" Zhuk of Sallie Mae as he presents a series on Knowledge-Driven Architecture. This series follows up the author’s presentation at the recent international 2011 Semantic Technology Conference San Francisco and further expands on the subject of integrated software and knowledge engineering, originally described by Mr. Zhuk in the book “Integration-ready Architecture and Design.” Part I | Part II | Part IV]

Part III - Transitioning From “What” to “How” and explaining Conversational Semantic Decision Support (CSDS) with Use Cases

a)      Formalization of Business Rules

One of the current development trends is a shift to rule-based applications. As more flexible and quickly adaptive to business changes, rule-based applications live a longer life and provide higher return on investment.

Conversational semantic decision support can be very helpful in the process of collecting and formalizing the rules [5]. CSDS will make sure that the rules are expressed in the known terms and the rules criteria are directly tied to existing data.
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[Editor's Note: This week, we welcome Yefim "Jeff" Zhuk of Sallie Mae as he presents a series on Knowledge-Driven Architecture. This series follows up the author’s presentation at the recent international 2011 Semantic Technology Conference San Francisco and further expands on the subject of integrated software and knowledge engineering, originally described by Mr. Zhuk in the book “Integration-ready Architecture and Design.” Part I | Part III | Part IV]

Part II

Looking for a black cat in a dark room

In the corporate world, each clerk and department has their own knowledge compartment.

Prepared for consumption by an author or a single group, information is based on “tribal knowledge” assumptions and naturally has multiple gaps, especially for other groups and departments. In increasingly interconnected businesses, informational gaps lead to productivity loss.

Compartmentalized information is usually hidden and locked inside complex tools. No surprise that we spend from 30 to 50% time looking for information. Not because we love searching… It’s just hard to find something that was hidden (not intentionally!) and especially something that has never been captured.

We often find ourselves looking for a black cat in a dark room.
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[Editor's Note: This week, we welcome Yefim "Jeff" Zhuk of Sallie Mae as he presents a series on Knowledge-Driven Architecture. This series follows up the author’s presentation at the recent international 2011 Semantic Technology Conference San Francisco and further expands on the subject of integrated software and knowledge engineering, originally described by Mr. Zhuk in the book “Integration-ready Architecture and Design.”]

Business and technical people don’t always understand each other. (That might be an understatement.)

While technology speaks XML and Web Services, business prefers natural language.

Translation from business to technology is called the development process.

“Cooking” an application involves several translation layers and teams:

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Laura Campbell, CIO of the Library of Congress, spoke at the recent SemTech Conference about how the world’s largest library leverages semantic technology to help manage the vast resources of the LoC.

The Library of Congress is “more than just a library,” said Campbell, pointing out that the LoC has “the Congressional Research Service, the Copyright Office of the U.S., and the Law Library in addition to the National Collection.” With over 146 Million items in 470 languages, represented in both analog and digital content, and with newly gathered material regularly being added from around the world, there is undeniably a lot of content to manage.

In her keynote address, Ms. Campbell spoke about how the Library of Congress is leveraging linked data technologies in three key areas:

1. Managing existing collections
2. Maintaining the LoC’s role as a leader in the distribution of canonical information
3. Fulfilling the mission to collect, preserve, and provide access to a more digital collection

The keynote in its entirety, is presented below.

 

To read more about one specific linked data initiative at the Library of Congress, check out this recent series about the Recollections Project.

For more great keynotes, case studies, and insight into how Semantic Web can make a difference in business, consider attending SemTechBiz UK, SemTechBiz DC, or the Semantic Media Summit in NYC.