Industry leaders in sectors including banking and financial services look to have high hopes for semantic technology. They’re thinking about FIBO (Financial Industry Business Ontology) and leveraging semantic technology for more traditional types of data integration and analytics projects. At Cognizant, Thomas Kelly, a director in its Enterprise Information Management practice – and the author of this white paper on How Semantic Technology Drives Agile Business – sees the positive development that clients in the Fortune 500 space like these “are maturing in their use of semantic technology, from a project focus to more enterprise initiatives.”
The interest in FIBO, he says, is representative of an overall interest across in industries in leveraging industry ontologies as mechanisms to help companies better standardize, align and learn from the output of industry-wide efforts. The attention that industry analysts, including Gartner, have put on the semantic web in the last year – not to mention regulators beginning to consider its use in sharing information on a regulatory basis – have helped increase interest by commercial organizations, Kelly notes. That’s also evident in the life sciences sector, as another example, with the efforts of the FDA/PhUSE Semantic Technology Working Group Project to include a draft set of existing CDISC standards in RDF.
The pickup in attention to many things semantic ties to the different perspectives that organizations need to manage about their data, which include “how they currently think of their data, how it is currently perceived in managing business operations; and where they are looking to go in the future that makes it more inclusive of what’s going on in the world outside their walls – that is, how the rest of the industry looks at this data and uses it to support their business processes,” he says.