This is a continuation of last month's post: What You Need to Know to End Information Chaos.
Business makes extensive use of taxonomy and metadata in a variety of scenarios including accounting, databases and inter/intra-net based applications to provide structure and organize information. All this is normal and straightforward. Chaos arises, however, when a business manager or executive asks questions that cut-across systems. When, for example, they want to be able to integrate engineering data, customer-oriented product information, customer information, and customer service complaints to identify new product-lines and solution opportunities.
To achieve the goal of visualizing a business problem by mining information repositories in a creative way to address complex issues involving multiple data repositories, taxonomies and metadata must be aligned to establish a comprehensive "single source of truth." The concept of a single source of truth is the mantra in the drive to put Master Data Management (MDM) into practice. However, the effort comes with certain practical and serious challenges. The most significant being the fact that different and well-governed information systems have different semantics and different metadata standards. Achieving semantic interoperability is a serious challenge, especially as business systems and network service architectures develop to meet organizational needs to adapt to a rapidly changing technology environment.
So what to do? How do organizations find ways to capture, manage, and derive understanding from a wide range of sources including its internal expertise resources and the stream of information provided by social media channels?