How Important Are Standards?
The value of standards is about more than just messages. As the standards community rises to the challenges of semantic data, reference data, and metadata, the potential value of standards to business and information architects continues to escalate. FinExtra brought this information to our attention in their article, “Standards are more than messages.”
The Standards Forum is the place where business and standardization meet. This group facilitates and encourages dialogue around standardization in the financial industry. The impact of the Internet of Things (IoT) in the financial world shows that there are many things we could just as well do digitally.
Financial data standards are not fully developed. This challenges the standards community to ensure that new participants are fully aware of the business standards that are already available so that time and effort is not wasted on reinventing the wheel.
The model-driven, standards-based approach of semantics for data governance is rapidly becoming the industry-wide normal. Semantic technology brings to light possible solutions that no one would have any reason to consider.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.