Data Standard Models in Competition

March 22, 2012 / Melody Smith / Comments Off on Data Standard Models in Competition

Open Data Model is a fairly new organization, at least compared to the EDM Council. But these competing models have been busy lately. EDM set out classifications based on asset class distinctions as the basis for its model. Open Data’s model is based on the ISO 10962 standard and the same organizing principles as Wikipedia.

This topic was inspired by a post found on Waters Technology titled, “Data Standards Competition Heats Up.” These competitors aren’t exactly going into a cage match, but Open Data Model’s founder, Rodger Nixon, contends that his organization’s offering and methods are better and more effective than those of the EDM Council.

The EDM Council’s managing director, Mike Atkin, believes in their Financial Industry Business Ontology (Fibo), which is not necessarily or strictly a data model. Fibo will have three versions, for business entities, for instruments and for loans. The future of data management includes ontology and semantic processing.

Melody K. Smith

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Melody Smith

Melody K. Smith has provided organizational, social media and digital communication services to a large non-profit for the past twenty years. Prior to that she championed employee engagement and communications in the healthcare field. She holds a Bachelors degree in Marketing. When not wrangling and writing TaxoDiary content for your reading pleasure, Melody writes fiction, rescues dogs and throws legendary dinner parties.