The primary benefit of a taxonomy is providing consistency in terms and categories to enable findability in content. This is true regardless of the business or discipline. This interesting topic came to us from Financial News in their article, “Why the fintech sector needs a common taxonomy.”
In the financial world, classification can seem fairly straightforward. However, in a rapidly growing market that has the potential to harm customers if left unchecked, the need for regulators and policymakers to get on the same page is critical.
This is true when it comes to cryptocurrency as well. Since it is inherently global in reach, it is even more important that national authorities take a team approach.
Whether you are talking about queries or processes, systems or taxonomies, standards make the outcomes more reliable because of the consistent approach to the data or topic. The variety and volume of information can be overwhelming. Solid standards-based taxonomies can help index big data. The results are comprehensive and consistent search results.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.