Wednesday, June 13, 2012

WAND Banking Taxonomy Now Available

Commercial Banking Taxonomy
I am pleased to announce the release of the WAND Retail Banking Taxonomy.  The WAND Retail Banking Taxonomy has 815 terms with 339 synonyms covering banking processes, retail banking,  regulations, products, fees, risk management, banking documents, and much more.

The financial services industry has been more proactive than most in adopting taxonomies due to complex compliance and retention requirements.   The WAND Finance and Investment Taxonomy was our first offering for this vertical, but that taxonomy does not have terms that would be useful for tagging internal bank documents.

The WAND Retail Banking Taxonomy is specifically designed to help banks tag and organize their unstructured information with relevant, industry specific concepts, processes, subjects, and document types.

Retail Banking Taxonomy
 WAND created this taxonomy leveraging experience helping create taxonomies for dozens of credit unions and financial institutions.  We took this knowledge as a base and built-on top of it to create a taxonomy that is a strong starter set for any commercial and retail banking institution.

The WAND Retail Bank Taxonomy can be integrated into any ECM software that can support taxonomy including SharePoint 2010, SharePoint online, Documentum, Oracle Webcenter, Drupal, wordpress, and more as well as automatic tagging solutions.

If you'd like a demo, please do let us know. You can reach me at mleher at wandinc dot com.

Monday, June 4, 2012

More on Taxonomies and Big Data

As a follow on to my post from last week about taxonomies and big data, I'm linking to an interesting blog post from Krish Krishnan, an expert in the data warehousing and business intelligence space.

Krish discusses how taxonomies work with big data:

"Taxonomies have long been used as catalog or index creation mechanisms in the world of metadata driven approach to data management and more so in the Web driven architecture where you need linked context behind the scenes. The very same taxonomy family can simply be used to create what we call word clouds or tags from content that is within Big Data. these tags can be used to create powerful linkages that will form a lineage and a graph."

Complete post here:

Friday, June 1, 2012

Big Unstructured Data and Taxonomy

Big Data.

Big Unstructured Data.

Big Unstructured Data Taxonomy?

Big Data seems to be the latest hot industry buzzword making its way through the technology world.   What does it really mean and how do taxonomies come into play to help manage Big Data (or Big Unstructured Data - BUD).

Content is being created at an unbelievable rate today.  A recent Independent Oracle Users Group study reported that one third of companies see annual data growth over 25% and nearly 10% of companies have more than a petabye (1000 Tereabytes) of data.   Big Data.

How does taxonomy fit in? 

Businesses need to evaluate strategies for organizing and understanding the huge amount of content that is created in their organization. If content is not organized in a way that you can get information out of it, then all it is doing is increasing your storage costs and bogging down your database.  A taxonomy is  a necessary ingredient to the solution.

A taxonomy model should be created for any business concerned about content overload so that existing and new incoming content can be appropriately tagged - not just for findability, but for workflows, data governance, records, and analytics.  Decisions can and must be informed by the data that is created and an appropriately deployed taxonomy is a way to help business users get at the actual information that is hiding in your Big Unstructured Data. 

To me, Big Data as a buzzword is still a loose concept.  A lot of people are talking about it, but most companies are just beginning to think about how to approach it.   As things tighten up and crystallize, I expect taxonomy to get more and more attention. And, WAND will be paying close attention and an active participant to help our customers solve these challenges.