SmartData - Monetizing Data Assets
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The document discusses the formation of a new OMG Special Interest Group called "SmartData SIG". It provides [1] a primer on OMG, [2] a definition of SmartData and semantics, and [3] some key business drivers for the SIG such as improving data analysis, integration, and regulatory compliance. It then outlines [4] a proposed charter, [5] initial deliverables including use cases and framework development, and [6] a draft roadmap for the SIG.
SmartData - Monetizing Data Assets
- 1. OMG ‘SmartData’ Special Interest Group June 19th 2012 Contacts: Neville Teagarden Neville.Teagarden@lucidknowledge.com Harsh Sharma harsh.w.sharma@citi.com Joe Bugajski Joseph.Bugajski@gartner.com Mike Bennett mbennett@edmcouncil.org Working Document for June 19th Kick-off session
- 2. Index • Quick Primer on OMG • What is ‘SmartData’ and Semantics? • Business Drivers • Proposed Charter • Proposed deliverables • Draft Roadmap • Appendix 2
- 3. Primer on OMG Domain Task Forces Special Interest Groups (SIGs) Councils Platform Task Forces Finance, Healthcare, Telecom, Business Chief Data Officer Middleware, Analysis and Space, Business Modeling & Architecture, Regulatory Council, Cloud Standards Design, System Assurance … Integration… Compliance… Customer Council OMG Process: Neutral and Sustainable Business value, motivation, decision and requirements modeling Business Natural Language (business concepts, rules, context…) Business Process, Events Modeling Business Records Management Modeling Regulation Modeling Core OMG System (IT, other) Modeling modeling languages Service (SOA) Modeling Data Distribution and Interchange Mapping to defense and other Technology, dat Data life-cycle Modeling industry frameworks Architecture a, interoperabil Software Agents Modeling modeling & ity & Model Driven Architecture Middleware interoperability alignment traceability modeling 3
- 4. What is SmartData and Semantics? An organization is deemed to have *Semantics? SmartData when: it's all about meaning, business Business Semantics* of the Data, its life- rules, context, nuances… cycle and usage in business processes are well defined and managed by the business in partnership with IT Data analysis alludes to ‘previously unknown’ insights (not just answer questions one might seek) about its products, customers, partners, regulatory obligations… Data assets are ‘Linked’ and conform to industry (and internal) standard ‘Semantics’ Data management professionals (SmartData Professionals) are able to monetize their data assets for competitive advantage ? Data+Semantics SmartData 4
- 5. SmartData --> Better Business Value Inter-connected Networks of Semantics across Financial Services/Insurance domains BIAN FIX Healthcare IFRS HL7 FIBO CDISC Core Semantics US HSSP FpML GAAP, IF Date, Party ACORD, OM RS Time G P&C Geography ISO20022 Internal Payments Semantic Standards Variability Other Domains Velocity Energy, Telecom, S pace, Manufacturi Volume ng... Data Assets Business Usage/Value Private, Pu • Corporate Actions Planning blic, Social • Trade Systemic Risk Analysis Media… • Smarter Disclosures, Regulatory vocabularies, Legal Contracts • Illiquid Asset Valuation • Personalized patient treatment plans, outcome reporting • Energy Asset Optimization 5
- 6. SmartData: Empowering the Business User Under construction Business User Risk Manager, Trading Operations Lead, Regulator, Healthcare Specialist…. Data Assets Portal to Business Natural Language Processing, Machine Learning, Artificial search, discover, connect Data Intelligence Watson, Siri, Skyvi, other Semantic Reasoners… Assets Cloud(s) of industry Depository Database of DataAssets’ Semantics standards’ of Semantics • Security, Price, Events Master Central (reference data Corporate semantics) Corporate • Transactional data assets’ semantics DataAssets’ • Legal contracts data semantics data • Regulatory reporting data semantics standards/ Semantics • External data semantics… Semantics Private Sector Data Public Sector Data Social Media (Structured, unstructured) Twitter, Facebook, Google+ (internal) Data.gov, public disclosures etc. Structured, unstructured… etc. 6
- 7. Future state: ‘Linked Semantics Networks’ (some early thoughts) Business Natural Language Processing, Machine Learning, Artificial Intelligence Watson, Siri, Skyvi, other Semantic Reasoners…to find the ‘Right Needles’ in Haystacks of data Linked Networks of Semantics using URIs URI Registry/Namespace alignment? XBRL, o W3C ISO OMG FpML FIX EDMC MDDL ther… Islands of Data Private Sector Data Public Sector Data Social Media (Structured, unstructured) Twitter, Facebook, Google+ (internal) Data.gov, public disclosures etc. Structured, unstructured… etc. 7
- 8. Semantics can be represented in many ways, formats… *Semantics is the study of meaning. It focuses on the relation between Text Natural Language, Speech signifiers, such as Community Used by Business words, phrases, signs and SMEs, Legal, Arc symbols, and what they stand for. Models using formal hitects, IT… * http://en.wikipedia.org/wiki/Semantics modeling languages and symbology Meaning of Used by many Technology/platform Business Business Agnostic Models Concepts, Things • Business Process, Ontology SMEs, Architects, Models (business view) Data Context • Logical data models (data Analysts, Model Organization, Proc Represented view), Class Diagram, other ers ess, Time, Geogra as phy, Regulatory… Implementation Used mostly by Models • Physical data models IT Business ? • System, Service models… Rules OMG Modeling, Traceability Used mostly by Interchange Formats, Code and interoperability IT XMI, RDF, OWL, DDL etc. Standards 8
- 9. Business Drivers – SmartData • Exploding Data volumes and 7x24x365 access to information from private, public and social media data • Big Data analytics gaining attention but very little emphasis on data semantics (business meaning, rules, context, nuances) – Big Data Analytics can find the ‘needles’ in globally dispersed haystacks BUT are we finding the ‘Right Needles’ and the information reliable and actionable? • Net net, Big Data needs Smarter ways to define and manage Semantics – Based on Common business language, interoperability standards suitable for different stakeholders’ needs – Semantics make Data Smarter and transform data into a Business Asset of high value 9
- 10. Business Drivers – Enterprise Application Integration • Semantic disambiguation of API connections – Reduced system errors – Improved data quality in target systems – Higher value returned data • Interoperability of data streams – Types • Internal data streams – Strategic data repositories – Customer, Account, Product… (reference and transaction data) – Un-structured data – Emails, legal contracts, financial disclosures, etc. • External data streams – Public data – government and other non-profit data sources – Public disclosures – financial disclosures, corporate actions, etc. – Social media – twitter, facebook, blogs… 10
- 11. Business Drivers – Regulatory Compliance • Traceability of semantic end-data – Semantic definition of links between data elements – Mapping from regulatory requirements to actual system data elements that support compliance with the requirements (semantic equivalence vs. direct equivalence) – Cross-department semantic disambiguation (finance, trading, settlement, etc.) • Lineage of semantic end-data – Original source and intermediate data manipulation is documents • Implementation Cost Metrics for Regulations – Formal model (a la EPA, DOE) 11
- 12. Proposed Charter Please refer to the Charter Document # get from Juergen @ OMG 12
- 13. SmartData SIG Interactions Landscape Non-OMG Groups OMG Groups International Standards Analysis & Design Task Force Organization (ISO) Business Modeling & Integration W3C SmartData SIG Co-chairs, Liaisons Ontology PSIG Enterprise Data Management • Finance Council • Healthcare Data Distribution PSIG • FIX • Non-domain co-chair • Financial Products Markup Cloud Standards Language WG Architecture XBRL Driven Modernization PTF Banking Industry Government Task Architecture • SmartData Framework Force Network (BIAN) • Business use cases by • MISMO domain Finance Task Force • MDDL • Best Practices Guide • SWIFT • SmartData Engineer • ACORD Role, Certification Healthcare Task Force Government Agencies CFTC, OFR, SEC, Treasury, White House OSTP, OpenGov Regulatory Compliance SIG 13
- 14. Proposed deliverables – Phase 1, 2, … • Business – Initial List of Use Cases by Domain – Role, Responsibilities and Certification of a Smart Data Professional – Best Practice guide to SmartData • Architecture/Modeling – SmartData Framework (SDF) – Namespace/URI taxonomy/metamodel – Logical data model of ‘data assets inventory’ • Technology – Gap analysis of data interchange standards/protocols required and standards organization action plan – Prioritized list of standards and roadmap to incorporate into SDF 14
- 15. Next Steps • Review draft charter with OMG members and partners in advance of next OMG Meeting • Establish/kick-off SmartData SIG on June 19th OMG meeting in Boston – Key stakeholders (private sector, public sector, standards bodies, govt agencies, White House OSTP, other DTFs) – Review draft roadmap and deliverables for SDF • Elect 1 Chair at June meeting • Plan for Sept. OMG meeting – Roadmap, business use cases, deliverables validation – Elect 1 co-chair (other domain such as healthcare) – Elect 1 co-chair (non-domain) 15
- 16. Proposed Roadmap June 2012 Sept 2012 Dec 2012 March 2013 June 2013 • Kick-off • Validate business • Revised SDF • Publish SDF • Initial submission • Charter Approval use cases, roadmap • Revised SDP • Publish SDP of DSD • Initial scoping • Early Draft SDF • URI registry • DSD RFP Issued •? (business use • Early Draft SDP metamodel? cases, Deliverables, • Evaluate candidate • RFP for Data roadmap etc.) Identifiers Semantics Database • Co-Chair election taxonomy (GS1)? (DSD) Logical model 16
- 17. Appendix 17
- 18. Acronyms • FIBO – Financial Industry Business Ontology – an OMG-EDMC standard • FIX – Financial Information Exchange Protocol • FpML – Financial product markup language • HL7- Health level 7 (major healthcare standard) • CDISC – Clinical Data Interchange Standard • HSSP- Healthcare Services Specification 18
- 19. Deliverables: Business Use Cases list • Financial Services – Trade Decision Tree modeling and analysis – Counterparty Exposure – Smart Disclosures for consumers • Health care – STP of healthcare Payments 19
- 20. Deliverables: SmartData Professional • Role, Responsibilities and Certification of a Smart Data Professional 20
- 21. Deliverables: Architecture/Modeling • SmartData Framework (SDF) scope • Registry of Namespace/URI taxonomy, metamodel • Logical data model of ‘data assets inventory’ 21
- 22. Deliverables: Technology • Gap analysis of data interchange standards/protocols required and standards organization action plan • Prioritized list of standards and roadmap to incorporate into SDF – Vocabularies (domain and other) – Ontologies (domain and other) – Other standards of interest to SIG (such as GS1 taxonomies of Identifiers) – Etc. 22