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Exploring the Application of Ontologies in Organizations for Data Harmonization

Authors:
Carlos Tubbax
Jan Verelst

Keywords: Ontology; Data Harmonization; Financial Industry Business Ontology; Numeraire Typology; Graph

Abstract:
In this contribution, it is explained how ontologies could be used by business organizations to integrate data from heterogenous sources in a systematic process called data harmonization. In order to add academic rigor, Normalized Systems Theory (NST) has been used as a rationale to study the modularity concerns of this data harmonization project. Data harmonization consists in this contribution of three steps and offers certain advantages compared to other data integration approaches such as data-warehousing. The first are its simplicity and flexibility. The second is that the mapping costs of such an approach will just increase linearly and no longer exponentially. Additionally, the author illustrates how data harmonization can be conducted through a use case in which several datasets on US stock exchanges are mapped to the Financial Industry Business Ontology (FIBO) before being integrated for information retrieval through predefined SPARQL queries. The main contribution of this work is that it shows step-by-step how data harmonization can be conducted with costs that no longer increase exponentially but linearly as the number of data sources and destinations increases by means of a numeraire topology.

Pages: 33 to 39

Copyright: Copyright (c) IARIA, 2020

Publication date: April 26, 2020

Published in: conference

ISSN: 2308-3557

ISBN: 978-1-61208-783-2

Location: Nice, France

Dates: from October 25, 2020 to October 29, 2020