OMG ‘SmartData’ Special Interest Group
June 19th 2012
Contacts: Neville Teagarden [email protected] Harsh Sharma [email protected] Joe Bugajski [email protected] Mike Bennett [email protected]
“SmartData --> Monetizing Data Assets”
Working Document for June 19th Kick-off session
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Index
• Quick Primer on OMG• What is ‘SmartData’ and Semantics? • Business Drivers• Proposed Charter• Proposed deliverables• Draft Roadmap• Appendix
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Primer on OMG
Domain Task ForcesFinance, Healthcare, Telecom, Space, Business Modeling &
Integration…
Special Interest Groups (SIGs)Business Architecture,
Regulatory Compliance…
CouncilsChief Data Officer Council, Cloud Standards Customer
Council
Domain Specific Business Natural Languages, Models, Interchange Formats, Software Solutions, Tools, built on 300 plus OMG standards
Business Natural Language (business concepts, rules, context…)
Business Process, Events Modeling
Records Management
Business value, motivation, decision and requirements modeling
Regulation Modeling
Mapping to defense and other industry frameworks
Model Driven Architecture
System (IT, other) Modeling
Service (SOA) Modeling
Data Distribution and InterchangeData life-cycle Modeling
Software Agents Modeling
Middleware interoperability
Object Management Group – The Home of Modeling Standards• Established in 1989, OMG is one of the largest international, open membership, not-for-profit computer industry
consortium• 300 plus members across private & public sector, governments and standards organizations• OMG members define the requirements , develop, adopt, implement, maintain and govern the Specifications• At least one implementation of each Specification is mandatory within 12 months of adoption• OMG Specifications once adopted, become public standards; many of them have become ISO standards
OMG Process: Neutral and Sustainable
Business Modeling
Architecture modeling & alignment
Core OMG modeling languages
Technology, data,
interoperability & traceability
modeling
Platform Task ForcesMiddleware, Analysis and Design,
System Assurance …
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What is SmartData and Semantics?
An organization is deemed to have SmartData when:
Business Semantics* of the Data, its life-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
*Semantics?it's all about meaning, business rules, context,
nuances…
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Inter-connected Networks of Semantics across
domains
SmartData --> Better Business Value
VolumeVelocity
Variability
Business Usage/Value• Corporate Actions Planning• Trade Systemic Risk Analysis• Smarter Disclosures, Regulatory vocabularies, Legal Contracts• Illiquid Asset Valuation• Personalized patient treatment plans, outcome reporting• Energy Asset Optimization
FIBO
FIX
FpML US GAAP, IFRS
IFRS
Financial Services/Insurance
ACORD, OMG P&C
Healthcare
HL7 CDISC
BIAN
HSSP
Other Domains Energy, Telecom,
Space, Manufacturing...
Data AssetsPrivate, Public, Social
Media…
Internal Semantic Standards
Core Semantics
ISO20022Payments
Date, Time
Party
Geography
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SmartData: Empowering the Business User
Business UserRisk Manager, Trading Operations Lead, Regulator, Healthcare Specialist….
Under construction
Database of DataAssets’ Semantics
• Security, Price, Events Master Central (reference data semantics)• Transactional data assets’ semantics• Legal contracts data semantics• Regulatory reporting data semantics• External data semantics…
Data Assets Portal to search, discover, connect Data Assets
Business Natural Language Processing, Machine Learning, Artificial Intelligence Watson, Siri, Skyvi, other Semantic Reasoners…
Private Sector Data(internal) Structured,
unstructured…
Public Sector Data(Structured, unstructured)
Data.gov, public disclosures etc.
Social MediaTwitter, Facebook, Google+
etc.
Cloud(s) of industry
standards’ Semantics
Depositoryof
Corporate DataAssets’ Semantics
Corporate data
standards/ Semantics
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Future state: ‘Linked Semantics Networks’ (some early thoughts)
Business Natural Language Processing, Machine Learning, Artificial IntelligenceWatson, Siri, Skyvi, other Semantic Reasoners…to find the ‘Right Needles’ in Haystacks
of data
Linked Networks of Semantics using URIs
ISO OMGW3C EDMCFIXFpML MDDL XBRL, other…
URI Registry/Namespace alignment?
Islands of Data
Private Sector Data(internal) Structured,
unstructured…
Public Sector Data(Structured, unstructured)
Data.gov, public disclosures etc.
Social MediaTwitter, Facebook, Google+
etc.
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Semantics can be represented in many ways, formats…
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Meaning of Business
Concepts, Things
Context Organization, Process, Time,
Geography, Regulatory…
Business Rules
Text
Interchange Formats, CodeXMI, RDF, OWL, DDL etc.
?
Models using formal modeling languages
and symbologyTechnology/platform
Agnostic Models• Business Process, Ontology
Models (business view)• Logical data models (data
view), Class Diagram, other
Implementation Models
• Physical data models• System, Service models…
Natural Language, Speech Community
*Semantics is the study of meaning. It focuses on the relation between signifiers, such as words, phrases, signs and symbols, and what they stand for.* http://en.wikipedia.org/wiki/Semantics
Represented as
Used by Business SMEs, Legal,
Architects, IT…
Used by many Business SMEs, Architects, Data
Analysts, Modelers
Used mostly by IT
Used mostly by IT
OMG Modeling, Traceability and interoperability
Standards
Traceability, Impact Analysis, Transform
ation
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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
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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…
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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)
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Proposed Charter
Please refer to the Charter Document # get from Juergen @ OMG
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SmartData SIG Interactions LandscapeOMG Groups
Analysis & Design Task Force
Business Modeling & Integration
Ontology PSIG
Data Distribution PSIG
Cloud Standards WG
Architecture Driven
Modernization PTF
International Standards Organization (ISO)
• MISMO• MDDL• SWIFT• ACORD
• FIX • Financial
Products Markup Language
XBRL
Enterprise Data Management
Council
Banking Industry Architecture
Network (BIAN)
Government AgenciesCFTC, OFR, SEC, Treasury, White
House OSTP, OpenGov
• SmartData Framework• Business use cases by
domain• Best Practices Guide• SmartData Engineer Role,
Certification
Non-OMG Groups
Regulatory Compliance SIG
Government Task Force
SmartData SIGCo-chairs, Liaisons
• Finance• Healthcare•Non-domain co-chair
W3C
Finance Task Force
Healthcare Task Force
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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
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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)
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Proposed Roadmap
June 2012
• Kick-off• Charter Approval• Initial scoping
(business use cases, Deliverables, roadmap etc.)
• Co-Chair election
Sept 2012
• Validate business use cases, roadmap
• Early Draft SDF• Early Draft SDP• Evaluate candidate
Identifiers taxonomy (GS1)?
Dec 2012
• Revised SDF• Revised SDP• URI registry
metamodel?• RFP for Data
Semantics Database (DSD) Logical model
March 2013
• Publish SDF• Publish SDP• DSD RFP Issued
June 2013
• Initial submission of DSD
• ?
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Appendix
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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
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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
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Deliverables: SmartData Professional
• Role, Responsibilities and Certification of a Smart Data Professional
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Deliverables: Architecture/Modeling
• SmartData Framework (SDF) scope• Registry of Namespace/URI taxonomy, metamodel• Logical data model of ‘data assets inventory’
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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.