Semantic Analytics and Ontologies

Abstract

In today’s fast-paced global economy, changes in the environment result in new opportunities for wealth creation that decision makers use in strategy formulation and implementation. Organizations have grown global by not only expanding businesses and setting up branches overseas, but they have grown global in a different kind of way-leveraging on knowledge tapped globally rather than merely growing outward from a domestic base. In organizations, information from various departments and functions, as well as formal and informal sources of information, are boughtIntroduction ........................................................................................................1 The Need for Data Governance ........................................................................2 Place for Data Governance in Organizational Strategy .................................3 Data Governance across Intrafirm Networks .................................................4 Data Governance Characteristics of Organizations through Their Life Cycle .............................................................................................................5 Data Governance Program ................................................................................7 Benefits from Data Governance .......................................................................9 Data Quality and Data Governance Process .................................................10 Data Governance and Master Data Management ........................................13 Managing Risk with Data Governance ..........................................................13 Information Governance and Cloud Computing ........................................14 Conclusion ........................................................................................................15 References ..........................................................................................................16 Further Readings ..............................................................................................16together to detect and interpret problem areas, identify opportunities, and implement strategic objectives. Strategies define the purpose of organizations, the competitive domain of firms, and the resource commitment these organizations make to achieve and sustain competitive advantage. Hence, developing an appropriate data strategy that fits the marketplace is one necessary ingredient for business success. Effective data governance reduces uncertainty and helps improve an organization’s performance. An organization’s ability to collect pertinent information and act on signals that others miss provides it a strategic advantage.