The Finan cial Instrument Business Ontology (FIBO) provides a common ontology for bus iness and legal entities, financial products, instruments, services, a nd related knowledge, and is currently under development by the Enterprise Data Management Council (EDM Council) and standardized by the Object Manage ment Group (OMG). It provides regulatory and compliance value by ensur ing that a common language can be used for data governance, harmonization, interoperability, and reporting purposes.
\nThe mo st general ontologies in FIBO define concepts that are not limited to the f inancial domain, however. They cover terminology that can be used as t he basis for extension in many government and commercial applications. ;Examples of domain areas that have initiated or are considering such exten sions at the OMG include aerospace, insurance, manufacturing, retail, and r obotics. Outside of the standards world, several government organizat ions have extended FIBO for internal use, among others.
\nThe OMG’s Retail Domain Task Force, formerly known as the ARTS (Ass ociation for Retail Technology Standards) Council, which was part of the Na tional Retail Foundation (NRF) until early 2017, is the primary internation al standards organization focused on the development, implementation, and e volution of standards and best practices that increase the benefits and red uce the costs, risks, and timescales of using Information Technology within the retail sector. As a part of their work at OMG, the task force has initiated an effort to transform and update their existing Operation Data Model (ODM) and related XML Schemas to a set of ontologies that can rationa lize terminology across the set of existing retail standards they manage an d support new requirements for data analysis, governance, and interoperabil ity.
\nIn this talk, Thematix and Vertex will provide an overview of the retail standards landscape, discuss requirements that led to the realizati on that the next generation solution for the ARTS Operational Data Model sh ould be an ontology, and show how FIBO and other standard ontologies are be ing extended to jumpstart that effort. DTSTART:20180424T113000 SUMMARY:Extending FIBO for Use in Retail Standards and Applications DTEND:20180424T122959 LOCATION: See Description END:VEVENT END:VCALENDAR