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

“SmartData --> Monetizing Data Assets”

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

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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 GroupsAnalysis & 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.