Taxonomies can add value to your information and will inevitably make things easier to find, retrieve and manage. However, creating your own taxonomy can be difficult, time consuming and may not always provide what your organisation needs.
When investigating the creation of your own taxonomy, you need to look at factors such as the build cost, maintenance costs, complexity, scalability, interoperability and the overall end result, the total cost of ownership and how it fits with your objectives.
What if taxonomies already existed to support your business?
The table below shows some of the outcomes of buying vs. building taxonomies.
|Purchased Taxonomy||Custom Created Taxonomy|
|Completeness||Starts at a high level of completeness|
Ongoing maintenance across multiple clients ensures currency
|Long lead time to establish basic coverage|
High levels of coverage may be unachievable
|Cost of Ownership||Higher initial cost|
Lower life-time cost
|Initial perceived cost may be low|
Higher ongoing maintenance and development costs
Cost of internal/diverted resources
High initial value
Low initial value
High value if successful
If you’d like to know more about the pros and cons of creating your own taxonomy, feel free to get in touch, or follow the link below to download a free pdf.