Flare’s Energy Industry Taxonomies
Comprising an integrated set of Taxonomies, there are over 36,000 major terms. The taxonomies are hierarchical and include aliases, synonyms and acronyms and over 450,000 relationships. Additional taxonomy terms are added as part of Flare’s ongoing development of the taxonomy scope.
In 2020, for the Oil and Gas industry a sub-set of approximately 60,000 well log curve names were added.
Developments for 2021 include the addition of an Acronyms module.
The scope of the Taxonomies is illustrated in the graph below,
Master/Reference Data Model
A flexible master/reference data model allows use of the pre-existing master data model, and creation of new master data types, attributes and relationships.
In Sirus or the Sirus API, standard names and valid values can be made instantly available to any application.
What you can do with Taxonomies
Flare has been developing its taxonomies since 2002. The reason this will always be a work-in-progress is that Taxonomies are so much more dynamic than a static list of terms. Used properly, taxonomies can model a business, represent the knowledge in a business, and be used to streamline and improve many information systems. And just as businesses and their terminology change, so do the taxonomies that describe them.
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Taxonomy is the foundation of successful integration initiatives by providing normalised terms for context, asset and other taxonomy classes. This reduces integration effort across the entire application landscape.
Taxonomy can support classification tools with full automation or curated tagging of content. Properly tagged content is easy to manage.
By agreeing standard terms (a taxonomy) and ensuring that the standard terms are applied to content, it is easier to automate the handling of information, e.g. automation of a workflow or a records management policy.
Taxonomy improves search relevancy, precision and recall.
Hierarchical taxonomies enhance search refiners, facetted search and broad and narrow term searching.
Taxonomies can provision new visualisations and metrics. Taxonomies can support BI and Analytics.
Users or systems can search using the terms they are familiar with; the taxonomies provide the answer.
MDM systems store master and reference data, and Flare’s Sirus Graph allows this to happen at scale. The system allows modelling of Master Data Classes, management of the model and the values.
Records management can be automated by linking the records management policy to the Taxonomies.
Proper application of a taxonomic approach can reduce the amount of learning AI/ML applications need. Taxonomies support AI and natural language initiatives by providing human knowledge and structural thinking to support the applications. This means the AI/ML tools start with university rather than primary school level language.
Taxonomy normalises terms, to aid structuring, visualisation and clustering and analysis of content and data.
A Taxonomic approach enables the deployment of standard business glossaries and dictionaries. Ensuring standard terminology is consistent across an organisation enables better human to human communication and systems integration across multiple information sources.
Flare’s Sirus toolkit provides a pragmatic and scalable business glossary capability, allowing millions of terms to be defined, and accessible through an API.
A taxonomic approach allows non-digital assets (such as books, samples, people) and non-text digital assets (such as audio, video and images) to be tagged and indexed.
Taxonomies themselves may seem uninspiring but their application can be powerful and empowering for a business, both enabling and simplifying digital transformation.