Unlock the potential of your knowledge, information and data
Flare offers a comprehensive solution that includes the Industry Taxonomies, a robust master and asset data model, powerful tools within Sirus to leverage these taxonomies, and an API for seamless integration with other systems.
Leverage the power of Taxonomies
In today’s complex and ever-expanding business landscape, having a clear and organized understanding of industry terminologies is crucial for success. That’s where our suite of business taxonomies comes in. Designed to streamline communication, enhance decision-making, and optimize data management, our taxonomies provide a solid foundation for businesses across various sectors.
What are Taxonomies?
Taxonomies are structured systems that categorize and organize knowledge, concepts, and terms within a specific domain. They establish a common language, ensuring consistent and precise communication across departments, teams, and even entire industries. Our taxonomies are meticulously curated, comprising an extensive collection of major terms, aliases, synonyms, and acronyms, along with a vast network of interconnected relationships.
The Flare Taxonomies
Flare’s industry and business taxonomies originated in the complex oil and gas industry, helping to support processes and decision making whilst exploring for and producing hydrocarbons. They have since been developed and curated to cover most major business functions and disciplines and continue to evolve with our clients.
Our integrated sets of Taxonomies include 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 taxonomy developments.
If you’d like to know more about the models, scope and business functions within our taxonomies click here to find out about contextual taxonomies and how Flare’s Master Data Management toolkit can be easily configured to help you maximise the value from what your business already knows.
The Power of Taxonomies
Streamline Communication: Efficient communication is the backbone of any successful organization. By utilizing our taxonomies, you can eliminate misunderstandings and ambiguity caused by inconsistent terminology. With a standardized vocabulary at your disposal, you can ensure that everyone is on the same page, leading to increased collaboration, productivity, and clarity in discussions and documents.
Enhance Decision-Making: Informed decision-making relies on accurate and reliable information. Our taxonomies provide a structured framework that enables quick and easy access to relevant data. By using a common taxonomy, you can effortlessly compare and analyze information, identify trends, and make data-driven decisions with confidence.
Optimize Data Management: As businesses accumulate vast amounts of data, managing and organizing it becomes a daunting task. Our taxonomies offer a comprehensive structure for information organization, allowing you to classify and tag content consistently. This improves information discovery and facilitates integration, interoperability, and vastly improves search across different systems and platforms.
Accelerate Artificial Intelligence/Machine Learning projects: Taxonomies accelerate Artificial Intelligence / Machine Learning projects by expediting data preparation, enhancing feature engineering, facilitating data integration, supporting transfer learning, improving model interpretability, and deepening domain understanding. By harnessing the capabilities of taxonomies, organizations can expedite the development and deployment of AI/ML solutions, leading to faster insights, better decision-making, and increased business value.
Facilitate Knowledge Sharing: Sharing knowledge and expertise within your organization is essential for growth and innovation. Our taxonomies act as a knowledge-sharing tool, enabling employees and systems to easily locate and access relevant information. By promoting a common understanding and encouraging knowledge exchange, you can foster a culture of collaboration and continuous learning.
Maximize the Value of Your Information to Unlock the Potential of Your Business
Ready to mature your information management capabilities and take your business to new heights?
Our suite of taxonomies empowers you to navigate the complexities of your industry with precision and clarity. Experience streamlined communication, enhanced decision-making, and optimized data management. Embrace the power of taxonomies and unlock the true potential of your business today!
To find out more request a call today.
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.
Master Data Management
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.
Artificial Intelligence and Machine Learning
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.
Business Intelligence (BI) and Analytics
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.
Digital and Non-Digital Asset Management
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.
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