What Makes a Business Technically Necessary

Categories: Business and Companies /

Akangsha Gautam

  • 16 Sep,2022

What Makes a Business Technically Necessary

Using Codepilot Technologies Arena to Increase the Value of a Business Glossary

People that frequently handle raw data, like Data Stewards, are far more likely to make an error that could lead to unreliable results. Business glossaries are extremely helpful to stewards because they enable them to confirm the definitions of terms or entities and, as a result, eliminate the possibility of giving data consumers false information.

The Codepilot Technologies Arena DataOps platform makes it easier than ever to create and maintain them across a company's complete data environment. Data engineers can create automated workflows to apply to a certain entity or data collection using the defined business glossary terms in the platform. The phrases are also used by data analysts and data scientists to access and search the platform's data catalog. These are just a few instances of how an Arena business lexicon is assisting organizations in making the most of their data and effectively achieving their corporate objectives.


Why is a business glossary useful and what does it mean?

 An organization's list of terms and meanings used in regular business operations is called a business glossary. Companies may ensure that everyone using a glossary of terms to analyze company data understands and uses the same definitions. A standard set of business concepts must be understood by all members of the organization in order to provide accurate internal or external reporting and confident, data-driven decision making. They enable businesses to offer the required proof of regulatory compliance for a data governance programme, which makes them an essential component of developing proper data governance architecture and processes.


Constructing a Glossary Structure

 A corporation can start formalizing a glossary to concisely list and clarify business concepts after it is able to compile all of the terminology in one location. Each phrase on the list can either identify a concept or an entity that is clearly identifiable by a name that is distinctive to the organization and defined by that description. As this glossary aims to standardize interpretation of frequently used business ideas and their proper settings, definitions should be defined in a language that everyone in the organization can understand.


Using the Business Glossary

A business glossary that uses the appropriate terminology in the right context reduces the possibility of sharing inaccurate information on reports and helps employees avoid reporting errors in calculations or potential data analytics inaccuracies. It adds that additional layer of comprehension to help workers avoid costly errors.

The Dataedo blog post "What is the Business Value of a Business Glossary?" offers a straightforward yet potent illustration of a problem that may develop in the absence of a business glossary. Although it may seem unimportant, certain businesses use the phrases "client" and "customer" differently. This is because they have distinct meanings in different settings. Both phrases refer to "a person making a purchase," however for some companies, a "client" is someone who requests professional services from a business, whereas a "customer" purchases items or services from a business. Additional examples include the business glossaries of financial institutions, which may include the phrases Fiduciary and Prime Rate, and healthcare organizations, which may include the terms Glucose and Point of Care (POC). Due to the internal definitions of common business procedures, every company lexicon is distinct and never exactly matches another.


Recap of the Glossary

Clarity is key to unlocking a range of organizational-wide benefits, and creating and implementing a business lexicon that is an easily accessible tool and a crucial part of the organization's policies and processes supports that clarity. They are essential for encouraging cross-team cooperation, preserving data quality, enhancing data transparency, and guaranteeing that everyone is conversant in business jargon. Scroll the website, join up for a guided free trial, or organize a demo with Codepilot's data professionals to find out more about how the Arena DataOps platform from Codepilot Technologies might change your company's business glossary.