When organizations perceive the need for a taxonomy they have a natural tendency to focus on taxonomy development--the process of creating a taxonomy--as they approach the project. However, taxonomies do not exist in isolation. They exist within the context of multiple overlapping business processes and, like any asset, have a defined life cycle. Thus the need for taxonomy governance.
Taxonomy governance consists of the policies, procedures and documentation required for the management and use of taxonomies within an organization. Successful taxonomy governance establishes long-term ownership and responsibility for taxonomies, responds to feedback from taxonomy users and assures the sustainable evolution of taxonomies in response to changes in user and business needs. Taxonomies are never "finished." Rather, they are living systems that grow and evolve with the business. Taxonomy governance ensures that growth happens in a managed, predictable way.
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