A corporate business glossary is a collection of terms commonly used within a business, along with standard definitions specific to the industry and organization.
Pinning down the meanings of terms within the organization helps to clarify communications involving topics that employees discuss most and minimizes the risk of misinterpretation and error. Clearer information and the ability to link terms to company assets promotes a sharing and collaborative environment, enables better data governance and better supports regulatory compliance efforts with business standards such as Basel II.
With consensus on how terms are used, the standardized terms and definitions also facilitate access to comprehensively categorized bodies of information. A corporate business glossary makes it possible to share new findings where needed and to search existing knowledge more effectively through tagging. Reliably finding information on a topic helps ensure that the best data and assets are available and used consistently.
Beyond tagging and reference, terms are often linked within documents for quick reference. Linking terms to assets makes it possible to click through to the project teams working on related projects. That interdepartmental transparency improves accountability and enables quick contact to inquire about specific projects. Glossaries support the annotations and notes of teams, improving communication between team members and promoting better productivity and innovation.