An Approach for Developing an Ontology: Learned from Business Model Ontology Design and Development

Abstract

Ontology, serving as an explicit specification of conceptualization, has found widespread applications across various fields. Business Model Ontology (BMO) stands out as a prominent ontology, especially in the domains of business and entrepreneurship. This study employs the narrative literature review method to delve into the Ontology Development Method (ODM). By identifying commonalities among various ODMs and drawing insights from the BMO, the study proposes a Unified Ontology Approach (UOA) as an alternative ODM. The UOA is derived by combining the common characteristics and key steps of various ODMs, aiming to streamline the ontology development process and enhance its effectiveness. Through an extensive analysis of existing methodologies, this research contributes to the field by offering a consolidated perspective on ODMs. The study findings shed light on the strengths and weaknesses of different approaches, facilitating informed decision-making for ontology developers. Furthermore, the discussion explores the implications of adopting the UOA in practical applications, emphasizing its potential to improve ontology quality, interoperability, and adaptability across diverse domains. In conclusion, this paper advocates for the adoption of the UOA as a comprehensive and flexible framework for ontology development. By synthesizing the strengths of existing ODMs and insights from the BMO, the UOA offers a promising avenue for advancing the field of ontology development and driving progress in various domains and applications.