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The increasing availability of large amounts of data and the growing capability of accessing and processing them, gives us today unprecedented opportunities to advance in many fields, including science, commerce, social relations, government, and business, through information technologies. However, in order to have computing machines supporting this progress, data must be turned into processable knowledge. This “epistemic ascent” cannot be driven by data themselves, as some technologist suggests, but requires hypotheses, theories, and models. Formal ontology is part of the theoretical framework that technology needs in order to get computing systems working with networked data in a consistent way. Formal ontology, however, roots in still open philosophical hypotheses. Yet, only formal ontology has the key of notions such as parthood or dependence, that are relevant when discovering knowledge into data. This paper wants to argue that, regardless of philosophy, formal ontology can already provide computer science with many useful tools. On the other hand, without stepping into metaphysics, business communities are on the way of using commonsense notions with more formal consciousness. Making more clear the role of formal ontology can help this process and boost progress towards new frontiers in information management.