What is an Ontology? The simplest definition you’ll find by Jo Stichbury via @GraknLabs

This post takes the concept of an ontology and presents it in a clear and simple manner, devoid of the complexities that often surround such explanations.

I would say that it is important to have standards as to how to name the items in your ontology and that it is consistely enforced.  It may appear appear to be a pain, but consistency ensures useful results and it is easier to understand across the entire organisation.