People actually using the solution, adoption, is the most important factor in the success of a SharePoint project. On a very real level, it doesn’t matter how functional everything is if people refuse to use it. And they do refuse sometimes.
The issue is rarely building the taxonomy itself, but the organizational readiness and alignment required to build and support that taxonomy.
Designing a taxonomy is the process of defining its structure. It details how different relationships will be used, formatting of the labels, and the attributes that will be associated with each term and relationship. The design process is also the right time to consider the governance and maintenance procedures for the taxonomy along with the technical implementation considerations.
At the end of the day, taxonomies are a means to an end and are rarely valuable on their own. They’re the bridge in the conversation between a business and its customers, an information system and its users.