Data is information that has been organized in a way that makes it easy to move or process. It is information that has been converted into binary digital form for computers and modern methods of transmitting information.
Connected data, on the other hand, is a method of displaying, using, and maintaining relationships between data elements. Graph technology helps discover connections in data that conventional approaches are unable to discover or analyze.
Different sectors have invested in big data technologies due to the promise of valuable business insights. Therefore, various industries are expressing a need for connected data, especially when it comes to connecting people such as employees or customers to products, business processes, and other Internet-enabled (IoT) devices.
In an exclusive interview with Mohit Sagar, CEO and Editor-in-Chief of OpenGov Asia, Chandra Rangan, CMO of Neo4j, shared his insights on how a connected data strategy becomes of paramount importance in building a smart nation.
Connected data enables businesses
A great example of the power of graphics technology, and a very common use case for Neo4j, is its use in the financial industry to uncover fraud. Finding the fraud is all about trying to make connections and understand the relationships, Chandra says. A graph-based system could detect if fraud is taking place in one location and determine if the same scenario has occurred in other locations.
“How do you make sense of that? Essentially, you traverse a network of interconnected data using the relationships between that data. Then you start to see patterns develop and those patterns provide you with answers so you can conclude if there is fraud.
What is of great concern is that fraud is happening with much greater frequency and with a higher success rate these days. The key to stopping and mitigating the impact is time. Instead of detecting a fraud that happened hours or days ago,
“What if the organization could detect it almost immediately and in real time as it happens?” Chandra asks. “Graph offers this kind of response and that’s why it’s a great example of value!”
Supply chain and management are other great examples of ROI. One of Neo4j’s customers, which operates arguably the largest rail network in the United States and North America, has created a digital twin of the entire rail network and all freight. With graph technology on their network, they can now perform all sorts of cool optimizations much faster, leading to better and more efficient results for their entire system.
The pandemic has taught the world the value and fragility of supply chains. Systems around the world are being redesigned as the global economy realizes the need to become more digital and strategic. More sources of supply, data, data sharing, customer demands and increased complexity require modern, purpose-built solutions.
Along with all the new expectations and requirements of modern supply chains, systems must and are increasingly interconnected due to new technologies.
Maintaining consistent profitability is difficult for companies with a high proportion of assets. Leaders must oversee complex global supply chains, expansive asset inventories, and field operations that send workers to unsafe or inaccessible locations.
With this, organizations need a platform that connects their workforce and makes them more capable, productive and efficient. A platform that provides businesses with real-time visibility and connectivity, while ensuring efficiency, security and compliance.
Modern technologies are needed to improve interconnectivity, maximize the value of data, automate critical procedures, and optimize the organization’s most vital workflows.
Modern data applications require a connected platform
“When we program, when we create applications, we think in what we call a graph. It’s the most intuitive approach you can have,” says Chandra.
All app development starts with understanding the kinds of questions people want to solve and then tying them together with a wide range of results they want to achieve. These are usually mapped in what is called an entity relationship diagram.
The increased reliance of individuals on systems that operate in a way that makes sense to them and supports them has increased the criticality. And often when these systems fail, Neo4j makes sense of the complexity and simplifies what needs to be done, resulting in significant speedup.
As the world becomes more collaborative, integrated and networked, nations need to respond more quickly to changes in their business environment brought about by the digital age; otherwise, they risk falling behind or entering survival mode.
The proliferation of new technologies, platforms, and devices, as well as the evolving nature of work, is forcing organizations to recognize the importance of leveraging the latest technology to achieve greater operational efficiency and business agility. .
A graphics platform connects people to what they need, when and when they need it. It complements their existing process by facilitating the efficient recording and management of personnel data. Neo4j Graph Data Science helps data scientists find connections in big data to solve important business problems and improve predictions.
Companies use insights from graphical data science to uncover activity that indicates fraud, find similar entities or people, improve customer happiness through improved suggestions, and streamline supply chains. The dedicated workspace combines intake, analysis, and management for simple model enhancement without workflow reconstruction.
As a result, people are more engaged, productive and efficient with connected data. Nations can bridge information and communication gaps between management teams, field technicians, plant operators, warehouse operators and maintenance engineers. Increasing agility and productivity provides clear business benefits.
In short, organizations easily integrate their entire industrial workforce to increase operational excellence and reduce plant downtime, thereby maximizing revenue. This methodology is based on a collaborative platform direction.
Contextualizing data increases its value
According to Chandra, data is a representation of the world people live in, and people use data to represent that world. As a result, the world is becoming more connected and people no longer live in silos and continue to be associated in society.
“If you think of data as the representation of the world we live in, it’s connected data and we can deal with all the complexities that we have to deal with when trying to make sense of it,” Chandra says.
Closer to home, connected data is essential to Singapore’s development as a smart nation. “Connected data is at the center of every one of these nation-building conversations. When you think of Singapore as a connected ecosystem and when you think of citizens, services, logistics, contract research and the supply chain.
Chandra thinks that attributes saved the connection between data and people, that’s why connections are important. Once people understand these connections, it becomes much easier and much faster to derive the necessary information from them.
Without connected data, organizations miss key insights needed to better understand their customers, build a comprehensive network topology, provide relevant real-time recommendations, or gain the visibility needed to prevent fraud.
Thus, “knowing your customer means understanding the connected data”. With the right tools, data can be a real-time, demand-driven asset that a financial institution can use to reinvent inefficient processes and procedures and change the way it interacts with and understands its consumers.
“Me as a person – who I am, my name, where I live – these are all properties of who I am. But what really makes me who I am are the relationships I’ve built over time. And so, the notion that almost every problem has data that you can really understand with graphs is the biggest ‘Aha’ moment,” Chandra concludes.