Data is information that has been organized so that it can be easily moved or processed. It is information converted into a binary digital form for computers and modern methods of information transmission.
Connected data, on the other hand, is a way of viewing, using, and maintaining relationships between data items. Graph technology helps uncover connections in data that traditional approaches fail to uncover or analyze.
Various sectors have invested in big data technologies because of the promise of valuable business insights. As a result, various industries are expressing a need for connected data, especially when it comes to connecting people such as employees or customers with products, business processes and other Internet-enabled devices (IoT).
In an exclusive interview with Mohit Sagar, CEO and Editor-in-Chief of OpenGov Asia, Neo4j Chief Marketing Officer Chandra Rangan shared his knowledge of how a connected data strategy is becoming paramount in building a smart nation.
Connected data enables companies
A great example of the power of graph technology and a very common use case for Neo4j is in the financial sector for fraud detection. Detecting fraud is about making connections and understanding relationships, Chandra explains. A graph-based system could detect if fraud is occurring in one location and determine if the same scenario has occurred in other locations.
“How can you understand that? Essentially, you traverse a network of interconnected data by using the relationships between that data. Then you see how patterns develop, and those patterns give you answers that can help you determine if fraud is occurring.”
Of particular concern is that cheating is much more common these days and has a higher success rate. The key to stopping and mitigating the effects is time. Instead of uncovering a scam hours or days ago,
“What if the organization could detect it almost immediately and in real time when it occurs?” asks Chandra. “Graph provides that kind of response, so it’s a great example of value!”
Supply chain and management are other excellent examples of RoI. One of Neo4j’s clients, which operates arguably the largest rail network in the United States and North America, created a digital twin of the entire rail network and all goods. With graph technology throughout their network, they can now perform all kinds of interesting tweaks much faster, resulting in better and more efficient results for their entire system.
The pandemic has educated the world on the value and fragility of supply chains. Systems around the world are being reimagined as the global economy recognizes the need to become more digital and strategic. More sources of supply, data, data exchange, customer requirements and increased complexity require modern, purpose-oriented solutions.
In addition to all the new expectations and requirements of modern supply chains, systems must and will become increasingly networked due to new technologies.
Maintaining consistent profitability is difficult for companies with a high proportion of assets. Managers must oversee complicated global supply chains, extensive asset inventories, and field deployments that send workers to dangerous or inaccessible locations.
Therefore, companies need a platform that connects their employees and makes them more powerful, productive and efficient. A platform that provides businesses with real-time visibility and connectivity while ensuring efficiency, security and compliance.
Modern technologies are required to enhance interconnectivity, maximize the value of data, automate essential processes, and streamline the organization’s core workflows.
Modern data applications require a networked platform
“When we program, when we build applications, we think in terms of something we call a graph. It’s the most intuitive approach you can have,” says Chandra.
Any application development starts with understanding the types of questions people want to solve and then mapping them to a wide range of outcomes they want to achieve. These are typically mapped in a so-called entity-relationship diagram.
The increasing reliance of individuals on systems that function in ways that make sense to and support them has led to increased criticality. And often when those systems fail, Neo4j makes sense of the complexity and simplifies what needs to be done, resulting in significant acceleration.
As the world becomes more collaborative, integrated and connected, nations must respond more quickly to changes in their business environment brought about by the digital age; Otherwise, they risk falling behind or going into survival mode.
The proliferation of new technologies, platforms and devices, and the changing nature of work are forcing organizations to recognize the importance of leveraging the latest technology to achieve greater operational efficiency and business agility.
A graph platform connects individuals with what they need, when and when they need it. It enhances the existing process by facilitating the effective collection and management of personnel data. Neo4j Graph Data Science helps data scientists find connections in vast amounts of data to solve key business problems and improve predictions.
Businesses use insights from graph data science to uncover activity that indicates fraud, find similar companies or people, increase customer satisfaction with improved suggestions, and streamline supply chains. The dedicated workspace combines acquisition, analysis, and management for easy model refinement without workflow reconstruction.
As a result, people with connected data are more engaged, productive, and efficient. Nations can bridge information and communication gaps between executive teams, field technicians, plant operators, warehouse operators and maintenance technicians. Increasing agility and productivity offers obvious commercial benefits.
In short, companies are easily integrating their entire industrial workforce to increase operational excellence and reduce plant downtime to maximize revenue. This methodology is based on a collaborative platform direction.
The contextualization of 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 are no longer living in silos and remain connected in society.
“If you think of data as a representation of the world we live in, it’s connected data and we can handle all the complexities that we have to deal with when trying to make sense of it,” explains chandra
Closer to home, connected data is critical to Singapore’s evolution into a smart nation. “Connected data is at the heart of each of these conversations about developing the nation. If you think of Singapore as a connected ecosystem and if you think of citizens, services, logistics, contract tracking and supply chain.”
Chandra believes the attributes saved the connection between data and people, which is why connections are important. Once people understand these connections, it will be much easier and much faster to derive the necessary insights.
Without connected data, businesses lack critical information they need to better understand their customers, build a complete network topology, provide relevant real-time recommendations, or gain the visibility needed to prevent fraud.
“Knowing your customer means understanding connected data.” With the right tools, data can be an on-demand, real-time asset that a financial institution can use to reinvent ineffective processes and procedures and transform the way it does business with its customers Customer interacts and understands them.
“Me as a person – who I am, my name, where I live – these are all characteristics of who I am. But what really makes me who I am are the relationships I’ve built over time. And so imagining that almost every problem has data that you can really understand with graphs is the bigger “aha” moment,” concludes Chandra.