Digital transformation in the Vietnamese banking sector – OpenGov Asia

Data is information that is organized in such a way that it is easy to transfer or manipulate. It is a piece of information that has been converted into a binary digital form for computers and modern methods of transmitting information.

On the other hand, connected data is a way of displaying, using, and maintaining relationships between data elements. Graph technology helps reveal links in data that traditional methods cannot detect or analyze.

Various sectors have invested in big data technologies due to the promise of providing valuable business insights. As a result, many industries express the need for connected data, particularly when it comes to connecting people such as employees or customers with 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, Chief Marketing Officer of Neo4j, shared his knowledge on how a connected data strategy becomes paramount in building a smart nation.

Connected data empowers businesses

A great example of the power of graph technology, and a very popular use case for Neo4j, is its use in the financial sector for fraud detection. Chandra explains that finding fraud is about trying to form relationships and understand relationships. The graph-based system can detect if fraud is occurring in one location and determine if the same scenario has occurred in other locations.

“How does one understand this? Essentially, you are traversing 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 deduce if there is fraud.”

What is worrying is that fraud is happening much more frequently and with a higher success rate nowadays. The key to stopping and mitigating is time. Instead of spotting a scam that happened hours or days ago,

“What if the organization could detect it immediately and in real time as it happened?” Chandra asks. “The graph gives that kind of response and that’s why it’s such a great example of value!”

Supply chain and management are another excellent example of return on investment. A Neo4j customer, which operates the largest rail network in the United States and North America, has created a digital twin of the entire rail network and all freight. Using graph technology across their network, they can now perform all kinds of interesting optimization 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 are being reimagined around the world as the global economy realizes the need to become more digital and strategic. More sourcing, data, data sharing, customer demands, and increased complexity require modern, purpose-built solutions.

Apart from all the new expectations and requirements of modern supply chains, systems need to become more interconnected due to new technologies.

It is difficult to maintain consistent profitability for companies with a high percentage of assets. Executives must oversee complex supply chains around the world, extensive asset inventories and field operations that send workers to dangerous or inaccessible places.

With this, organizations need a platform that connects their workforce and makes them more capable, productive and efficient. A platform that provides organizations with real-time visibility and connectivity, while ensuring efficiency, security, and compliance.

Modern technologies are required to improve interconnection, maximize the value of data, automate essential procedures, and improve the most vital workflow of an organization.

Modern data applications require a connected platform

“When we program, when we create apps, we think about what we call the graph. This is the most intuitive approach you can take,” Chandra says.

Developing an app starts with understanding the types of questions people want to solve and then assigning them to the wide range of results they want to achieve. They are usually set in what is known as an entity relationship schema.

People’s increasing reliance on systems that work in a way that makes sense to them and supports them is all the more important. And all too often, when these systems fail, Neo4j understands the complexity and simplifies what needs to be done, resulting in significant acceleration.

As the world becomes more collaborative, integrated and networked, countries must respond more quickly to the changes in their business environment brought about by the digital age; Otherwise, they risk being left behind or going into survival mode.

The proliferation of new technologies, platforms and devices, as well as the evolving nature of work, is forcing companies to realize the importance of leveraging the latest technologies to achieve greater operational efficiencies and business agility.

The graphing platform connects individuals with what they need, when and when they need it. It enhances their existing operations by facilitating effective recording and management of employee data. Neo4j Graph Data Science helps data scientists find connections in big data to solve critical business problems and enhance predictions.

Companies use insights from graph data science to detect activities that indicate fraud, find similar entities or people, boost customer happiness with improved suggestions, and streamline supply chains. A custom workspace combines ingestion, analysis, and management to improve a simple model without rebuilding the workflow.

As a result, people become more interactive, productive and efficient with connected data. Countries can bridge the information and communication gaps between operational teams, field technicians, factory operators, warehouse operators, and maintenance engineers. Increased speed and productivity provide clear business benefits.

In short, organizations seamlessly integrate their entire industrial workforce to increase operational excellence and reduce plant downtime, thereby maximizing revenue. This methodology is based on the collaborative platform direction.

Putting data in context increases its value

According to Chandra, data is a representation of the world in which people live, and people use data to represent that world. As a result, the world has become more connected, people no longer live in silos and continue to be associated with society.

“If you think of data as a representation of the world we live in, it is connected data and we can deal with all the complexities that we need to deal with when we try to get out of it in a logical sense,” Chandra explains.

Connected data closer to home is critical to Singapore’s development as a smart country. “Connected data is the center of all those conversations about developing the nation. When you think of Singapore as a connected ecosystem and when you think of citizens, services, logistics, contract tracking, and the supply chain.”

Chandra believes that traits have preserved the connection between data and people, which is why communications are so important. Once people understand these connections, it becomes much easier and faster to extract the needed ideas.

Without connected data, organizations lack the essential information needed to gain a deeper understanding of their customers, build an entire network structure, provide relevant recommendations in real time, or gain the insight needed to prevent fraud.

Thus, “knowing that your customer understands the connected data.” With the right tools, data could be a demand-driven, real-time asset that a financial institution can use to reinvent inefficient processes and procedures and change how they interact with and understand consumers.

“I as a person – who I am, my name, where I live – these are all characteristics of my personality. But what really makes me are the relationships I’ve built over time. And so, the idea that almost every problem has data that you can really understand with graphs is a moment” Aha “The elder,” Chandra ends.

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