Neo4j and Deloitte to collaborate on graph data platforms
Graph data platforms are becoming increasingly adopted by organizations around the world. In Southeast Asia, more businesses are realizing the potential achievable through graph data platforms, especially when it comes to handling the challenges of modern data platforms.
As graphs form the foundation of many modern data and analytics capabilities to find relationships between people, places, things, events, and locations across diverse data assets, Gartner predicts that by 2025, graph technologies will be used in 80% of data and analytics innovations, up from 10% in 2021.
Graph data platforms manage graph databases, which is a database that stores nodes and relationships of the data, instead of tables or documents. Unlike other types of databases, the platform connects data as it is stored, enabling queries at much faster speeds.
In Southeast Asia, Neo4j, a world-leading graph data platform is working with Deloitte Consulting Southeast Asia to offer a range of services for its customers. Neo4j will provide product and technical support to Deloitte and eventually to the end customer, while Deloitte will offer advisory and implementation services to build graph-powered solutions to fit end-user needs.
The first of its kind partnership for a graph technology vendor in Asia is expected to focus on multiple verticals, including logistics and transportation, telecommunications, financial services, and government and public services.
A leader in graph technology, data scientists can then use advanced analytics techniques on data using Neo4j Graph Data Science, enabling use cases from fraud and anomaly detection to supply chain optimization. Knowledge graphs are ideal for handling vast and complex troves of data, and storing information as connected nodes and relationships. They excel in connecting and managing masses of data to answer complex queries.
At the same time, Neo4j Graph Data Science enables data scientists to achieve greater predictive accuracy with comprehensive graph analysis techniques that perform at scale, easily handling hundreds of billions of nodes and relationships. Users can improve models through a library of graph algorithms, machine learning pipelines, and data science methods.
According to Chris Lewin, AI & Data Practice Leader at Deloitte Consulting Southeast Asia, the partnership will focus on three key pillars which are knowledge graphs, networks, and customer 360.
“With the rise of graph data platforms in the region, Neo4j is the ideal partner for Deloitte to enhance our value proposition for customers by advising and implementing high-impact & insights-driven solutions such as knowledge graphs. Deloitte has developed knowledge graph accelerators to enable organizations to quickly adapt and leverage the power of knowledge graphs,” commented Lewin.
Lewin added that Neo4j’s world-leading platform combines user-friendly tools with a powerful library of production-ready graph algorithms that can help their customers generate insights to drive growth and give their businesses a competitive edge.
For Nik Vora, Vice President of Neo4j Asia Pacific, the partnership with Deloitte means customers will be able to counter the challenges of dealing with dynamic, complex relationships between data to achieve strategic business goals.
“Deloitte has proven solution delivery capability, and together, we have a shared vision of helping customers derive deep insights from ever-growing, highly interconnected datasets. The demand for graph data platforms continues to grow – at Neo4j alone we experienced 100% growth in the Asia Pacific in 2021, with accelerated demand coming from a wide range of industries, including financial services, travel, retail, public sector, and healthcare organizations wanting to solve complex business problems with Neo4j,” explained Vora.
Interestingly, a commissioned Forrester Consulting Total Economic Impact study on the business benefits of Neo4j’s platform demonstrated more than 400% return on investment over three years for a composite organization.
Among Neo4j’s customers in Southeast Asia include Capital A, Standard Chartered Bank, DBS Bank, Starhub, Amity Thailand, and leading government agencies. These organizations rely on Neo4j for mission-critical applications while many others experiment, prototype, and deploy Neo4j’s cloud services.
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