- Improved capability
- Cost optimization
- New revenue streams
- Increased control and risk identification
- Improved standardization and compliance
The Goal
A global bank needed to integrate its various information resources, managed by a variety of tools with limited integration capabilities (employees, hardware, software, networks, customers, locations, etc.). The Bank wanted to create a hub for federated management of disparate information sources and be able to respond in real-time to issues such as:
- When the server of a financial unit was offline, what business processes were impacted, and who was responsible for these systems?
- When employees left the Bank, who had to take over their responsibilities?
- If an open-source library was identified as a security threat, what systems were impacted?
- Who was responsible for these systems, what business operations were impacted, and who was responsible for these business operations, etc.?
The Challenge
The main cause for information hurdles in the Bank was the existence of data islands as well as the structure of incentives empowering the creation and maintenance of such islands. Therefore, the required solution had to be able to integrate all this siloed data from the various information sources to leverage:
- Near real-time incident management of human assets (amicable and hostile exits, etc.), physical assets (changes in software, hardware, etc.), etc.
- Quick response to errors in publishing data (identifying causes of the error, notifying all affected parties, publishing corrections, etc.)
- Being able to quickly adapt to changes in regulations that would otherwise disrupt the Bank’s operations (new sanctioned business entities, new classes of prohibited activities, etc.)
- Quickly adapting to changes in policies (identifying business processes that were counter to these new policies, reallocating or terminating personnel and hardware resources, etc.)
The Solution: A Knowledge Graph-based Connected Inventory
The Connected Inventory knowledge graph built by Ontotext enabled the Bank to integrate meaningful, correct, current, and trusted information and turn it into useful knowledge. It created a highly connected inventory powered by GraphDB – Ontotext’s leading RDF database for knowledge graphs.
Using this flexible graph data model, the solution unified and standardized meaning across the Bank’s information assets, enabling sophisticated expression of the classes of the assets and their relationships as they appeared in real life. The addition of rich meta-data allowed clear identification of the assets and the ability to fill the gaps within the evolving Connected Inventory knowledge graph.
As the data loaded in the graph was of high quality and up-to-date, the inventory consistently provided the Bank’s team with relevant quantitative and qualitative information about the asset inventory. Therefore, they gained a solid foundation for identifying patterns and correlations between the assets as well as for analyzing insights.
Business Benefits
Key benefits of implementing a Connected Inventory knowledge graph for the Bank include:
Improved capability:
- Discovering and identifying the key assets of the business
- Structuring, unifying and standardizing meaning
- Measuring quantitative and qualitative information
- Analyzing insights based on a holistic view of the enterprise
- Predicting risk and opportunity scenarios
Reduced cost:
- Achieving cost optimization of risk, controls, time, repeatable manual efforts, physical and IT infrastructure expenses, etc,
- Enjoying new revenue streams by adding new and improved monetization of existing information and data assets, resulting in new products, services and improved methods of doing business
Enhanced control:
- Looking at the big-picture in real time and drilling down for insights
- Viewing and analyzing key success/failure factors
- Analyzing financial performance and ROI with an interconnected 360-degree view
- Auditing and demonstrating ongoing compliance with standards and regulations
- Enabling risk identification, measurement, and management
- Assessing company capabilities and competitive advantages
Increased capacity:
- Enabling a consistent view of enterprise assets
- Standardizing to comply with standards and regulations as well as reducing risk errors
- Automating and repeating best practices of the enterprise
- Performing on-demand at speed and scale
- Iteratively improving and extending in parallel
- Avoiding vendor lock-in and complying with technical W3C standards
Why Choose Ontotext?
The implementation of an enterprise knowledge graph powered Connected Inventory solution provided the Bank with business insights about current status and trends, risks and opportunities, based on a holistic interrelated view of its enterprise assets.
This provided a common language for disparate systems that performed similar roles using different technologies. It also allowed the individual systems and their resources to be efficiently utilized while maintaining their operations in their traditional languages.
By automatically identifying and managing human, software, and hardware-related outages and exposures, Ontotext’s smart Connected Inventory solution allowed the Bank to save significant time and expenses, and avoid reputational risks.
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