Financial institutions operate in multiple highly regulated business domains and work with various international, national, regional and industry regulatory organizations, agencies and governments. Many of them comprise formerly independent businesses with distinct organizational and technology cultures and histories. The successful operation of these institutions requires efficient operational integration, which in turn requires smooth knowledge integration across the enterprise and across different domains.
A global bank needed to integrate its various information resources, which were 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 the federated management of this disparate information sources and be able to respond in real time to issues such as:
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:
The Connected Inventory knowledge graph built by Ontotext enabled the Bank to integrate meaningful, correct, current, trusted and accessible 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 up 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. Consequently, they had a solid foundation for identifying patterns and correlations between the assets as well as for analyzing insights.
Using the 4Cs methodology, which discusses capability, cost, control and capacity, here are the main business benefits of implementing a Connected Inventory knowledge graph for the Bank:
The implementation of an enterprise knowledge graph powered Connected Inventory solution equipped the Bank with business insights about the current status and trends, risk and opportunities, based on a holistic interrelated view of its enterprise assets.
This provided a common language for the disparate systems that performed similar roles using different technologies. It also allowed the individual systems and their resources to be efficiently expressed 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 much time and expenses, and avoid reputational risks.
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