Organizations are currently modernizing their businesses in order to meet the increasing complexity of today’s business landscape. In effect, business leaders must evaluate the best way to mitigate the challenges which plague their cloud operations, all while meeting customers’ growing expectations around digital experience (DX) through agility, automation, and proactive incident avoidance. 

In this commissioned study, “Modernize With AIOps To Maximize Your Impact”, Forrester Consulting surveyed organizations worldwide to better understand how they’re approaching artificial intelligence for IT operations (AIOps) in their cloud environments, and what kind of benefits they’re seeing. 

Within this July 2021 study, you’ll see that AIOps systems and principles are here to help. It covers how AIOps increases efficiency and productivity across day-to-day operations, and how businesses are taking note. In fact, 91% of respondents have implemented AIOps to address at least one cloud operations issue, and expansion is set to skyrocket. Those that wait to act, risk losing out on the efficacy of their cloud investment and falling behind their more efficient competitors.

As you can see in the image above, there is a plethora of great information in this complimentary study. So, if you’re looking to enhance your cloud operations and/or adopt AIOps within your organization, be sure to download this free study today.

Over the last decade, financial service organizations have been adopting a cloud-first mindset. According to InformationWeek, lower costs and enhanced scalability were the biggest drivers for cloud adoption in financial services, and cloud-native applications allow access to the latest technology and talent, enabling adopters to rebuild transaction processing systems capable of supporting very high volumes and low latency.

Both Neo4j and Google Cloud have been using relationship-based data representations since the beginning, and we’re dedicated to using this technology to help financial services customers drive business transformation. We are excited about the prospects of financial services (FinServ) cloud systems and believe that graph data in the cloud can help solve significant challenges in the industry.

Data Challenge #1: Risk Management and Compliance

First among the top concerns for any CIO moving to the cloud is risk management and compliance. Disconnected, uncontextualized, or stale data create opportunities for fraud and financial crimes to occur. The fact is when it comes to FinServ, the question is not “if” but rather how often an attack will occur.  Unfortunately, incidents have been trending upward over the last decade, and COVID has only exacerbated this reality. Financial crimes affect the bottom line both in the remediation of these crimes and in intangibles like brand value.  

Add to this the complexity of international banking, which makes “compliance” a moving target. Penalties due to noncompliance are a constant concern to any FinServ organization.

The tabular representation of information with a fixed number of columns that never change prevents a description of an ever changing world with changing characteristics. Relational databases are great if the world you describe does not move fast but have limitations when data structures are highly interlinked and not homogeneous.

Neo4j Aura on Google Cloud provides a foundation for creating dynamic, futureproof, scalable applications that adhere to the security standards and protocols today’s financial services organizations require to meet the challenges of finding and preventing bad actors. This also includes enterprise scalability; reaching over 1 Billion nodes and relationships to streamline queries and provide solutions that meet regulatory and privacy compliance across geographies. Neo4j has helped some organizations save billions of USD in fraud in the first year of deployment alone.  

What makes graph technology the best choice for fraud detection use cases is that the relationships between the data-points are as important as the data-points themselves. Let’s take as an example, one John Smith approaches a multi-national banking institution to manage the primary account for his new holding corporation.  

While no one has any record of John R Smith Holdings LLC, the bank’s application built on graph technology understands that there are several well-known entities owned by John Smith Holdings. The application also identifies several well-known board members who bank with this institution. Due to this relationship-driven approach, the bank now understands John R Smith is not “John Smith,” who previously attempted to open an account for his holding corporation, which had no information associated with it prior to two months ago.

Data Challenge #2 Manual Processes and Inefficiencies 

The ubiquity of the cloud offers an opportunity to deploy automation at unprecedented levels to tackle the errors and inefficiencies that manual processing allows to creep into processes. When data comes from disparate, perhaps legacy systems – which may have become siloed and “untouchable” over the years – further complexity arises. As an example, if someone in sales types “John Smith” into a CRM system not knowing that John R Smith is the spelling in the customer data master, it may result in two separate and potentially conflicting records. Being able to join those records together in a mastered view helps to solve this problem. In addition, low data quality equates to an increase in risk, costs, and implementation times for new systems. 

Neo4j Aura on Google Cloud provides automation and artificial intelligence (AI) that reduces manual processes and the errors that accompany them. In this graph architecture each node, which can represent a person, will have labels, relationships, and properties associated with it. This allows for the use of AI which can easily understand that John Smith in the CRM is the same John R Smith in the customer master. The information contained in Neo4j can be connected bi-directionally to ensure consistency across applications and data sources. 

One of the benefits of this approach is that linking information allows organizations to keep the full value of the data, rather than forcing the data into predetermined tabular representations, with the risk of losing valuable information and insights.

Data Challenge #3: Customer Engagement and Insight

Another significant concern is the high expectations today’s customers have for every interaction. End users are accustomed to predictable experiences on their digital devices, and FinServ apps are no exception. Added to this, the “Covid economy” has driven digital adoption significantly across demographics; even among customers who might traditionally have used in-person services. This also equates to increased expectations for personalized, predictable experiences with every digital interaction. We know that latency has always been a key consideration for financial trading, but a recent ComputerWeekly study showed that every financial organization should ensure their visible latency is at 10 milliseconds or less. Customers no longer accept their broadband is at fault.

Finally, blind spots in the customer journey often result in dissatisfaction, which ultimately leads to increased churn. Without gaining actionable insights from your customers, there is no room to innovate and iterate on what they are looking for in your products and services. And this translates to losing market share and competitive advantage.

The NoSQL architecture, specifically the dynamic schema and structure of Neo4j Aura gives you the ability to take charge of your data and make changes according to your development cycles or newer data models. This equates to faster builds, more comprehensive releases and a wider, richer data-set that can be contextualized and understood instantly. Graph technology is the logical choice for building a Customer 360 application. Under this approach organizations not only get valuable insight into the individual client’s behavior and patterns, but also those of their family, friends and colleagues. This allows for stronger personalization, targeted campaigns and successful execution, resulting in increased customer satisfaction and retention levels.

Graph Technology on Google Cloud

Neo4j is a recognized leader in graph database technology and the only fully integrated graph solution on Google Cloud, helping to fill a common need for Google Cloud customers. Both Neo4j and Google Cloud are invested in continuing to grow our partnership and mutual product direction.  

You can find and deploy the Neo4j graph database straight from the Google Cloud marketplace, whether you want to download the software for an on-premises deployment, use the virtual machine image, or use the hosted solution, Aura on Google Cloud, the graph database-as-a-service. In any deployment, you get the same enterprise-grade scalability, reliability, and connectivity along with successful, repeatable use cases you can rely on to resolve your particular challenges and integrated billing. 

For a real-world example of how graph technology can optimize financial services, you can read our Case Study with fintech Current. Current, a leading U.S. financial technology platform with over three million members, used Neo4j Aura on Google Cloud to create a personalization engine based on client relationships. 

To learn more about Neo4j Aura on Google Cloud for FinServ organizations, register for our webinar on Thursday, December 16 with Jim Webber, Chief Scientist, CTO Field Ops at Neo4j and Antoine Larmanjat, Technical Director, Office of the CTO, Google Cloud. 

Click here to Register

There is no one way to recover. The past year has seen unprecedented challenges for business across the world, with social distancing and quarantine measures forcing many organizations to quickly adapt to remote working. A new report from BCG Platinion, titled “Finding a New Normal in the Cloud”, points out that while companies have done well to survive so far, the overall business environment is still a tough one with contracted economies and lowered revenues. CIOs have to find the right balance between technological innovation and lowering their cash burn rate. 

The report identifies five key ways in which companies can use cloud computing to optimize their operations and reduce overall IT costs by as much as 10%. 

1. Go beyond VPN

The BCG Platinion report states that companies need “rapid, efficient, highly scalable, and device agnostic solutions”. Traditionally, when employees had to work offsite, companies provided them with VPNs. But the sheer scale of the COVID-19 pandemic has shown these solutions to be expensive, slow, inconvenient, and hard to manage when entire workforces are working remotely.

Instead, BCG Platinion emphasizes the need for cloud-based solutions such as BeyondCorp Enterprise for more secure, more effective, lower cost remote access at scale. BeyondCorp Enterprise offers customers a zero trust platform for simple and secure access with continuous end-to-end protection that can be used on any device at any time. Deliveroo, a global food delivery company headquartered in the UK, uses BeyondCorp Enterprise to bring the zero trust model to its distributed workforce. 

“Having secure access to applications and associated data is critical for our business,” says Vaughn Washington, VP of Engineering at Deliveroo. “With BeyondCorp Enterprise, we manage security at the app level, which removes the need for traditional VPNs and associated risks.”¹

With a low cost cloud subscription model, BeyondCorp Enterprise eliminates the need for hardware, operating, and maintenance costs that come with VPN solutions and can also enable organizations to offer protection to the extended workforce at a fraction of the cost. BCG Platinion estimates that solutions like BeyondCorp Enterprise can save companies as much as 50% versus the cost of a traditional VPN. 

2. Use SaaS to keep productivity up 

With so much of the workforce fragmented due to social distancing measures, the need for seamless, efficient collaboration is greater than ever. According to BCG Platinion, a fully functional Software-as-a-Service productivity solution such as Google Workspace helps to “alleviate the traditional costs and burdens around availability, backup, and maintenance of on-premise collaboration infrastructure.” BCG Platinion analysts estimate that adopting a SaaS solution can lower computing costs for end users by up to 35%. 

But working in the cloud does more than lower costs. The BCG Platinion report cites a 2020 study from Forrester that found adopting Google Workspace boosted revenue growth by 1.5%, reduced the need for on-demand tech support by 20%, and cut the risk of data breaches by more than 95%. Over the last year, companies of all sizes have looked on the conditions of the pandemic as an opportunity to change the way they work. 

“Airbus has spent the past year thinking about what it actually means to return to work and we’re looking to support greater flexibility with Google Workspace in a leading role,” says Andrew Plunkett, Airbus Vice President Digital Workplace. “In 2020, we held 5.6M Google Meet sessions and we now have more than 70,000 shared Drives where people collaborate. Google Workspace has changed the way people work at Airbus and that will continue as the solution empowers the hybrid work reality.”²

3. Reduce IT overhead and management costs with cloud-first devices

Working in the cloud can be made even more effective with devices specifically designed for the cloud, says the BCG Platinion report. “Cloud-native devices such as Google’s Chromebooks and Chromeboxes are cost-effective, easy to deploy, simple to use, and highly secure,” says BCG Platinion. Additionally, with “thin client” devices, companies can save on hardware costs compared with traditional laptops and desktops.The report suggests that a thin client approach can produce savings of up to 25% in end-user technology and support. 

Organizations and businesses of all sizes have found that Chrome OS and devices have greatly enhanced their capacity to work together in even the most challenging circumstances. Chrome OS provides employees with a modern experience and devices that stay fast, have built-in security, deploy quickly, and reduce the total cost of ownership. “Chromebooks are simple-to-use and cost-effective devices that do everything that our staff need them to do, which is mainly accessing Google Workspace online,” says Henry Lewis, Head of Platform for the London Borough of Hackney. “As soon as the Grab and Go Chromebooks were available, they were well used every day.”³

4. Lift and shift for easier transitions

While migrating to the cloud is a priority for many organizations to succeed, it does not have to happen all at once and in the same way. A total cloud migration can be a huge undertaking, involving redesigns of architecture and refactoring of applications. For many organizations, this process can take several months, even years. 

But in times like these, CIOs need to make decisions quickly and reduce cash burn as much as possible. When resources are stretched and time is tight, BCG Platinion recommends a “lift-and-shift” approach for minimal disruption. With Google Compute Engine, for example, organizations can simply rehost their existing workloads on virtual machines without transformation. BCG Platinion reports that moving non-critical workloads to the cloud with lift-and-shift approaches can reduce IT spend by as much as 4% in just three months. Additionally, a quick, effective migration paves the way for more advanced IT infrastructure changes, creating effects that ripple long into the future. 

5. Make data work for you with the cloud

Data is central to any industry and making the most out of it is more important now than ever before. With business as usual upended by the pandemic, organizations have turned to data for urgent tasks like demand forecasting or predicting supply-chain disruptions. A McKinsey report from last year points out that while many organisations had already started to engage with analytics and AI technologies, their progress was dramatically accelerated by the urgency of the pandemic: “Analytics capabilities that once might have taken these organizations months or years to build came to life in a matter of weeks.”

With the right setup a company can use data to drive efficiencies, respond quickly to its customers and open new markets. But big wins require huge amounts of information and powerful analytics, which means that effective data handling can be very difficult and expensive to do with on-premises architecture. 

Moving to a cloud-based infrastructure minimizes infrastructure costs while opening up cutting edge techniques like machine learning for greater insight. The BCG Platinion report found that using a cloud-based data platform was not only cheaper and more efficient for businesses, but could result in a 70% increase in “effectiveness” which it defined as increased sales, lower costs of procured goods, and reduced inventory holding costs. “Moving to cloud provides competitive advantage as you scale innovation, accelerating the creation of new services to keep ahead of the competition,” explains Norbert Faure, Managing Director, Platinion Western Europe at Boston Consulting Group (BCG).

The key mission of any data platform is to make sure that the right people have access to the right information at the right time. Google Cloud helps to unify data across the entire business, increase agility, and innovate faster with a range of products. BigQuery runs complex analytics at infinite scale while helping organizations save up to 34% on the total cost of ownership compared with alternative cloud-based data warehouse solutions.⁴ Cloud Spanner provides a fully managed relational database that operates at 99.999% availability. Meanwhile, with Vertex AI, businesses can access the same groundbreaking machine learning tools that Google uses itself for unprecedented insight on a unified AI platform. “The whole Google Cloud suite of products accelerates the process of getting established and up and running, so we can perform the ‘bread-and-butter’ work of data science,” says David Herberich, VP, Head of Data at fintech startup Branch.⁵

Minimize costs today, innovate for tomorrow

As the world recovers from the pandemic, continued success depends on staying nimble and adaptive, argues the BCG Platinion report. Cloud computing can make companies more resilient by helping them to keep costs low, reducing overall IT spend by as much as 10% overall according to BCG Platinion. “For CIOs, cloud migrations can offer important near-term savings and benefits, while also reinvigorating progress toward the long-term goal of digital transformation.“

To learn more, read the full report from BCG Platinion.

^{1. BeyondCorp Enterprise: Introducing a safer era of computing
2. Building the future of work with Google Workspace
3. Hackney Council: Empowering 4,000 staff to keep serving their community from home
4. The Economic Advantages of Google BigQuery versus Alternative Cloud-based EDW Solutions
5. Fintech startup, Branch makes data analytics easy with BigQuery}