Mon Oct 10 2022
Benefits of Using Graph Database for Businesses
Graph database has been gaining interest from many different industries due to its vast number of applications and use-cases. Analysts worldwide predict that people will use the technology for many years to come. As of 2019, the graph database industry was worth more than $1 billion, but by 2024 it is estimated that the industry will grow to $2.9 billion. The concept of graph databases is, however, yet very new for many people. In the business world, "what is a graph database?" is a question that many stakeholders ask. This article will attempt to answer this commonly asked question as well as highlight a few of its benefits for business.
What is a Graph Database?
A graph database sorts and highlights the relationship between two data sets. Wherein a node signifies an entity which could be anything; a person, place, thing, or even a broad category. At the same time, a relationship or a connection signifies how two or more nodes interact with each other. The growth and popularity of graph databases are because of the advantages it provides enterprises to crunch and make sense of large volume sets of data, which would otherwise be cumbersome. It is one of the top advantages that generates interest for graph technology as no matter how big or small the company; everybody can benefit from the data. Its ability to assess relationships between nodes makes graph databases an excellent tool for dealing with relational data.
A graph database uses a data ingest engine to organize data into a graph configuration.
Here are some of the advantages of a graph database for enterprises.
1. Spotting Outliers
Unlike other data-crunching systems, a graph database works exceptionally well in finding any discrepancy in not just one data set but also in the whole data. Other technologies are not as good as graph technology in spotting outliers, which is essential to an enterprise.
2. Accelerating Discovery
One of the biggest challenges of dealing with other technologies is finding and establishing a relationship between two separate data points. At the same time, a data scientist can use graph databases to find relationships and patterns in the data set and the data body. Moreover, a graph database allows scientists to access the data in real-time no matter how complex the data set is.
3. Identifying Ideas
When using other types of data management systems, you have to have an idea before using the data. On the other hand, the data set would give you the information you need when using a graph database.
It will help identify issues in the supply chain, customer service, production, or undeserved market segments. So, if you were using any other type of data solution, you would have to identify the problem first and then skim the data. But, a graph database in itself would give you the idea and help identify areas for improvement.
4. The Ability to Work With Skewed Information
The graph database is capable enough to work with incomplete data sets. Unlike other databases that might struggle to deal with incomplete data, a graph database is equipped with a presentational mechanism that helps display skewed data intuitively.
The way the graph data is presented is highly flexible, unlike hierarchical or relational database models. There is no rigidity in how data will be presented, which makes it flexible when it comes to storing and relationships between nodes. You can even store the data separately, as nodes can be stored individually.
So, now that the question “what is a graph database?” is answered and its advantages highlighted, it is evident that opting for this tool can prove extremely helpful for business organization. It is sure to be a business solution that will be used in various industries for many years to come. From running recommendation engines to developing Artificial Intelligence, graph database technology is poised to change the business world.