“You cannot search for operational insights only in the spotlight, more often than not, they reside in the shadows.” Ryno Goosen, the CEO of Locstat Digital Intelligence Solutions
Every day, 2.5 quintillion bytes of data is created and approximately 2.14 billion people generate a spend of $1 million per minute purchasing goods and services online. That’s an immense amount of data that all tells a story about consumers, operations, opportunities, products, sales and more.
Intrinsically we all understand the potential value of this data, and by and large, try to apply this data to our decision-making processes. As businesses, we are increasingly asking complex questions of our data and seeking contextual answers in a timely and impactful manner. But the question is, are we really tapping into the true depth of that wealth of knowledge? The simple answer is no!
Legacy technology is struggling to keep up, never mind processing the sheer volume, velocity, veracity and variety of data input – and more importantly it’s struggling to connect that data effectively for richer analysis and deeper insights, resulting in missed opportunities, financial loss and serious risk. So, how do we harness the potential power of all this data?
Untapped potential = untapped wealth
Analytics is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns toward effective decision-making.
According to Ryno Goosen, the CEO of Locstat Digital Intelligence Solutions, “The future of advanced analytics is graph database technology. If data tells a story, then good quality data gives you the storyline, but enriched data fleshes it out with description, detail and context. Graph database technology integrated with a high-performance computation capability illuminates the concealed risks and opportunities in the dark spaces of your digital environment, so you can fully realise your organisational potential.
The Locstat difference
Unlike legacy systems, Locstat is an easy-to-deploy, agile, graph intelligence and AI platform that is revolutionising the way data hungry, high-growth and enterprise businesses operate. The company specialises in building and deploying complex, highly scalable, graph intelligence solutions, in the most frictionless manner possible.
By converting raw data into operational intelligence, Locstat uncovers the value residing in your data relationships. Effectively solving the skills shortage, complexity, long lead times and high costs of implementing real-time, big-fast-connected-data solutions, usually associated with the legacy systems, through the novel use of graph technology, event processing and machine learning (ML).
Graph technology can be used in a number of ways to trigger the next best action on the basis of rich, contextualised graph intelligence. This includes the ability to:
- Extract the information needed to improve business operations and efficiency
- Deliver smarter products and services for clients
- Create new revenue streams
- Perform risk analysis
- Increase fraud detection
- Prevent money laundering
- Reduce waste
- Find ways to lower costs
As Ryno succinctly explains, “our system illuminates the dark spaces of your digital environment, bringing truth and data to life, providing context and insights for enhanced decision-making.”
So, how does it work?
“The Locstat graph intelligence platform, Locstat LightWeaver®, is data source agnostic”, Ryno explains. The system collates structured and unstructured data from multiple channels and third party systems, removing duplication and siloed datasets, whilst simplifying data governance and compliance issues.
“During data onboarding, we build curated data streams, and pipeline all data streams, real-time and batched, into a single data repository. Then we use Graph-powered machine learning to illuminate the patterns and hidden insights in the data.” This advanced aggregation results in effortless multidimensional representation and dynamic schema change, resulting in deeper insights and the identification of patterns and trends
[True data value resides in the relationships between data]
Savant’s investment in Locstat
The Locstat system has proven so effective, the deep tech trailblazer was recently on boarded into the Savant portfolio of companies, as a joint ecosystem venture with early-stage tech investors, Strat Tech, Grindstone Ventures and Digital Africa Ventures.
Savant is typically known as a hardware technology investor, focusing on science and engineering. But with the inclusion of Locstat, Savant’s investment palate now extends to complex, deep tech software companies as well. Nick Allen, Savant CEO explains “Savant is delighted to invest in Locstat, a company that is making graph technology more widely available to companies at all stages of their growth journey. Their software is particularly relevant to our own portfolio of hardware companies that are creating large volumes of valuable data points.”
Of the closing of the investment round, Sanjay Daya; Locstat’s co-founder says “We are excited to bring Savant on board in this funding round as part of accelerating our growth plans. This investment validates our position as the worldwide leader in graph intelligence platforms that provide advanced analytics. It will also enable us to grow our team, continue to invest in technology and to service our clients across Africa.”
Apart from the capital contribution, Savant will assist in positioning the company for its next round of funding and to support Locstat with access to markets. As Nick says, “It’s a hugely exciting venture, and there is certainly no shortage of need. From where we stand, its onwards and upwards on the Locstat trajectory, both for Locstat and any company who engages their service, and are quite literally, positioned for success.”