1. A computer-implemented method for optimized monitoring and identification of Advanced Metering Infrastructure (AMI) device communication failures in an AMI network via a processor executing program instructions stored in a memory, the computer-implemented method comprising: generating, via the processor, a graphical representation of the AMI devices, the graphical representation comprising nodes corresponding to the AMI devices and links representing the connectivity between the AMI devices, wherein the graphical representation is generated based on data associated with the AMI devices retrieved via the AMI network in real-time; computing, via the processor, one or more properties of the AMI devices using the graphical representation, wherein the one or more properties are computed based on values associated with the nodes corresponding to the AMI devices in the graphical representation; modifying, via the processor, the graphical representation based on the computed one or more properties and one or more predefined rules, wherein the nodes corresponding to the AMI devices are updated based on the computed one or more properties and the one or more links are modified based on the one or more predefined rules; selecting, via the processor, one or more nodes in the modified graphical representation and processing the selected nodes in an order based on AMI device hierarchy, priority and criticality; modifying, via the processor, the graphical representation based on the processing of the selected nodes; and identifying AMI device with communication failures from at least one of the generated and modified graphical representation of the AMI devices.