What Is Event Processing?
Friday, 12 March 2021

There are two main ways that a computer can communicate with another across a network. The most basic of these is via request-response architecture. With this approach, one computer sends a request for data, and the other has to respond to the request. This process must be repeated for all HTTP requests, and while it worked fine in the earlier days of the digital age, the rise of big data and analytics have produced the need for a faster solution. This is where complex event processing comes in.

What is event processing? It's a practice where events, or streams of events, are analyzed by a computer, and automatic action is taken. This allows organizations to collect and analyze data in near real-time and ensures they can act on data while it's still valuable. The more time that passes, such as time spent on slower processes like request-response architecture, the less valuable business data becomes. You'll need stream processing that can respond to event data from multiple data sources in milliseconds to have a true competitive advantage. Organizations typically experience three kinds of events.

  • Transaction Events - These are business processes like customer orders, deposits, and invoices that are kept as reference data.
  • Information Report Events - This is market data, like research reports or social media reports, that are likely to be stored as master data.
  • IoT Data Events - These are reports from devices connected to the internet of things which could be anything from weather reports to GPS location information.

Here are some of the most important ways your organization can benefit thanks to event processing.

Increased Efficiency

 
What business doesn't want to boost operations? Once you can handle data in real-time, you'll be able to deal with single events and complex event streams in an instant. This helps you immediately identify risks and see how you can optimize your operations as soon as possible. You can use data to predict new events and keep them from delaying your operations, identify fraudulent activity in milliseconds, and identify new opportunities in areas you may not have considered.
 
Thanks to machine learning algorithms, your systems can instantly collect and analyze data sets which you've specified and create data visualizations so you can have immediate at-a-glance understanding of your financial forecasts, expenses, customer data, and much more. Real-time analytics also help you identify any systems that you're running which may not be performing as well as they could be, so you can improve them and reintegrate them into your overall processes, and provide the best service possible.
 

Cost Reduction

 
Whilst optimizing your operations will almost certainly lead to increased revenue, it never hurts to spend less money either. Real-time inventory tracking and management saves you money since you won't need employees to take care of it, and it frees up personnel for more pressing matters. With cybersecurity backed by stream processing, you'll be better protected against cyber attacks from hackers and other threats who could cost you dearly.
 
Image detection is one of the most common uses for artificial intelligence powered by complex event processing (CEP). This can help you save on maintenance costs, since you'll always have eyes on your equipment and shop floor which can detect problems before humans notice them.
 

Customer Service

 
CEP can also help your business offer more timely, and better, customer service. For example, you can set up your CRM system to automatically generate special offers to loyal customers based on their number of orders or customer status in your system. Automatic updates about logistics and transportation help you determine when products will be arriving or shipped, and you can update customers immediately if there are any schedule changes. In your company's call center, CEP enables intelligent routing options like interactive voice response that saves time for both customers and support agents.
 
These are just a few ways that a reliable event handler can help your business secure a competitive advantage. It's likely you'll find even more specific uses in your niche.
 
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