Event Processing

Businesses want real-time situational awareness so they can
respond in the moment to opportunities and threats before
it’s too late. This requires the ability to recognize and respond
to events, which are business moments in the physical or
digital realm.
Events are important because real-world interactions are event-driven, and the value of an event is strictly time-limited.
The longer you wait to act, the less impact you can have.
This is not to say that older events have no value; events
provide context for interpreting what is happening now and
determining appropriate action. The ability to correlate new
and past events can often spark insight into the next best actions.
Think about the possibility of correlating the real-time energy
consumption of a plant against past patterns of events. Would
it be possible to anticipate events and optimize consumption to
decrease cost and avoid wasting energy?
There are a vast range of possibilities for event processing:
• Proactive notifications when a certain event occurs
• Real-time marketing
• Real-time fraud detection
• Predictive maintenance
• Digital twin understanding
• Streaming analytics to improve or speed AI and ML
• Edge awareness leading to better services, greater efficiency, cost savings
Event processing isn’t a new concept, but it has yet to achieve
widespread adoption in enterprise applications—except in
very few specific cases. Often the required skills haven’t been
easy to find.
But now, with no-coding and visual programming tools, the
complexity of implementing event flows is reduced and often
possible through simple drag and drop interconnection of
specialized components. With the fast pace of modern business,
and the requirement to operate 24/7, organizations have a
strong need to be able to process real-time information. Their
systems need to be as responsive (automatic) as possible to
adapt to any new requirement.