Event processing, frequently referred to as complex event processing (CEP), is a method of both capturing and then analyzing streams of data. This data is then used to identify critical areas of opportunity as well as systematic threats. CEP has the capacity to handle all of this in real-time which makes it an invaluable tool for a variety of enterprises and organizations.
While a wide number of markets can benefit from the incorporation of event processing, it’s important to understand some of the key use cases as well as their applications. On top of this, while event processing is sometimes considered to be interchangeable with event stream processing, there are some particular differences that help it stand out as a technique. Here’s what you need to know.
Stock market trading is one of the top applications of event processing. This is because an event processing platform is able to spot incoming pricing for different stocks and then verify it against a pattern. Once the CEP application is able to match a pattern, it can help the user make more informed buying and selling decisions. Since stock trading is a high-risk, high-reward activity, it’s important for traders and brokers to be able to make quick, effective choices. A business user can also leverage different triggers and alerts to personalize and tailor their stock notifications.
Those in the manufacturing or product development sectors should pay close attention to this event processing use case. In a majority of manufacturing facilities, equipment, large objects, and machinery are all dependent upon sensors that collect performance data. An event processing software application can leverage sensor data to spot ongoing patterns. If you’re sensing an ongoing theme of pattern collection is concerned, that’s because CEP is highly dependent on spotting and interpreting pattern development. If an event processing program spots a pattern that indicates there’s a need for maintenance procedures, it can trigger system shutdowns and power off machinery that’s at risk of being damaged through continued use.
As you might have suspected, expenses in the manufacturing industry tend to be quite high. For automation and machinery load-delegation, an average facility is liable to spend quite a large amount of money. With the aid of predictive analytics, it’s easier to prevent the added costs incurred by system failures, disrepair, and damages. Too many organizations operate reactively instead of proactively. CEP enables greater business agility and problem forecasting.
Speaking of reactive tactics, many data management marketing campaigns are reactionary. A marketer or in-house team develops a marketing campaign, does some A/B testing, and pushes the platform to a live status. After some time has passed, the marketer can collect data and make adjustments as needed. Well, with the aid of event processing, it’s easier for you to monitor and maintain your campaigns in real-time. You can set up specialized event triggers and see how event producers impact event consumers. Depending on your event status, you can make real-time tweaks and even leverage current data against historical data.
On top of this, you can view data outliers that help you spot developing trends, anomalies, and performance issues. When the system spots the relevant patterns, you’re able to make personalized offers to the right consumer at the right time. It’s a smarter way to generate leads and secure conversions for your business.
Event processing is a multifaceted tool that has a variety of applications. Since the technique can benefit almost every market, it’s important for businesses to assess their event processing needs. Without the right application of software platform backing your decision-making, you may struggle to keep up with the competition. When you have CEP on your side, it’s easier for operations to positively trend.