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Acting in real time to process events

Kevin Pool, CTO, TIBCO Asia | May 21, 2015
Learn how businesses can make informed decisions quickly with the use of real-time analytics.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

As a result of the Fast Data phenomenon, large volumes of data sets and new data sources are constantly on the rise. There are multiple streams of data generated in every industry and these include business transactions as well as consumer purchasing habits and feedback. Such data streams house information that is critical for businesses.

Most organizations are just beginning to deal with events and event patterns in a reactive fashion. However, reacting to events is no longer sufficient in today's business landscape. There needs to be proactive action where potential outcomes are predicted in advance so that the right action can be taken swiftly. In this era of Internet of Things (IoT), this is particularly true where numerous events are taking place all the time.

The Boom of IoT

According to a report by Frost & Sullivan, the IoT market is set to be one of the fastest growing segments in the Asia Pacific region. In 2013, total IoT spending in APAC is estimated to be $4.6 billion, and is forecasted to grow to $58 billion by 2020. It was also reported that more than 80 billion devices are expected to be connected to the Internet by 2020, and that each individual will have an average of 5.1 connected devices.

The growth of mobile connectivity goes hand-in-hand with the rise of IoT. Objects are increasingly embedded with sensors that transmit data of real-time events to data centers for processing. These streams of data enable organizations to track their target audiences' behavior, optimize internal processes, and streamline the decision-making process.

The key aspect of Fast Data is the ability to derive insights from it in real time - being able to capture, process, and analyze information as it's happening. For example, a customer service representative can see how many people are on a site, which pages or events they are interacting with, and respond to their preferences by prompting targeted conversations. This illustrates the use of processing tools to predict the buyer's likes and habits.

What is Event Processing?

Whether it is monitoring a website actively, refreshing dashboards to reflect business changes, or identifying visitor trends, we now live in a world that has to react to events and patterns with the least amount of time possible. Organizations are required to anticipate the presence of potential roadblocks and circumvent them efficiently by either taking an alternative expressway or delaying batch shipments by an hour, for example. 

With multiple events happening concurrently at any given point in time, the data that needs to be processed is constantly in motion. This is where a two-part process of streaming analytics and event processing is best combined to fulfill the customer's request, while enabling the service provider to deliver on their promise cost-effectively.

 

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