As organizations strive to keep up with the ever-increasing pace and volume of the digital business landscape, the need for faster and more efficient operations is paramount. The ability to quickly respond to rapidly shifting customer and market dynamics has become a crucial factor in succeeding in today’s digital economy.

In a recent survey conducted by IDC, a renowned provider of global IT research and advice, 43% of technology leaders expressed their plans to deliver innovative digital products and services at a faster pace [1].

Real-Time Intelligence for Enhanced Responsiveness

To accelerate business operations, organizations must have the capability to access, interpret, and act on real-time information about unique situations occurring across the entire organization.

In the same IDC survey, 36% of IT leaders emphasized the criticality of using technology to achieve real-time decision-making for business success [1].

This growing need for real-time decision-making is driving the demand for event-driven solutions, which enable businesses to achieve continuous intelligence and situation awareness.

An event-driven architecture focuses on the publication, capture, processing, and storage of events. When an application or service undergoes an action or change, it publishes an event—a real-time record of that action or change. These events can then be consumed, processed, and used to inform intelligent decisions and trigger automations.

Putting Business Events to Work

Becoming an event-driven business necessitates more than just collecting events from various applications and services. Streams of events need to be processed by applying operations like filtering, aggregating, transforming, or joining with other streams of events to define time-sensitive scenarios that are critical for the business to detect and act upon.

For example, consider a stream of business events sourced from an order management system. This stream provides a real-time log of all received orders. While this stream alone can be valuable in detecting any customer transactions and order placements, combining it with other streams of events can unlock even greater value by defining critical business scenarios.

By processing this stream of events to filter only new orders with a value greater than $100 placed within 24 hours of a new customer account creation, businesses can identify an opportunity to foster new customer growth and loyalty. This is just one example, as business events can be collected from various systems, applications, devices, and services across an organization. Maximizing the value of these events requires processing and correlating streams of events to define relevant business scenarios.

Get Started with IBM Event Automation

By harnessing the power of events, companies can empower their teams to proactively respond to customer opportunities, address issues, and mitigate potential threats as they arise. They can also adjust quickly to changing market dynamics and external factors that impact business operations.

IBM Event Automation’s event processing capability is designed to be intuitive and accessible to users across the organization. Both business and IT teams can work with events and define business scenarios without the need for coding skills or expertise in SQL.

To learn more about unlocking the value of transaction data flowing across your organization, watch the webinar provided by IBM Event Automation.

Sources:

[1] IDC, Implications of Economic Uncertainty on Real-Time Streaming Data and Analytics, Doc # US49928822, Dec 2022