In a research brief outlining the five trends for 2023, the IBM Institute for Business Value states that in today’s uncertain and complex business landscape, organizations need to reduce the time from insight to action. This highlights the growing need for business and data analysts to work with real-time events in order to improve efficiency and make data-driven decisions. By going beyond traditional business intelligence tools and embracing event-driven solutions, analysts can unlock real-time insights and respond intelligently to critical business scenarios.

Advantages of Event-Driven Solutions

Event-driven solutions offer several advantages for business and data analysts. By working with streams of business events, analysts can define critical scenarios, detect them in real-time, and respond intelligently. This allows for better business decisions, proactive responses to customer satisfaction, and predictive maintenance to minimize costs. Event-driven solutions enable companies to quickly capture and connect the dots between events, influencing key performance indicators and maximizing revenue potential.

Reasons to Embrace Event-Driven Solutions

1. Delivering Accurate, Real-Time Data

Businesses cannot solely rely on historical data. Streams of business events provide a continuously updated record of data in motion, allowing for real-time analysis and timely actions. For example, IBM worked with Norsk Tipping to build an event-driven architecture that accelerated data processing, enabling analysis at a rate six times faster than before.

2. Highly Configurable for Unique Business Operations

Event-driven solutions are highly configurable, allowing users to define and detect both simple and complex business scenarios. By processing multiple streams of events, users can effectively paint a picture of time-sensitive threats or opportunities. IBM offers an intuitive, low-code tool that empowers non-technical stakeholders to work with business events and derive actionable insights.

3. Enabling Intelligent Automation

Event-driven solutions provide key triggers to drive intelligent automation. Once a critical business situation is defined, a new stream of events can report anytime that scenario is detected. This enables organizations to streamline operations, make decisions based on business rules, and prompt digital workers. IBM’s suite of automation capabilities, including IBM Business Automation Workflow and IBM Operational Decision Manager, supports businesses on their journey to becoming more autonomous and event-driven.

Get Started with IBM Event Automation

To experience the benefits of event-driven intelligence, businesses can request a custom demo of IBM Event Automation. This solution empowers analysts to put business events to work, enabling real-time data analytics and activating automation. Interested individuals can also watch the webcast, “Responding in Real-Time to Changing Market Dynamics,” or visit the IBM Event Automation website to learn more.

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Source: IBM

Frequently Asked Questions (FAQs)

What are event-driven solutions?

Event-driven solutions involve working with “business events” to unlock real-time insights that enable intelligent decision making and automated responses. These solutions focus on capturing and connecting the dots between events to impact outcomes and influence key performance indicators.

What advantages do event-driven solutions offer?

Event-driven solutions deliver accurate, real-time data; they are highly configurable for unique business operations; and they enable intelligent automation. These advantages allow businesses to make timely decisions, respond quickly to changing market dynamics, and maximize revenue potential.

How can business and data analysts benefit from event-driven solutions?

By embracing event-driven solutions, business and data analysts can go beyond traditional business intelligence tools and uncover real-time insights. They can detect critical business scenarios in real-time, make data-driven decisions, and respond intelligently. This helps organizations improve efficiency, reduce costs, and gain a competitive edge in the market.

Which IBM solutions support event-driven intelligence?

IBM provides a comprehensive suite of automation capabilities that support event-driven intelligence, including IBM Event Automation, IBM Business Automation Workflow, IBM Operational Decision Manager, and IBM Watson Orchestrate. These solutions help businesses benefit from real-time data analytics and activate intelligent automation to streamline operations and drive better outcomes.

Summary

Business and data analysts are facing increasing pressure to work with real-time events in order to make precise, data-driven decisions and gain a competitive edge. Event-driven solutions provide several advantages, including the delivery of accurate, real-time data, highly configurable capabilities, and intelligent automation triggers. IBM offers a suite of automation solutions, such as IBM Event Automation, to help businesses unlock the power of event-driven intelligence and thrive in today’s complex business landscape.