Complex event processing: Difference between revisions

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'''Event processing''' is a method of tracking and [[data analytics|analyzing]] (processing) streams of information (data) about things that happen (events),<ref name=LuckhamD>{{cite book|last=Luckham|first=David C.|title=Event Processing for Business: Organizing the Real-Time Enterprise|url=http://ee.stanford.edu/~luckham/|publisher=John Wiley & Sons, Inc.|___location = Hoboken, New Jersey|year=2012|page=3|isbn=978-0-470-53485-4}}</ref> and deriving a conclusion from them. '''Complex event processing''', or '''CEP''', consists of a set of concepts and techniques developed in the early 1990s for processing real-time events and extracting information from event streams as they arrive. The goal of complex event processing is to identify meaningful events (such as [[business opportunity|opportunities]] or threats)<ref name=Bates>{{citation|last=Bates|first=John|title=John Bates of Progress explains how complex event processing works and how it can simplify the use of algorithms for finding and capturing trading opportunities|url=http://fixglobal.com/home/secrets-revealed-trading-tools-uncover-hidden-opportunities/|publisher=Fix Global Trading|accessdate=May 14, 2012}}</ref> in real-time situations and respond to them as quickly as possible.

These events may be happening across the various layers of an organization as sales leads, orders or [[customer service]] calls. Or, they may be news items,<ref>{{citation|last=Crosman|first=Penny|title=Aleri, Ravenpack to Feed News into Trading Algos|url=http://www.wallstreetandtech.com/articles/217500395|publisher=Wall Street & Technology|date=May 18, 2009}}{{Dead link|date=July 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> [[text messagesmessage]]s, [[social media]] [[Posting style|posts]], [[Market data|stock market feedsfeed]]s, [[traffic reportsreport]]s, [[weather forecasting|weather reportsreport]]s, or other kinds of data.<ref name=LuckhamD /> An event may also be defined as a "change of state," when a measurement exceeds a predefined threshold of time, temperature, or other value.

Analysts have suggested that CEP will give organizations a new way to analyze patterns in real-time and help the business side communicate better with IT and service departments.<ref>{{citation|last=McKay|first=Lauren|title=Forrester Gives a Welcoming Wave to Complex Event Processing|url=http://www.destinationcrm.com/Articles/CRM-News/Daily-News/Forrester-Gives-a-Welcoming-Wave-to-Complex-Event-Processing-55492.aspx|publisher=Destination CRM|date=August 13, 2009}}</ref> CEP has since become an enabling technology in many systems that are used to take immediate action in response to incoming streams of events. Applications are now to be found (2018) in many sectors of business including stock market trading systems, [[mobile devicesdevice]]s, internet operations, [[fraud detection]], the [[transportation industry]], and [[Intelligence gathering network|governmental intelligence gathering]].

The vast amount of information available about events is sometimes referred to as the event cloud.<ref name=LuckhamD />

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Computation-oriented CEP's role can arguably be seen to overlap with Business Rule technology.

For example, customer service centers are using CEP for click-stream analysis and customer experience management. CEP software can factor real-time information about millions of events (clicks or other interactions) per second into [[business intelligence]] and other [[decision-support]] applications. These "[[recommendation applicationsapplication]]s" help agents provide personalized service based on each customer's experience. The CEP application may collect data about what customers on the phone are currently doing, or how they have recently interacted with the company in other various channels, including in-branch, or on the Web via self-service features, instant messaging and email. The application then analyzes the total customer experience and recommends scripts or next steps that guide the agent on the phone, and hopefully keep the customer happy.<ref>{{citation|last=Kobielus|first=James|title=Really Happy in Real Time|url=http://www.destinationcrm.com/Articles/Columns-Departments/Connect/Really-Happy-in-Real-Time-50530.aspx|publisher=Destination CRM|date=September 2008}}</ref>

==In financial services==