Noon in New York City: A customer withdraws $500 from an ATM using a credit card, a common practice in any metropolis. However, moments later an online purchase is made using the same credit card number on a computer in London. Luckily for the unassuming customer, the billing and monitoring system terminates the transaction. As soon as two transactions on the same credit card are logged within 10 seconds of each other at different locations, an automatic block is instantly applied and the responsible department is informed of the possible fraud.
There are countless comparable scenarios that occur daily based on event-driven techniques. These occurrences are due to external and internal company applications constantly generating events that are or could be relevant to the management of their own processes. In addition to the observance of legal regulations such as risk protection, small and medium enterprises (SMEs) in particular are held more accountable by customers and business partners who demand real-time flexibility and responses. Typical examples include the automatic order and dispatch of supermarket goods or the provision of materials for a build-to-order construction project to reduce costly warehouse storage. If an unexpected event interrupts a scheduled, usually highly automated, process flow, the disturbance must be recognized immediately and appropriate countermeasures must be implemented.
In line with the term "event processing," a new technology was developed that directly links real-time analysis with operational processes. The new tools offer process event monitoring that enables organizations to analyze current live processes and respond to critical events in real time. They continuously check of incoming process-related events and identify critical situations proactively, enabling employees to focus on the business-critical cases and take the necessary actions immediately.
Ad hoc information related to excessive response and throughput times for business processes can usually be determined easily from the status of operational IT processes. In addition, intelligent analysis functions help pinpoint critical situations in the continuous stream of events by establishing a critical constellation based on the correlation of events from different data sources. This approach also determines whether a process is breaching important business rules that must be followed, such as the principle of dual control for approval processes or the jeopardization of service levels.
Event processing technology enables SMEs to align their business concepts with real-time flexibility and response time expectations. The findings from the continuous controlling and monitoring of the business processes can also be leveraged to provide an extensive evaluation. Recorded events from a proven monitoring software tool provide an enhanced analysis of the process data/structures and identify potential for improvement.
Simply put, event-driven process monitoring in real time continuously measures the pulse of the corporate processes and immediately records abnormal situations. Performance analysis based on the performance parameters of the self-contained processes records the long-term pulse of company activity.
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