Every time an individual comes in contact with an information system, a "digital business event" takes place that creates an electronic record. In fact, much of the annual growth in corporate data volume (estimated by META Group to be 125 percent per year, compounded annually) can be attributed to digital business events created by the proliferation of e-commerce applications, ERP- (enterprise resource planning) or CRM- (customer relationship management) based automated business processes and information networks. The additional demands of radio frequency identification (RFID) data, Web clickstream logs, regulatory compliance information and 3G cellular phone/data call records further highlight efficient management and analysis of this business data as an important competitive advantage.
These digital business events have the following three elements in common:
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