The utility and influence of an event processing platform are greater than ever in business.
The capacity to respond in real-time has become a possibility for digital businesses. With an event processing platform, digital businesses can become proactive instead of reactive – by readily processing events as they occur.
While also using technology to learn and boost operational performance instantaneously.
Event Processing Platform
Event processing is perfect for real-time decision-making.
Efficiency in decision-making can be based on spotting key events in data or event streams and letting digital businesses act instantly to such events, helping them to engage customers, identify fraud, prevent churn, circumvent machine failures, and much more.
What is Event Stream Processing?
Event Stream Processing is analyzing or processing a continuous stream of events or data.
The event processing platforms process the inbound data while it is in flight. The platforms perform continuous ultra-fast computations against the high-speed data stream, using a constant query engine driving real-time alerts in addition to the live, user-configured visualizations.
How is event processing different from event stream processing?
There is a stark difference between event processing and event stream processing.
Event processing caters to individual events – one at a time, while the event stream processing manages many related events together. You can say event processing is like seeing individual drops of water. In contrast, event stream processing is comparable to putting your finger under a running tap to check the water temperature.
It is noteworthy that event stream processing is often confused with event streaming – these are different from each other.
How?
Event stream processing is about the process of moving event data from place to place proficiently so that other systems can freely access and analyze it. Thus, event streaming is a constituent of event stream processing operation.
Why Event Stream Processing?
In a fast-paced, emerging digitized world, where billions of things, people, and devices interact in real-time, businesses must leverage new and disruptive competitive advantages to drive revenue streams and efficacy.
Effectively, this is the new world of digital business, as real-time data intelligence is the best way to strive for and ensure business success. Businesses in varying industries can gain a competitive advantage by working with and investing in an efficient event processing platform.
But what can you do with event processing?
Real World Applications of Event Processing Platform
There are tons of applications of event processing, including but not limited to;
Healthcare
Healthcare providers and organizations can monitor patients’ conditions using a real-time event processing platform. Reacting and preventing issues faster than before while improving overall patient wellbeing.
Retail
Up-to-date inventory management is the key advantage of event processing. Couple it with machine learning solutions, and businesses can build personalized offers for the customer based on their shopping habits and trends.
Manufacturing
One can use event processing with manufacturing equipment to detect anomalies and errors while predicting troubles before they even occur, owing to the outliners in the equipment data.
Banking
In banking sectors, one can detect and mitigate fraud using real-time event processing, using patterns to identify potential threats even before they occur.
Traveling
Event processing can improve passenger experiences, offering real-time updates centered on time changes, gate changes, delays, baggage claim locale, and many more.
Insurance
Insurance organizations can offer dynamic pricing to customers based on real-time information. While also offering creative discounts and incentives centered on current trends.
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Why go for an event processing platform?
An event processing platform is an effective and highly valuable solution in the industry, and it has become more accessible than ever before.
Event processing platforms used to be on the higher end of the pricing spectrum – additionally being complex to set up and needing in-house storage with a dedicated IT team. The modern cloud-native options remove the cost and the complexity. Additionally, a cloud-native design enables you to process any amount of data at any level, from anywhere, via the web.
The advantage of processing huge amounts of data in real-time is important for digital businesses which want to remain relevant.
Best Event Processing Platform
Event processing platform, with processing as its core, offers users the ability to integrate data for varying purposes like analytics and application development. To warrant being in the best event processing platform category, a product must:
- Offer the ability to analyze data processing to ascertain its performance
- Let users visualize data flow while making sure data delivery is validated
- Be able to connect to a wide range of core systems, offering to process data in real-time.
If you want to know more about event processing platforms or workable products to integrate into your business operations, get in touch with Memphis{dev} NOW!
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