For any organization, complex event processing (CEP) works as a sort of alert hub. As you might have guessed, it tracks complex events in your data stream and provides context to them. It’s used for parsing real-time occurrences and event streams and extracting information from them. Naturally, many businesses that handle large amounts of real-time events rely on CEP systems to better navigate their overall event stream processing.
So, what are the common applications of CEP systems? How does CEP benefit the event cloud? And how do you leverage historical data alongside real-time data streams? Here are a few key CEP use cases that every business should know.
Buy/Sell Decisions
Complex event processing plays a fairly large role in stock market trading. This is because algorithmic trading is based on a combination of events. Each stock trade can benefit from CEP management algorithms. Due to the ability of CEP platforms to correlate historical data and real-time information, CEP technology is invaluable for many stock trading opportunities. It can automate the buy and sell processes by tracking complex events and the event source.
Predictive Maintenance
The following example has several practical applications. Incoming data from IoT sensors can benefit the CEP process greatly. When a CEP engine tracks event sources, it can determine whether any patterns correlate to maintenance needs. CEP technology is particularly helpful within the manufacturing industry where a stream of events can keep expensive, high-maintenance machinery from failing. With the insights of CEP, it’s easier for brands to determine when equipment needs to be shut down or serviced. These data sets are invaluable for cost savings and expense management.
Marketing
CEP applications can double as marketing tools which are incredibly helpful in a for-profit organization. CEP operations can spot complex patterns in consumer behavior and help you take the appropriate action to encourage conversions and lead generation. You can query the patterns of events to develop a subscriber base or improve sales forecasts. When a CEP platform determines the patterns in a consumer event source, it can recommend specific promotions or recommendations. This level of event processing is towards the bottom of the sales funnel and is incredibly helpful.
RFID Data
If you need to maintain stock levels, enhance fraud detection, and deter fraudulent transactions in your inventory, RFID tags on your merchandise are the way to go. Out of the numerous use cases for a CEP engine, this is perhaps the one that prevents the most leakage. This helps brands optimize store layouts and track inventory more effectively. A CEP engine can collect and process inventory data and other business events more quickly and efficiently.
Vehicle Autonomy
Self-driving vehicles are ripe for CEP engine assistance. With the aid of the event cloud, vehicles are more able to recognize dangerous events or a vehicular change of state and pass control to a human operator. This has the potential to lower accident risk. While this is in its infancy, various collaborators are looking at ways to filter CEP queries to greater benefit.
Account Activity
On the consumer side, CEP events can spot various account activities, set alert frequencies, and filter different triggers. The CEP system can then query the account at regular intervals to check on overall performance and activity. This can help keep consumers apprised of their account status without cumbersome middle steps and authentication. This depends on the right queries but it has the potential to greatly benefit the industry.
Complex event processing has numerous use cases and the potential to impact a wide variety of industries. Open source CEP queries have nearly limitless potential and only time will tell how they continue to proliferate throughout the industry.
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