An “event” is something that happens (or doesn’t happen) that matters to a business. Events are expressed as data and are followed by technology that listens and spots patterns as they happen. While business events themselves are important for any organization, they deliver more value when interpreted in context. Process context promises to deliver higher quality business operations for organizations, and must be a high priority event context to manage.
Events in Their Source Context
Knowing an event’s source and meaning makes it more powerful, and provides an organization with options for how to respond to that specific event. If the stock market drops 700 points in an hour, this has a specific meaning that may trigger a precise reactive or proactive response. Of course, there are more subtle and granular events in the stock market that may also elicit response if an organization cares to watch for them individually.
Events in Context With Other Events
Events can be interesting or uninteresting—in their own right—but when considered in the context of other events, their need for response may escalate or abate. If a financial guru highlights a particular industry sector, it might be interesting. If that guru buys a company in that sector a week later, it may mean you need to respond with an investment. This is known as a complex event, and is quite often guided by business rules or constraints.
Events in Context With Process
While events can gain interest and attention when considered alone or as complex events, often the best value of an event rises in the context of a process. If an auto production line runs out of a particular colored leather seat, it may not mean much, unless there are not enough seats to complete a specific car, or the color happens to be the hottest selling color. Proactive processes dynamically change to respond to shortage events and start planning new color combinations that are selling well, too. This way, business desired outcomes (increased sales) are not compromised.
Process gives events context and detail a set of viable responses that make events more important and help attain intelligent business operations and desired business outcomes.
To learn more on how to maximize events in context read this white paper “Four Clues Your Organization Suffers from Inefficient Integration.”