Context is everything in today’s world where you have an ever-increasing volume of data and a shorter time to analyze and take action to capitalize on an opportunity or eliminate a threat.
Knowing that a customer is engaging with your company through your web site opens up an opportunity for you to make a generic offer to them. Being able to add context to that encounter by correlating that event with information shared by that customer on social networks, as well as prior engagements, gives you the context to make an offer that is far more relevant and likely to compel the customer to act.
This example shows how you can use context to identify opportunities and respond in real time to improve the outcome, but the same holds true for threats. Think of a financial institution looking at a single transaction and applying context based on a number of data points. Doing so may help them recognize fraudulent transactions and stop them before any loss is incurred. Applying context to every aspect of customer interactions can transform your business; however, for this to work, there are challenges in both technology and process that must be addressed.
Improve Your Integration Infrastructure
To keep up with the pace of change these days you need to eliminate the point-to-point integration model where each new application you introduce requires creating specific interfaces to other individual systems that require information. This approach is costly, but more importantly it requires too much time to spin up new applications or make changes to existing ones.
Replace point-to-point integration with a publish-and-subscribe model. When new systems come online they can simply subscribe to the data they need. This new model becomes the foundation for your transformation to an event enabled enterprise. Now you have a centralized way to capture relevant events, now you just need to make sense of all this data.
Analyzing and Acting
This new approach will empower you to analyze and act on the sheer volume of information and will create a very efficient way to manage events by collecting, correlating, and creating rules on what action should be executed when a certain set of events occur. An in-memory data grid allows you to store all the information flowing through your organization at a given time and have near instant access to the data.
Context Solves Business Problems Once Thought Impossible
The correlation of various events is what provides your organization the context to turn any business or customer interaction into a revenue-generating opportunity and trigger to react to a threat before it’s too late.
View this short video on how TIBCO’s platform can transform your organization into an event-enabled enterprise giving you an unfair advantage over the competition.