“Increasingly demanding customers and intensifying digital competition are pushing analytics from transactional to continuous,” according to the recent Gartner Market Guide for Event Stream Processing (ESP). This evolution is a game-changer because keeping competitive in the age of digital transformation is crucial, and real-time data intelligence is one of the best ways to ensure business success. With the potential for real-time information at the click of a button, it only makes sense that data and analytics leaders would settle for nothing less.
Focus here for ESP implementation success:
If you are looking for an event stream processing platform or want to evolve your current solution, here are three essential considerations based on market trends and the forecast for the future of event stream processing:
- Establish the different aspects of your business that might benefit from event stream processing. You might be intent on implementing an ESP platform for one specific reason, but why not invest in a product that can be reused for a variety of applications? If you have a number of potential uses for event streams, using one platform for all of them can streamline costs and efficiencies. If that’s the case, add business value by seeking out a vendor that can provide a multi-use ESP product.
- Consider what type of ESP platform to invest in, depending on your business needs. An off-the-shelf ESP product with embedded streaming functionality is the most commonly sought-after scenario, but SaaS is also a good option, should you require continued support and development. A custom-built product is also possible, though it will likely come at a higher cost and require ongoing updates. It’s recommended that you only choose a custom product if you are willing to invest in it long-term.
- Determine where best to ‘house’ your ESP. The ongoing battle over whether cloud-based or on-premises is preferred extends to ESP platforms. Fortunately, you can likely look at where most of your business data is processed and stored currently and stick with that when implementing ESP. If most of your data originate on-premises, it makes sense to house your ESP platform there, in order to maintain low latency. However, if you have a large amount of data that requires a varied processing frequency, a cloud-based platform is preferred. Cloud also minimizes scalability costs, should you anticipate increased event streaming needs in the future.
TIBCO BusinessEvents® ESP solution has been identified as a Representative Vendor by Gartner in their recent ESP market guide report. Ready to learn more or begin your trial of TIBCO BusinessEvents®? Get the Gartner Market Guide then experience TIBCO BusinessEvents here.
The Gartner Market Guide for Event Stream Processing explores top trends in the rapidly evolving industry. Read Gartner’s Market Guide for Event Stream Processing to discover more about the current market landscape, and request a free trial of TIBCO BusinessEvents today.
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