In fast changing business environment, it becomes crucial to identify business opportunities and business issues as soon as possible. If identified at the right time, business managers can address issues before they escalate to serious problems and can take advantage of the new opportunities before the competition does. Moreover, they have to be efficient to do this at the right cost.
Success depends on how responsive organization is to emerging events and changing environment. These events can be customer issues, competition moves, changes in regulations, or changes in company policies.
In order to be responsive in such situations, organizations need to first identify and track these situations. They can do that via business activity monitoring (BAM) and complex event processing (CEP). A unified monitoring dashboard helps put together a comprehensive picture of the situation in hand and provides deep insight to take proper actions. With CEP, businesses can connect all the relevant events, detect event patterns and take immediate actions using Business Process Management system.
So to be responsive we need:
Real-Time Visibility with Business Activity Monitoring
You can use BAM technology to monitor progress, track performance, meet service-level agreements (SLAs), manage exceptions, and issue alerts to an employee or application when a process is not functioning properly – all in real time. A unified monitoring dashboard helps you maintain a complete picture of each situation so you can take action effectively. BAM works hand in hand with BPM software to discover the significant activities that drive business success.
Real-Time Sense and Respond
An event-driven BPM solution enables each step in a business process to be informed not only by the previous step, but also by any other step, data, and pattern of behavior deemed relevant to that step. This gives the company the ability to “sense and respond.” You can describe interesting event patterns and event correlations and monitor the business in real-time. Whenever a pre-defined pattern emerges you can take actions like raising alerts, notifications, or kicking off another business process.
This synergy possible by integrating activity monitoring, event processing, and BPM makes it possible for managers to keep a finger on the pulse of their business. Business managers can now respond to customers faster, respond to competition faster, reduce fraud and do more cross-selling.
Read more about being responsive in the whitepaper “The Instantly Responsive Enterprise: Integrating BPM and Complex Event Processing” in BPM Resource Kit.
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Jürgen Kress
Today we posted the latest Stream Explorer Patch Update 2 on our Oracle Technology Network (OTN) Downloads page.
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For an organization to respond in real-time it needs to acquire or develop systems that can respond in real-time. Such systems need to be able to rapidly determine that a response is required and determine also what the appropriate and relevant response should be – they need to decide when and how to act. These kinds of decision-making systems are known as Decision Management Systems. To ensure that a response is delivered in real-time, more event-centric Decision Management Systems are required.
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