Why the need for event-driven analysis?
Data saturation is everywhere. We want to collect more data because we want better information from them. However, the rapid rise in our ability to collect data hasn’t been matched by our ability to get meaningful insights from the data. As an example, the amount of data I monitor off my daily routine – my heart rate from the sensor, the hours I sleep, the number of steps I walk, and the number of minutes I exercise – has not given me the meaningful real-time information to change and respond to do more exercise. Why can’t I decide to change based on data?
We’re living in a Big Data era where everything is tracked, recorded, monitored, and analyzed. Businesses can get drowned with information overload and lost in decision making. The struggle is to find the right balance between having the right amount of data at the right time and the insight that accelerates the way leaders respond to decision making and customers’ responses to making an immediate purchase.
The goal of the business is to move faster than the competitor. They can collect all the data, but the most meaningful analysis is to respond to events that are for real-time decision making. But what is an event that needs real-time analysis?
An event is data moving in streams that are critical for responding faster to customer needs and reduce time to solving problems. An event can be a customer selecting a product or service to pay, a higher than average customer negative sentiment that business wants to address fast, a misinformation that business intends to detect before it impacts its stock value, or just right down responding to a customer click. The mainstream technology companies are using complex event processing (real-time processing of data and extracting information from multiple data streams as they arrive)to predict customer consumption behavior and recommend offerings to motivate a real-time decision. For example, mobile games companies monitor and adjust the difficulty of the game players played. They promote upgrades to entice players to continue pay-to-play and not too difficult to make players give up the game.
Successful event response is not always about having all the data but sorting, filtering and identifying only the ones that matter in real-time.
