Tuesday Jun 25, 2013

Detect, Analyze, Act – Fast!

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.

Tuesday Mar 05, 2013

How fast is the process? Why does it matter?

Processes consume data, processes generate data. Some need a lot of data, like claims or loan, some generate a lot of data like online shopping. And data is generated at a different rates in different processes. Faster the process, faster is the rate at with they need data and generate data, in addition, response times of decisions in the process need to be adjusted accordingly. Some processes need a quick response, like when some highly caffeinated trader presses B instead of M while trading and takes the whole market down or algorithmic trading with a mind of its own. Some processes need continuous feed of data from many sources for continuous course corrections, like managed health care.

In any process, we make decisions along the way. The decisions are based on rules that we have learned and put in place, information generated from historical data, data currently being generated and also events and event patterns emerging. Depending on the type of decision and when that decision is being made in the process we either need to rely on rules, predictive analytics, fast data analytics or complex event processing.

Depending on the required response times and customer expectation we need to utilize these technologies at our disposal to make right decisions at the right time with as much certainty as possible. Whether it is about an up-sell opportunity during an online sales process or it is a fraud management process or a loan origination process, delivering results at the right speed is critical.

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