Complex Event Processing
Event processing (EP) is a network technology that derives conclusions (actionable situational insights) through processing and analysing data streams from distributed sources about events that are taking place. Event processing is analysing cause and effect relationships in real-time or near real-time.
Complex event processing (CEP)
is event processing in which data streams from multiple sources are combined to derive more complicated event patterns.
The goal of event processing or complex event processing is to correlate already available information to derive new meaningful events that provide opportunities or threats to an organisation’s operational processes and enable the organisation to respond as to them quickly as possible.
CEP technology is particularly useful in environments with high information volumes that interact in variables ways. Examples of CEP applications range from risk management, compliance monitoring and trading platforms, to supply chain, logistics, grid monitoring and business process monitoring.
A primary benefit for organisations to consider CEP applications is that is allows an organisation to build onwards on existing capabilities (IT systems and data sources) and just add an additional processing/intelligence layer to provide new insights for improved effectiveness.