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Predictive analytics and event processing: The future of BPM?
This article is part of the Business Agility Insights issue of July 2012, Iss. 4
Seeing Into the future goes back a long way. Once it was done with omens and portents. Now it’s done with streaming databases, neural network algorithms and MapReduce data shuffles. What hasn’t changed is that obtaining reliable and “actionable” predictions remains challenging—especially for businesses. Wall Street has long been in the technology forefront. Outside of capital markets, the pace may be slower. But event processing and predictive analytics technologies -- some people refer to them as strategies -- are being tried out in other industries. They are gradually finding use as different types of businesses seek new competitive advantages. Both approaches, along with related “big data” technologies such as Hadoop, may be poised to change how business decisions are made. Event processing and predictive analytics are “pretty complementary strategies,” according to Neil Ward-Dutton, research director of MWD Advisors, based in the United Kingdom. Beyond capital markets, these strategies can be employed in tandem in online ...
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Most companies want greater agility—but few have figured out how to achieve it. With clear strategies and tactics, experts say, leaner operations are well within reach.
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Columns in this issue
The use of complex event processing (CEP) and predictive analytics may herald an imminent change in the way that business decisions are made.