Business Event Management

Business Event Management

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Business Event Management (BEM) is a field and set of practices dedicated to identifying, tracking, and responding to significant occurrences that take place within a business. These events might include financial transactions, supply chain activities, customer interactions, and more.

The core principles of BEM are to provide real-time or near real-time information about events occurring across a business so that timely action can be taken. To do this, a BEM system collects data from various sources within the business, correlates it, applies defined rules to identify significant events, and triggers appropriate responses or actions.

Here are some typical steps involved in Business Event Management:

  1. Event Detection: This involves identifying an event. An event could be anything from a customer placing an order to a failure in a production process.
  2. Event Processing: Once an event is detected, it’s processed according to business rules. This might involve correlating multiple events, filtering irrelevant events, or aggregating events.
  3. Action: Depending on the results of the processing, some sort of action is usually taken. This could be as simple as sending an alert or could involve more complex business processes.
  4. Analysis: Over time, the data about events can be analyzed to identify trends or issues. This can help in improving business processes, mitigating risks, and making informed decisions.

Business Event Management is a key part of modern business process management and is becoming increasingly important with the rise of real-time data and the need for businesses to respond quickly to changing conditions. Technologies such as Complex Event Processing (CEP) and Event-Driven Architecture (EDA) are often used in implementing BEM.

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