Real Time Business Insights


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We all know Fresh has more value in life. Do we apply same concept in Business? Knowing something about your customer transactions when he is doing transaction is more useful than getting a 20 pager profile / transactions analysis report a week later. Learn about complex events processing. Welcome to world of events processing....

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Real Time Business Insights

  1. 1. We value Fresh more … really? All energy booster health drinks and life saving medicines comes with Expiry dates. How about Business Insights? Do we get them when we have opportunity to use them effectively??
  2. 2. Real Time Business Insights Business Context – Need of Actions in Real Time/ NRT What (events, situations and events processing) Why (Business Use Cases/ Case Studies) How (Technology) Summary We need Fresh..when it holds value. We need to know NOW
  3. 3. Basics of Running a Business Marketing Sales Channels Operations Customer Service Places where data originates and grows….
  4. 4. Growing Business ….. Customers (millions) Products/ offers (thousands) Locations (hundreds) Ops Time Window (24*7) 7 days Transactions Volume per hour/day (millions)
  5. 5. Business moving with time… Now Last hour Toda y Yeste rday This Wee k Last Wee k This Mon th Last Mon th This Year Last Year Actions which need to be taken now Decisions which may be taken tomorrow Decisions which can be taken later
  6. 6. Retrospective business view ….. Increasingly enterprises are realizing that the retrospective business intelligence view is no longer sufficient to meet the competitive demands of operating at “internet speed”. Organizations are under great pressure to leverage business insights in real time often hidden in vast quantities of data.
  7. 7. What Delays Decisions….. Data Latency Analysis Latency Action Latency Decision Time Right Time Business Intelligence On Demand Business Intelligence Solutions Costs Value
  8. 8. Real Time Business Insights Event Processing in Action
  9. 9. Events & Situations For instance thousands of packages with RFID tags travelling the globe and RFID reader registers the RFID tag. Any lost package is notified by system. Each RFID recording is an event, and CEP is detecting “situations,” in this use case, the situation we refer to as “lost package”. Events are Context Sensitive ?
  10. 10. Spot a Business Situation in real time Business events/ transactions correlations may reveal a business situation which can indicate a business threat or opportunity… how soon one can identify a situation and takes an action makes a difference
  11. 11. OI – Real Time Analytics Operational intelligence (OI) is a category of real-time dynamic, business analytics that delivers visibility and insight into data, streaming events and business operations. Operational Intelligence solutions run queries against streaming data feeds and event data to deliver real-time analytic results as operational instructions. Operational Intelligence provides organizations the ability to make decisions and immediately act on these analytic insights, through manual or automated actions.
  12. 12. CEP Technology enabling OI •Complex event processing" (CEP) is a hot new enterprise Middleware category. CEP answers the question: "What is happening right now in our business"? •Sometimes the answer is as simple as ordering more products when the inventory dips below safety stock, but often it involves recognizing patterns of business events that foretell critical business situations that require immediate action. •CEP platforms analyze streams of data as they flow from live sources such as transaction flows, click streams, market data feeds, and myriad other sources of data swirling around inside a business environment. •The platforms then prompt either downstream applications or people to react to the information by resetting processing priorities, changing online sales strategies, buying and selling stocks, or performing some other action.
  13. 13. CEP- Spotting a situation to act Business Rules + Inference Rules = Complex Events
  14. 14. CEP – Use Cases #1 Regulatory constraints Report on a bulk buy transaction that is performed less than one day after a bulk sell. #2 Fraud detection Report when two credit card purchases are performed within an hour at a distance greater than 300 km. #3 Aggregation Report at a set time (e.g. the end of a business day) the number of purchase requests that were processed, their total dollar amount and the average dollar amount.
  15. 15. CEP – Use Cases #4 CRM • Alert if three orders from the same platinum customer were rejected for the same reason during a 24hour period • Alert if an order was sent for processing and no response was received within the time specified by the SLA #5 Intelligent Routing Route a trade message through SWIFT. If ACK is not received within 10 minutes and the trade $ value is higher than threshold try again. If ACK is not received after 3 attempts use telex.
  16. 16. Use cases Leveraging customer, transactions, products, campaign, channels knowledge in real time. CEP can deliver one enterprise customer experience in real time.
  17. 17. CEP- Use Cases Spotting target dynamic customer groups based on customers current transactions/ service requests in real time rather than using past history.
  18. 18. CEP- Use Cases Notifications for merchant /partners/ relationship manager to offer personalized services in real time for customers. Delivering personalized relationship manager services even to retail banking customers using CEP just like Private Banking
  19. 19. CEP- Use Cases Work load balancing in real time to optimize resource utilization and to meet SLAs within budgets Triggering actions in workflow & case management systems to re-plan workload
  20. 20. CEP- Usage Scenario Marketing Campaigns using Geo Locations, Time, Merchant Category Shop Customer
  21. 21. CEP- Case Study Enhancing Customer Experience by offering value added premium services Rewarding Loyalty
  22. 22. CEP- Case Study Cards Activation Alerts – Home Country & Overseas Notify customers when their Debit/Credit Cards get activated, mitigate risks of cards fraud if went in wrong hands
  23. 23. CEP- Case Study Real time fraud detection & prevention (ATM transactions).
  24. 24. CEP Case Study Guidance SMS or Call in case card is swallowed by ATM (for security reasons) No need to Panic. Customer will get instant SMS/Call what to do next…
  25. 25. CEP Technology - Products The Forrester Wave™: Complex Event Processing (CEP) Platforms
  26. 26. Summary World of streaming data Right action just in time or few seconds ahead of potential risks or opportunity can provide competitive advantage for business while delivering excellent customer experience & mitigating risks.
  27. 27. Presented by IT Management professional with 2 decades of industry experience delivering enterprise scale IT solutions. Practitioner of professional project management, Agile & Lean Project Mgmt, information modeling, Data Analytics, Complex Events Processing & Big Data Solutions. Speaker at various Big Data/BI and Project/Program Management events Jaiveer Singh Twitter : @SinghJaiveer