Unifying the data and running back-end analytical reports is the traditional method of generating actionable insights. However embedding real-time, high-speed analysis in business workflows can significantly increase the agility of responses, fast-track opportunity identification and acquisition, improve risk mitigation practices, identify issues and events for further investigation, reduce the cost of back-end processing and enhance the identification of evolving patterns of future changes.
Feeding advanced real-time outcomes into a workflow automation platform like the Genix IBPMS can make the most of this new intelligence by ensuring the right people receive and respond to this data as soon as it becomes available.
Some would say that traditional BI and dashboard capabilities can deliver similar results without the added complexity of another software layer but product managers, customer groups, risk, fraud and security teams, operational units and decision makers can all benefit from more timely information and a workflow system that automatically triggers exception handling processes, optimises priorities in work queues and routes tasks to the teams and staff that have the required skills.
CEP assumes that actions should be based on an understanding of a confluence of multiple events from various contexts across a span of time, not a single event. The approach identifies data and traffic as “events” of importance, analyses the events to reveal predefined patterns and then initiates responses using triggers in interfaced technology. CEP solutions are not standalone like traditional BI software but rather, are adjuncts to other systems and devices that support the processing of the events.
CEP advances liberate analysis from if-then-that inferences and two-dimensional rules-based processing. Logical patterns (sequences, counts and gaps) and awareness of context (such as data recurrences and time windows) provide a richer ground for Business Activity Monitoring such as the detection of deception, fraud and performance which in turn improves the rule-based routing capabilities of traditional process automation platforms. With CEP, the triggers and alerts that drive business activities are better informed, better timed and better handled.
While the global Complex Event Processing market is slated to grow to US$4.7b by 2019, the financial services market has been a strong adopter for more than 2 decades. The Genix team began working with Tier 1 banks in the US over 10 years ago to overlay CEP analytical capabilities for the detection of fraud and anti-money laundering on top of Casegenix, our case management platform. The result was a world leading solution that is still in use.
Today, Genix continues to enhance the analytics capabilities of our solutions by incorporating state-of-the-art analytics platforms developed by partner organisations including IBM, Conscious Machines and Opturion.
Genix uses a combination of the IBM SPSS solution along with cognitive text mining and fusion analytics algorithms developed by joint venture partner, Conscious Machines, to deliver real-time analysis. When combined with a custom version of DROOLS business rules management, the real-time analysis can be fed into a high-volume business process management framework used by organisations across government, financial services, health, education, transport and asset-intensive industries.
Genix CEP solutions:
- Aggregate data
- Identify patterns
- Isolate events and
- Trigger responses that leverage iBPMS capabilities
The IBPMS then:
- Populates system forms with the event data
- Prioritises the event
- Determines the appropriate workflow
- Identifies the right team for the job
- Selects a team member to undertake the first tasks based on the event priority, the staff member’s role, their skills and permissions
- Routes the event to their personal dashboard and informs their manager
- Establishes a calendar for the event and applies any applicable global or private alerts and notifications
- Presents the available information against any historically available information and
- Initiates the next and best steps as the process progresses
While the response is in progress, the Genix iBPMS can also:
- Isolate relevant performance criteria such as timeframes for completion and expected outcomes
- Link the event to the relevant and current legislation and specific law part codes
- Cross-reference pertinent external or internally held data bases for accuracy and completeness
- Report on how the process and the team is progressing against performance indicators
- Compile all related data into a document or brief for escalation, investigation or prosecution and
- Continually adjust the workflow in response to new data, bottlenecks, team illness, delegation limits and authorisation requirements.
Genix solutions can also include proprietary optimisation algorithms on top of the CEP functionality to optimise complex routing scenarios. The Opturion solution is a Eureka Award recipient often employed for customers needing real-time data intensive scheduling, routing and logistics optimisation.