Business Intelligence Towards the Event–Enabled Company – A Business Intelligence Trend
Unless you are an information technology professional you may not have heard of Tibco Software. As middleware – the computer “glue” that holds disparate IT systems together – most of Tibco’s products operate behind the scenes. And with 3,000 employees and a turnover below $1 billion, the California-based firm is small compared to competitors such as IBM and Oracle. Yet among clients including Intel, Merck, and Procter & Gamble, Tibco has a reputation for helping companies analyze and respond quickly to the flood of data which characterizes modern business.
Tibco’s slogan “The power of now” reflects its view that business information works best if it can be instantly harnessed across an organization. The “Tib” in Tibco stands for “the information bus”, a term coined by Indian founder and CEO Vivek Ranadivé to describe a lightning-fast software pipe analogous to the hardware bus which carries data between computer components. From its 1980s roots in real-time information systems for Wall Street traders, Tibco has promoted data handling in computer memory as a replacement for slower disk-based databases.
The Event–Enabled Company – What's Under the Hood?
A key concept in Tibco’s world view is the “event-enabled enterprise”, explains Raj Verma, Senior Vice President, Worldwide Marketing. An organization is event-enabled if it can react instantly to changes, including those outside the scope of traditional IT transactions. Events include changes to internal IT systems, interactions between employees and customers, and website page views.
Knowledge Management Is Good – Interactive Reaction is Better
“For instance, one of the big banks had no ability to monitor the fact that someone was clicking on the mortgage calculator on their website. That meant nothing to them,” Verma says. “If I did that with an event-enabled bank, they would know that Raj has been calculating mortgages three times in the last 24 hours – he must be serious.” This knowledge allows the bank to respond instantly by offering an online chat with a mortgage specialist, or by sending a mortgage offer to an existing customer.
“It’s the ability to see all the events that happen, correlate them with other events and then infer whether they are worth actioning, either to take advantage of an opportunity or avoid a problem,” Verma says. “And the window of opportunity can be very short. As the amount of data in the world goes up, the useful life of that data is shrinking, and so is the time available to respond.”
But not only the lifetime is important – read what to expect when handling big data on page 2!