Editing Complex event processing (section)

'''Event processing''' is a method of tracking and [[data analytics|analyzing]] (processing) streams of information (data) about things that happen (events),<ref name=LuckhamD>{{cite book|last=Luckham|first=David C.|title=Event Processing for Business: Organizing the Real-Time Enterprise|url=http://ee.stanford.edu/~luckham/|publisher=John Wiley & Sons, Inc.|location = Hoboken, New Jersey|year=2012|page=3|isbn=978-0-470-53485-4}}</ref> and deriving a conclusion from them. '''Complex event processing''' ('''CEP''') consists of a set of concepts and techniques developed in the early 1990s for processing real-time events and extracting information from event streams as they arrive. The goal of complex event processing is to identify meaningful events (such as [[business opportunity|opportunities]] or threats)<ref name=Bates>{{citation|last=Bates|first=John|title=John Bates of Progress explains how complex event processing works and how it can simplify the use of algorithms for finding and capturing trading opportunities|date=15 June 2011|url=http://fixglobal.com/home/secrets-revealed-trading-tools-uncover-hidden-opportunities/|publisher=Fix Global Trading|access-date=May 14, 2012}}</ref> in real-time situations and respond to them as quickly as possible.

These events may be happening across the various layers of an organization as sales leads, orders or [[customer service]] calls. Or, they may be news items,<ref>{{citation|last=Crosman|first=Penny|title=Aleri, Ravenpack to Feed News into Trading Algos|url=http://www.wallstreetandtech.com/articles/217500395|publisher=Wall Street & Technology|date=May 18, 2009}}{{Dead link|date=July 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> [[text message]]s, [[social media]] [[Posting style|posts]], business processes (such as supply chain), [[traffic report]]s, [[weather forecasting|weather report]]s, or other kinds of data.<ref name=LuckhamD /> An event may also be defined as a "change of state," when a measurement exceeds a predefined threshold of time, temperature, or other value.

Analysts have suggested that CEP will give organizations a new way to analyze patterns in real-time and help the business side communicate better with IT and service departments.<ref>{{citation|last=McKay|first=Lauren|title=Forrester Gives a Welcoming Wave to Complex Event Processing|url=http://www.destinationcrm.com/Articles/CRM-News/Daily-News/Forrester-Gives-a-Welcoming-Wave-to-Complex-Event-Processing-55492.aspx|publisher=Destination CRM|date=August 13, 2009}}</ref> CEP has since become an enabling technology in many systems that are used to take immediate action in response to incoming streams of events. Applications are now  to be found (2018) in many sectors of business including stock market trading systems, [[mobile device]]s, internet operations, [[fraud detection]], the [[transportation industry]], and [[Intelligence gathering network|governmental intelligence gathering]].

The vast amount of information available about events is sometimes referred to as the event cloud.<ref name=LuckhamD />