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Complex Event Processing (CEP) and IoT in Supply Chain
Complex Event Processing (CEP) is a way to analyze a series of events which in isolation may appear unrelated but given the larger picture they may paint a pattern. There are many interesting application of the concept in world of finance like in Stock Trading, Monitoring frauds and even in the field of operations and Supply Chain.
In the world of Supply Chain with the advent of Inter of Things (IoT) many event signals are generated. However co-relating those events and generating useful inference for decision making is a big challenge. For example GPS tracking of trucks may point to the fact that trucks are moving slowly when passing through a particular region. On the other hand demand data may point out that sales have suddenly dropped in the same region. These two may seem unrelated when looked in isolation. However they could point to a common pattern of that particular region being affected by a natural calamity like flood. A Supply Chain manager needs to quickly respond to that event by changing his distribution plan.