Event Management: Why Event Management rituals are important to the enterprise

In my last article I described the methodology of detailing every activity of the value network, and one critical ritual to have in place is Event Management. So what exactly does this provide to the enterprise?

Setting up event alerts and triggers that are in line with business rules, allows companies to uphold its business values.

For example receiving an alert in advance that a vessel’s planned ETA has now been pushed back. Being able to act on this proactively can help formulate preventative actions and subsequently minimise the risk to the business.

Similarly, the business needs alerts created in the Date and Time of the events within the process, this not only provides information but also confirmation, for instance a delivery POD.

With the collection of data of each alert and events, it enables the business to identify trends and exceptions to improve predictability and corrective actions.

Event Management

By mapping event management technology to an enterprises’ infrastructure such as transport management systems, warehouse management systems, order management, it serves to deliver information from and across each functional area of the company. This in turn achieves:

  • Optimal inventory; reducing buffer stock allows reduction in cost, enabling to work in a more leaner and agile fashion
  • Increased service excellence; by being informed at all stages, companies can in turn be notified proactively, instead of being shocked
  • Productivity gains; early notifications that are actual and informative, enables to better align and shift resources accordingly
  • Accurate planning; real time data of status and milestone updates across the networks, such as orders, shipments, inventory enables a more accurate demand strategy and allows operations to re-route as necessary

No matter how variant rich or complex the enterprise is, enabling event management, reduces complexity and drives that all important competitive advantage. With predictions this year and onwards of mass adoption to cloud technology, artificial intelligence, blockchain developments and robotic reliance, implementing Event Management should be a necessary foundation. As always love to hear your thoughts.