The text discusses events as a critical telemetry data type for observability, providing discrete and detailed records of significant points in real-time. Events can be used to track specific transactions, errors, and deployments, helping with fine-grained analysis and troubleshooting issues. However, storing large volumes of event data can consume significant storage resources. The text introduces the events-to-metrics service, which converts event data into aggregated dimensional metrics for long-term storage and analysis, providing more efficient data storage and faster results on data queries and chart creations. This service allows users to identify trends and anomalies by analyzing KPIs, query converted metrics, and build dashboard widgets alongside existing events, logs, traces, and third-party metric data. The service works by creating and managing event-to-metrics rules using the New Relic GraphQL API, enabling users to create new metrics from events, delete existing events-to-metrics rules, enable or disable events-to-metrics rules, and query metrics using the New Relic Query Language (NRQL) or chart builder.