In other words, it (can) remove all vendor specific items, and give the operator in a Network Operation Centre an identical view for completely different underlying networks like IP, ATM, Voice, PDH, SDH... Point is, if an event occurs (fibre cut, interfase down) normally people will start checking what the problem is, and how to resolve it. Much of this can be automated. Furthermore, if lots of events occur (3,000,000 per day) it helps in the workload if any pre-investigation can be done. Or if simarly events are automatically removed from alarm lists.
Other product is Impact. This product is capable of extracting information from other (company resident) information (database / flat file). It can decide of the content of SLA which event should be given top-priority, and can raise the severity if problems are not solved within a certain time scope.
For more information, check out the website of Micromuse