Today's businesses are required to rapidly respond to threats and opportunities in order to stay competitive, forcing tough decisions for those in both strategic and operational roles.
Predictive simulation is an advanced analytical technology that is used to support complex decision making within business and organizations. Although the concept of Advanced Analytics and its constituent components, including predictive analytics, simulation and optimization, are relatively new, the practice of modeling and predictive simulation has been used within business for many years.
What has changed in recent years is the volume and accessibility of organization data. 'Big Data' enables predictive simulation and advanced analytics to take advantage of the wealth of information collected by business systems in order to create projections with greater accuracy and thereby improving predictive analysis.
Predictive simulation allows business analysts to go beyond simple patterns, trends and basic data models, adding awareness of process complexities, interactivity and variability. Through process modeling, analysts are able to fully understand the effect that process change has on business performance. Identifying threats and opportunities in the data is only the first step, process simulation enables solutions to be tried, tested and optimized before decisions are made and action is taken.
Lanner's simulation technology empowers analysts with the capability of deploying simulation based analysis and decision support tools directly into the hands of stakeholders. These predictive simulation applications allow those with direct operational responsibility to test their options, play within a virtual instance of their business and visualize the impact of their decisions.
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