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July 19, 2024

Enhancing The Use of Analytics Through Simulation Modelling

Simulation Helping in Predictive Analytics

Analytics leverages information to identify business patterns and make predictions based on the historical data and analytical reports and it is in fact, one of the keys to driving changes in business environment. In addition to data, another means through which analytics accurately predicts potential outcomes and business risks is simulation models. The inherent volatile nature of any business necessitates a robust risk-management system and simulation is one such way that helps in generating maximum outcomes, all the while assessing the impact of risks beforehand and ensuring a better decision making process.

Over the years, the role of simulation has grown tremendously – from being a practice that was just limited to experts, to being a ubiquitous tool for all kinds of business personnel and non-tech experts and today, it plays a crucial role in almost all industries across the globe. For instance, in healthcare sector, simulation has proved to be a low-risk and affordable yet powerful approach to determining the best methods for any clinical objective. Since making improvements in any part of business operations in the healthcare domain requires a hefty sum of money and can be potentially risky, simulation is one of the ideal methods to test or model anything without putting patients’ lives at risk.

Similarly, when it comes to vulnerable sectors that involve the usage of drones, the importance of simulation modeling cannot be overstated. Bharat Aero is one such company that has long been adopting this practice to study the impact of electromagnetic waves on drones. As much as drones have proven to be beneficial in protecting assets and ensuring air security across critical infrastructure sectors, they are also equally threatening when used in the wrong way. This is why, Bharat Aero and its team of experts have been researching on the association between EMW and drones and working towards providing solutions to OEMs in providing asset protection services.

Thus, by exploring strategies and results through simulation, the time and cost of making changes in any part of business operations or product development can be lessened while minimising operational disruption and risks.