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Simulation Modeling tools are used for:
Simulation model can be used to test the viability of proposed plans and see whether those plans can be tweaked to achieve greater effect
Simulating a system's behavior can produce forecasts which are much more accurate than those made using conventional methods
A digital twin of a real system can be analyzed and experimented upon to figure out possible bottlenecks, come up with solutions and test those solutions' viability before any real-world changes are made
Entire 1 year is fully simulated during just 1 minute of business-system execution
The higher accuracy is achieved thanks to thorough configuration of connections between the elements
The experiments are conducted on the digital copy of the business-system in order to achieve the best possible combination of its elements and their parameters
Evaluation of probabilistic of probabilistic risk events and their influence on the elements of the system
The process is visually demonstrated in both 2D and 3D dimensions for better understanding
Synchronization with company's databases and usage of internal statistics for more detailed description of process
The «bottleneck» are determined and registered during the modeling process
Why simulation modeling is a good choice to optimise your business?
Simulation modelling helps to determine the optimal parameters of a warehouse, evaluate business process efficiency and pinpoint areas that require improvement.
Developing a simulation model of a warehouse is a three-step process: 1) the model's structure is developed, taking into account the warehouse topology: the exact location of zones, equipment and equipment routes; 2) business processes of the warehouse are inspected: what operations are performed, how they are performed and what equipment is used; 3) schedules of goods delivery to and from the warehouse are taken into account to keep track of each individual unit. Detailed statistics are collected and displayed during simulation, such as resource utilization metrics and the average duration for the key operations.
Simulation models are used both before the launch of the large-scale projects and in the process of their development – at any time you can make changes to the original project and track the consequences of these changes without putting assets at risk or interrupting any ongoing business processes.
Optimization of warehouse operations
Simulation models can dynamically analyze the interaction between a multitude of interconnected variables, which makes simulation modelling an invaluable tool for asset managers.
Countless simulations can be run to determine the optimal combination of instruments that would provide the best portfolio parameters. Subsequently, model can be rerun if any inputs change to see how a recent market shift affect the viability of an investment strategy or the expected value of a portfolio.
Optimization of asset management
There are many factors which must be considered in order to increase the capacity of subway stations, train stations, airports and shopping centers, such as location of service points, walkways, turnstiles and escalators. All of these factors must be considered in real time, while taking into account a multitude of probabilities, spatial characteristics, the speed of movement and interaction of pedestrians with each other.
Simulation modelling helps to take all of these factors into account and create an accurate digital copy of the real world system, test a multitude of different scenarios and determine the optimal configuration parameters.
Optimization of passenger traffic
To select the most promising marketing strategy, one needs to take consider a multitude of interconnected factors. Furthermore, those factors should be considered dynamically since they change over time.
Standard analytical tools cannot handle such complexity without making numerous assumptions, which increases the level of abstraction and simplification and diminishes the practical value of the model results. Simulation modelling allows one to describe any processes in the most detailed manner and keep track of changes as they occur over time. As a result, market changes can be predicted with much greater accuracy.
Testing of marketing campaigns and modelling the market
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DIGITAL TWIN CASES
EcoBanking: Digital Twin case
About company: innovative software solution that provides comprehensive cash flow analysis. Some of the key metrics calculated by the model are: - Break-even point; - The amount of credit required; - Risk factors.