Big Data a Big Topic at Advanced Analytics Seminar in London
Using simulation to make sense of big data was presented this week at the Developments in Advanced Analytics Seminar held in London. The seminar focused on transforming business decision making, and examined developments in the field of Advanced Analytics, covering areas such as web analytics, forecasting and social media.
A very insightful talk from our Founder and CEO, Mark Elder, offered attendees a fresh perspective on how to make use of big data. With the vast amounts of data now gathered, simulation offers a great analysis tool for future business processes. Offering the ability to experiment to make better decisions and accelerating research and improving processes, simulation is a solution to a big problem.
By using big data with a platform like simulation, businesses will operate more efficiently and could provide services more economically. With an amount of data collected each day that dwarfs human comprehension, simulation could be the future of big data analysis. During the seminar Mark also covered topics like using simulation as a communication tool for better decision making and agile management.
Mark shared how to create insights to help decision makers ‘see the wood from the trees’ and gave several case study examples, from both the private and public sector. An example of an organization that had a 20% profit improvement and 5% increased productivity helped attendees understand that the vast amounts of data once analyzed can help improve processes.
With an ever increasing amount of data being gathered, it is important that this valuable data is systematically collected and stored and most importantly, analyzed. Therefore, SIMUL8 Corporation’s aim to enable decision-support tools using simulation was very well received at this event, where big data was a big topic.