The connected complexity that the digital age brings, demands rapid options assessment and decision optimization to inform decisions for policy, infrastructure requirements and real-time execution. Predictive simulation plays a vital role in enabling firms to understand the dynamics of their end-to-end business processes. The agility and decision confidence this understanding affords to strategic decisions within today’s continuously evolving digital landscape is crucial.
It’s currently popular to hold the view that more data will drive new insights, with many organizations looking towards ‘big data’ and the Industrial Internet of Things (IIoT) as they plot their path towards digital success. Aitken observes two main challenges in this arena—one related to culture and the other to capability. Lanner regularly experiences situations where customers have big data warehouses but with no real engagement with business decision makers, or a clear strategy for converting this data to business value.
There is a misconception that the storage of data itself is valuable. This is only true when identifiable patterns within the data deliver beneficial business or societal insights, for example with fraud detection or retail customer buying pattern recognition. In most business cases, the existence of data provides the potential, but better integration between the business problem owner and the data scientists and analysts is needed to unlock it.
Aitken believes recent waves of data scientist popularity and recruitment will not bring business value to firms unless they address these key requirements.
We are a technology company that connects business management to their processes and data, delivering the certainty for a smarter business future
Data scientists’ capabilities extend to understanding, manipulating and analyzing data, however, because of the specialist knowledge of their field, business leaders find it difficult to interpret and use the outcomes of their efforts. Consequently they often work in isolation from colleagues in other departments. Such misunderstanding can lead to poor and often costly business decisions.
Lanner has developed a blended capability within its team to combine simulation, analytics and business literacy in order to drive real business value for customers. Lanner’s technology allows predictive simulation assets to be deployed that visually links people from different functions with the relevant data and processes to ask and answer the right business questions. Lanner’s core model building environment, WITNESS, is the recognized leading platform for model creation in terms of speed, flexibility and connectivity to external systems and data sources.
Lanner has recently developed cloud technologies for easier enterprise access by analysts or business managers. They can now frequently assess options and make strategic and operation planning decisions. Lanner has also enabled many of the world’s leading Business Process Management suites with the power of predictive simulation through the embedded L-Sim engine, designed for modeling tools using the Business Process Management Notation (BPMN) standard. With a clear vision of enabling C-suite executives who need to evaluate their digital business transformation options and converting data complexity to decision clarity, Lanner is well-placed to deliver the certainty to empower smart businesses across all industries. Aitken assures Lanner’s clients the agility and foresight required today, to meet the digital transformation demands of tomorrow.