Oftentimes in interviews, we present dynamic simulation as a crystal ball. It is a tool giving you an insight into the future of your business, no matter if you’re verifying the functionality of a new manufacturing concept model or business processes inside the team.
Nowadays, in the period of IoT, Industry 4.0, globalization and the constantly accelerating pace of business and technologies, it’s necessary to put a maximum emphasis on right decision making. And right decision making is strategic decision making. You, as a head of the business or a managing director, must clearly know what to do and what the consequences will be. Even today, lots of issues in enterprises are solved in a, so-called, “punk” way. But there’s a tool, like a digital crystal ball, that will enable you to look in the future, but at the same time, you’ll see reactions to your actions in different scenarios with absolute accuracy.
That tool is dynamic simulation which we write about a lot. We often write about its application in manufacturing or logistics, but it also should be noted that these are not the only fields where it can be used. It also can be utilized primarily in business management and generally in strategic decision making of senior management, where you can, for example, make a simulation of internal processes through the Witness application and subsequently, verify its usability in practice.
Therefore, the result will not be a process based on the trial and error method or some verification of management predictions, but a clearly predetermined and specifically tested method which is only put into operation.
Today, a number of leading companies and especially board members already use predictive simulation models for business opportunities identification and consider the simulation a tactical tool of their competitive advantage. Using simulations, they are able to model an action dynamic business plan and monitor its impacts on manufacturing and sales too, far ahead and with perfect accuracy. At the same time, using dynamic simulation, they are able to compile business plans and fully examine what internal processes will need their attention in order to achieve greater financial stability and company’s prosperity.
So, the result of your new business model verified by Witness dynamic simulation will be a clear image of a strategic and flexible model, not only possible to be verified in time, but also to be successfully replicated to other spheres of your business. Simply put, the meaning of the words “strategic decision making” will take on a new dimension with dynamic simulation.
And even though dynamic simulation was and is made primarily for manufacturing processes verification, it finds its use, more and more, amongst board members who acquire a powerful tool for strategic decision making and also for verification of future ROI planned investments.
Still can’t picture how to use dynamic simulation for strategic decision making of your company? We would love to introduce you a specific solution using the Witness tool.