Explore the evolution of Process Simulation tools with AI, John Hill's background, and how Simulation aids in decision-making processes. Learn about optimizing resources, Digital Twins, and a successful client deployment example. Dive into the significance of Simulation in transforming organizations and driving business value through scientific analysis.
Process simulation optimizes revenue growth through strategic resource allocation and transformation initiatives.
Digital twin concept uses process simulation for proactive decision-making and system representation.
Process simulation aids in evaluating solutions, optimizing resource allocation, and driving evidence-based decision making.
Deep dives
Utilizing Process Simulation for Business Transformation Initiatives
Process simulation was employed by a client to optimize their 'order to cash process,' identifying that a 10% increase in annual order volume would result in missing out on 70 million in revenue. By simulating transformation initiatives, they were able to strategically allocate resources and plan for future revenue growth.
Predicting Future Organizational Dynamics with Digital Twin Technology
The concept of a digital twin for organizations, akin to the digital twin for physical systems like jet engines, leverages process simulation to provide a living representation of how systems change over time. By integrating real-world data and future projections, executives gain insights into proactive decision-making.
Driving Evidence-Based Decision Making with Process Simulation
Process simulation serves as a data-driven tool for evaluating solutions and transformations within an organization. By quantitatively assessing alternative scenarios, organizations can prioritize initiatives that optimize business value and avoid potentially ineffective changes.
Enhancing Resourcing Strategies through Data-Driven Insights
Process simulation aids in optimizing resource allocation within organizations, dispelling fears of job cuts. By analyzing KPIs and evaluating the impact of various transformations on revenue generation, decisions around resourcing and automation can be made strategically to drive performance.
Future Trajectory of Process Simulation in Business
Process simulation is poised to follow the trajectory of process mining, becoming a cornerstone technology for evidence-based decision making and transformation initiatives. As organizations seek more data-driven approaches, the integration of process simulation will play a vital role in driving strategic and impactful change.
We are at the next step of moving our organizations to the digital twin which will allow us to monitor "the plane" (our businesses) in real-time and compare it with the predictions of the future. This missing step is Process Simulation, a "thing" that existed for years already and was widely underused.
The change though is that the next generation of Process Simulation tools now is much more advanced and uses AI to help with predicting future outcomes of your process and helping finding suggestions on how to improve the process to enable that you reach your business objectives.
John started out as economic analyst at the Bank of England, worked at another Simulation company and then founded Silico to transform the way organizations make decisions. He is interested in complex systems and computational simulation and lives close to London.
In this episode of the podcast we are talking about:
John's background
What is Process Simulation and how does it work?
What are main areas that Process Simulation aids?
How does a client get started and how does it fit into the DMAIC cycle and continuous improvement initiatives?
What is a "Digital Twin" of an organization?
How does Process Simulation help with choosing the correct transformation initiatives?
An example of a successful client deployment of Simulation