Resource Optimisation: maximising utility within capacity constraints
All societies and businesses worldwide are similar in one area – that they all face the same economic problem, trying to maximise the utility of limited, scarce resources. For example, two industries affected by this situation are the hospitality and the resources sector that needs to accommodate its personnel due to travel requirements. How can management ensure that these resources are best allocated for maximum profit with limited rooms, villas, or otherwise accommodations available?
Stochastic Optimisation: the next best thing operations research
Conventional optimisation models are typically based on the assumption that input data is known with certainty. However, it is fair to say that this critical assumption is hardly true as uncertainty is widely recognised as the nature of almost any dataset. A consensus in the world of risk management is “high-risk high return, low-risk low return”. However, in the world of stochastic optimisation, it is totally possible to have a “low-risk high return”. What else could be better when an operation has a risk-based optimal solution?
Data literacy: become fluent, or get left behind
The age of data is now, and it’s set to impact your role in ways hard to imagine. Large enterprises collect more data than ever before and keep unlocking new business opportunities. While the importance of having data-centric skills and talent organised in data analytics teams is clear, other aspects tend to be omitted. Employees need to create robust data governance and best practice guidelines, assure cybersecurity and privacy of data, and build trust within the organisations – they need to exhibit good data literacy.
What next for supply chains in 2021?
How are supply chains to adapt to the continued uncertainty ahead? What lessons did 2020 teach that must now be implemented? In this article, Visagio’s Managing Partner and Supply Chain Lead, Len Pannett, considers what should be on the agendas of supply chain decision-makers this year.
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