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?

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.