Blurring Boundaries between Optimization and Simulation Tools
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Key Takeaways
⇨ Optimization and simulation have been used in supply chain analytics for decades.
⇨ These two methodologies sometimes complement each other perfectly in many scenarios.
⇨ Many tools are therefore offering both these methodologies in the same solution.
Optimization and simulation tools have been used in supply chain analytics for a long time. Generally, they have been categorized into prescriptive analytics methodologies that help you understand the best way to do something. This is not a concrete characterization, however. If your simulation model of your current state, for example, helps you understand which part or element of your process is the process bottleneck, then it can very well be a diagnostic analytics solution. As defined in this article, while categorizing methodologies are useful for understanding analytics capabilities maturity, the key is also to understand what can be done leveraging each approach.
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