Simio Partner Finalist in Franz Edelman Award

The prestigious Franz Edelman Award for Achievement in Operations Research and the Management Sciences was presented at the Edelman Gala on April 16th, 2018 in Baltimore, Maryland. The Franz Edelman competition honors distinction in the practice of Operations Research and Analytics, by both individuals and companies, with emphasis on the beneficial impact of their achievements.

To reach the finals, companies are required to demonstrate how their use of technology is transforming the approach to some of the world’s most complex problems.

Simio is proud to be the provider of the simulation that facilitated one of this year’s finalists, Europcar, through our partner, ACT Operations Research (ACTOR). Our combined technologies have been used to develop Opticar which provides forecasting, simulation and optimization of the processes relating to vehicle rental for the leading European car rental company.

Simulation for Decision Making

The vehicle rental industry is a huge, complex, constantly changing market, with cultural variations across countries. In order to meet dynamic demand, decisions are continuously made regarding fleet assets, their locations, usage and pricing. The combination of AI, statistical modeling and simulation allows all eventualities to be considered and evaluated in order to establish optimum processes and make informed decisions.

Simulation can be used to model the possibilities with respect to both capacity and revenue, helping managers of car rental companies to reduce their risks in terms of planning for optimal fleet saturation. By making quality decisions, they can constantly maximize business opportunity for the company and ensure consistent financial and service performances.

At Simio, we are constantly solving business problems of this kind through simulation. When complex system schedules and decisions are required, we deliver leading edge solutions across many industries, from manufacturing to transportation and logistics.

Simio is proud to congratulate our partner ACTOR, with Europcar, on their outstanding achievement of becoming a Franz Edelman Award finalist.

Optimizing the Smart Factory

In the same way that a product development involves prototyping, the production process for manufacturing that product should also be optimized for maximum efficiency and productivity.Discrete Event Simulation (DES) software approximates the manufacturing process into individual events, so can be used to model each step in manufacturing process for overall performance optimization.

The IT innovations of Industry 4.0 allow data collected from its digitalized component systems in the Smart factory to be used to simulate the whole production line using Discrete Event Simulation software.

Real time information on inventory levels, component histories, transport, logistics and much more can be fed into the model, developing different plans and schedules through simulation. In this way, alternative sources of supply or production deviations can be evaluated against each other while minimizing potential loss and disruption.

When change happens, be it a simple stock out or equipment breakdown or an unexpected natural disaster on a huge scale, Discrete Event Simulation software can produce models showing how downstream services will be affected and the impact on production. Revised courses of action can then be assessed and a solution implemented.

The benefits of using Discrete Event Simulation software to schedule and reduce risk in an Industry 4.0 environment include assuring consistent production where costs are controlled and quality is maintained under any set of circumstances.

Success in Simulation Introduction

Welcome!

We will be using this space to help each other become more successful in our simulation projects. We will be sharing information and initiating discussions that will prove interesting and helpful to both experienced and novice simulationists.

When I say “we”, it is because I cannot do this alone – I need active participation from the user community. Your comments, topic suggestions, and article submissions are welcome.

This blog is not about any particular product, nor is it intended to be in any way commercial or sales-oriented.

Success in Simulation is available to all simulationists in industry, service, military, academic and other application areas, as well as anyone who wants to become a simulationist or who just wants to learn more about simulation. While I intend to focus mainly on discrete event simulation, articles on the related fields of agent-based modeling, system dynamics, and emulation will also be included.

The articles will be intentionally be kept short for a quick read, and hopefully most will be written in an informal style for easy reading. I encourage you to subscribe to the RSS feed so that you will automatically receive new articles as soon as they are posted.

Dave Sturrock
VP Products – Simio LLC