How Statistical Modelling & Simulation can help predict
Often, you must have wondered what oil and gas companies would do with big data. However, the scenario has completely changed as statistical modelling is revamping the very idea of mining. Simudyne brings together simulation, machine learning and network modelling to create a powerful tool to provide predictive analytics.
The tool reduces risks at work and gauges the future potential of the system. Often, these tools are of no interest for people involved in mining and hence, you need to convince the industry that these tools can help you optimize your resources beyond imagination. The best aspect of this tool is its recyclability.
Bidding simulations to ensure effective pricing
Often, bidding for the tender of mining can be tricky and companies would love to be sure of their bids. Hence, what would be the best bid for a region and where should the user leave the bid unless the person wants to end up succumbing to a financial disaster.
The tool helps in locating the region according to the mineral, and then lets you decide what bit would suffice for it. If you are not convinced regarding the bid for a particular place, you might as well revise the bid and reconsider your techniques. Thus, Simudyne transposes the whole reality in a virtual landscape.
Projections of the real scenario
The tool can ensure that you feel like you are in a consortium, placing the bid. Once you bid, the tool would show you where you are missing out for each bid and what you could gain with it. Surely, there are few better ways to understand bidding capacity and prowess. Thus, for the other companies, each bid is evaluated according to their merits and demerits first.
Then, these enterprises lock horns to get the best possible bid. Like real world, there are deadlines to meet. However, the adjustment of parameters to evaluate other possibilities is surely a radical shift to understand the very idea of bidding.
Visualizing the tool
The tool has to have some visual aspect and the company is working separately towards that. Often, data scientists are accused of producing esoteric charts in the name of visuals which few executives can understand. Hence, this simulation provides power in the hands of such executives by simplifying the data game. Surely, a better communication is established and now, visualization can be imagined.
The developers will have to converse and decide regarding that. Moreover, this tool plans to integrate the various data silos, which makes the process slower. Hence, idle data is hardly encouraged and data is often combined to ensure it consistently generates value. Such tools could also be used for large-scale evaluations of a particular data-driven situation such as election.
About the Author
DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized system and data integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets.