Over half of respondents report that mathematical optimization is critical to their business
Gurobi Optimization, LLC, creator of the world’s fastest mathematical optimization solver, announced new findings this week that demonstrate the importance of mathematical optimization for financial services organizations.
“Financial services firms are modernizing and tapping into the competitive advantage mathematical optimization provides. It places them ahead of the pack”
Through a commissioned study conducted by Forrester Consulting on behalf of Gurobi, researchers sought to understand how decision-makers—specifically those involved with assets, operations, and portfolio risk management—are using optimization technologies today.
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The findings show that mathematical optimization boosts profitability and efficiency for businesses that employ optimization. As a result, most are looking to adopt or expand their use of the technology:
- 77% are adopting optimization technologies to support their strategic initiatives or expand their current optimization scope.
- 64% are investing in people with mathematical optimization expertise, whether building out an in-house team or acquiring an external consultant.
- 53% expect their use of mathematical optimization to increase in a year and beyond.
Over half of respondents said that they considered mathematical optimization to be critical to their business. The technology enables decision-makers to explore a possible decision’s impact on the business, by simply tweaking and re-running their mathematical models. The test-and-iterate approach enables firms to adjust their strategies frequently and keep up with the ever-changing business landscape.
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“Financial services firms are modernizing and tapping into the competitive advantage mathematical optimization provides. It places them ahead of the pack,” said Dr. Edward Rothberg, Chief Executive Officer and Co-founder of Gurobi Optimization.
To date, business intelligence and advanced analytics tools have addressed only descriptive, diagnostic, and predictive analytics. Mathematical optimization goes a step further, by providing prescriptive recommendations. This enables organizations to identify the best course of action in real time and, most importantly, achieve optimal business outcomes.
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