Keiter Technologies deals with dozens of tools and technologies to find the best solution to your company’s unique challenges.
What is Data Simulation and how can it apply to your company or industry?
Data simulation allows for private data to be analyzed without compromising security through the use of synthetic data, newly generated data which retains the statistical properties of the original data without containing any identifiable information.
For example, in industries like healthcare, finance, and social services, data is protected by strict privacy laws. Synthetic data can be used to mimic the properties of the private data to perform analyses, test models, and test the security of the systems containing the data without compromising security.
Synthetic data is also used to analyze and develop predictive models in cases when limited data is available, such as high-cost experiments, or low-frequency events like extreme natural disasters or fraud.
Complex and dynamic systems and processes are often modeled using data simulation to analyze component interactions and potential scenarios in a variety of applications, for example:
- Manufacturing processes
- Financial and risk modeling
- Epidemiological modeling
- Traffic flow optimization
- Retail consumer behavior
Contact Us to learn more about using Data Simulation as a potential data solution for your company >
See our Glossary of Data Science Terms for more examples of how data solutions can be applied to any industry.
Or Contact us to learn exactly what services we can provide specific to your company.
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.