Most businesses are facing a more demanding business environment that includes:
- Increasing customer expectations for improved quality and faster delivery.
- Stronger competitors.
- More complex products and services.
One consequence of this business environment is shortening product cycles. In this environment, CIOs can champion enhanced simulations to reduce risk and advance the business plan.
“We believe sophisticated simulations are essential to ensure that companies achieve rapid, quality product development,” says KeeyRyong Song, chief operating officer (COO) at MORAI, a South Korean technology company that develops simulation platforms for many industries and applications. “We’ve seen companies flounder due to poor software tools, inadequate simulation design and uneven data quality.”
The benefits of enhanced simulations include the following:
- Reducing the cost and elapsed time of product research and development cycles.
- Simulating situations that are too dangerous or expensive to test in the real world.
- Eliminating or reducing the cost of building physical prototypes.
- Lowering the manufacturing cost of products by reducing capital expenditures.
- Improving product safety, efficiency and reliability.
- Lowering operating costs while improving energy efficiency and sustainability.
- Lengthening useful product life.
At CES 2023, MORAI demonstrated an application for verifying the safety and reliability of autonomous vehicles. As the number of autonomous vehicle manufacturers has grown, the demand for its software and services has increased. MORAI’s mission is to make the world safer with its best-in-class simulation platforms that help researchers and manufacturers test their products effectively and quickly. The simulation results lead to product improvements.
“Having demonstrated the functionality of our simulation software through successful projects with major South Korean companies, including Hyundai and Samsung, MORAI is ready to expand to other countries,” said KeeyRyong Song. “Our software is appealing because it bridges the historical gap between cost-effectiveness and advanced simulation technology.”
MORAI differentiates its product in the simulation software market by:
- Automating the model-building process better. MORAI can build over 95 per cent of the model through software. Others achieve about 60 per cent and must complete the rest manually. The benefit is reduced elapsed time and cost.
- Offering simulations as a Software as a Service (SaaS) on AWS. Others require an in-house computing environment. The benefit to customers is access to massive computing capacity and avoiding significant upfront costs in favour of a pay-as-you-go approach.
- Incorporating more environmental variables like weather into the simulation than competitors. This feature creates simulation results based on more realistic scenarios that are more widely applicable.
- Offering simulation software customization services. By comparison, most competitors only offer software configuration. Customization increases the simulation’s value to the customer’s unique requirements.
- Adding sophisticated verification tools to confirm the accuracy of its simulations. This feature builds customer confidence in the simulation.
- Supporting higher fidelity simulations than competitors where needed.
- Compatibility with competitors’ products. The benefit to customers is not forcing an immediate decision about which simulation software package to keep.
What ideas can you contribute to help businesses strengthen their use of simulations? We’d love to read your opinion. You can share that with us below. Select the checkmark for agreement or the X for disagreement. In either case, you’ll be asked if you also want to send your comments directly to our editorial team.