Breakthrough in Simulation Technology Recognized in International Competition
August 8, 2022
Claverack, NY - QuanteFi, LLC's breakthrough product Quante Carlo has ranked 4th in the 2022 GS1 Hackathon titled, "Breaking the Bottleneck: Shortened Supply Chains." Quante Carlo is an impressive Monte Carlo accelerator that enables simulation that is up to one million times faster than traditional simulation platforms. It supports and facilitates decision-making and risk analysis by accurately simulating the future performance and quantitatively represents the risks and uncertainty inherent in complex systems.
GS1 is a neutral, not-for-profit, international organization that develops and maintains standards for methods of representing data in a machine-readable visual form, such as barcodes.
More than 4,800 participants worldwide competed in the contest designed to increase the adaptability and resiliency of supply chains, particularly during times of crisis. Supply chain resilience is the ability of any supply chain network to withstand disruption, such as those caused by the COVD-19, and minimize the impacts of upheaval on costs, revenues, and customers.
In a statement introducing the competition, GS1 representatives stated, "Supply chains are the backbone of commerce, critical to delivering the right products to the right place at the right time. COVID-19 pandemic and recent natural disasters have shown the fragility of this existing paradigm. In times of crisis, supply chains are challenged by rapidly changing demands with little room for flexibility, which has translated to ongoing bottlenecks and delays."
According to Head of Data Science for QuanteFi, Mark Shipman, "Quante Carlo's significant acceleration of simulation techniques that are popular in logistics and supply chain management use cases create new capabilities for organizations facing unique logistic challenges. Not only do resilient and adaptable supply chains help enterprises respond effectively and swiftly to radical economic, market, and technological changes, but they also help them gain a competitive advantage. "
He further said, "These new capabilities enable organizations and industry leaders to manage supply chain risks in ways that were never possible before. Simulation technology is especially valuable when the underlying system is deemed too complex to be thoroughly examined by mathematical-analytical methods. I think that supply chain simulation technology, such as Quante Carlo, isn't a luxury. Rather, it is part of a practical and valuable process that's important for success in these stressful and challenging times."
New information, artificial intelligence, manufacturing technologies, and machine learning provide great potential for improving productivity and resiliency in response to real-time demand analysis.
QuanteFi specializes in scalable risk management solutions in multiple industries, including insurance, banking, logistics, utilities, and the military. The breakthrough technology is currently being used to develop solutions for the Biden-Harris Administration supply chain initiative, Freight Logistics Optimization Works (FLOW), to help expedite delivery times and reduce consumer costs.
QuanteFi was founded after a discovery in high-performance computing, which allows previously computationally intensive and, in some cases, prohibitive simulations to be performed thousands of times more efficiently.
Besides managing supply chain risks in energy, prototypes are being developed that will enable industry leaders, universities, and governmental labor departments to estimate and manage labor shortages.
For more information, don't hesitate to get in touch with QuanteFi at info@quantefi.com.
How AI can Reduce Flight Delays and Cancellations
July 18, 2022
Claverack, NY – In the US, more than eight million commercial flights take to the air annually. A quarter of those flights experience delays. It is an ongoing problem that costs airlines over $20 billion yearly. For any airline carrier, it is helpful to analyze flight data to understand what factors can cause a flight delay or lead to a cancellation.
Airlines and airports worldwide are frequently subjected to flight delays and cancellations. QuanteFi, LLC has developed an excellent solution to address this issue with the help of artificial intelligence. Researchers at QuanteFi, LLC have developed a model that can reduce the number of flight delays and cancellations due to the international labor shortage by up to 30%. These researchers and AI experts customized and retrained the models through the integration of external and internal data to achieve these results.
According to Mark Shipman, Head of Data Science at QuanteFi, “Due to the inherently interconnected nature of airline travel, the unavailability of flight crews is a critical point of failure in many airline routes and has been a growing concern. These delays result in negative reputations for airlines and reduced passenger satisfaction. Current scheduling practices fail to consider how delays and cancellations not only inconvenience customers and create downstream congestion but also have a snowball effect. This is because they intensify the scarcity of labor. Our solution leverages deep learning to account for factors such as weather, airport capacity, and airline on-time statistics as well as the interdependency of flight crews.”
The researchers structured and normalized the data from a wide variety of data sources and deployed algorithms to process raw data into a convenient format. This format can be used to train the predictive models as well as offer predictions in near real-time.
QuanteFi’s award-winning technology, Quante Carlo, has revolutionized the industry, accelerating computationally intensive simulation models to create new capabilities in both logistics and risk management.
The technology has been successfully used in various use cases, from managing and mitigating financial risk in the insurance industry to optimizing inventory levels in the retail and fashion sectors.
QuanteFi scientists are also working on a prototype for the Biden-Harris Administration supply chain initiative, Freight Logistics Optimization Works (FLOW), to help expedite delivery times and slash consumer costs.
For more information, please feel free to contact QuanteFi at info@quantefi.com.