When business process simulation and modeling is not your core activity but a shared service in your organization, you should consider outsourcing that work to specialist firms like MOSIMTEC that can be more efficient and turnaround faster.
OUTSOURCING MODELING & SIMULATION
For many companies, especially small to medium sized businesses, it doesn’t make sense to hire a Modeling and Simulation (M&S) team or professional in house. At the same time, it’s also likely that the existing analytics team or professional doesn’t have the time to add business simulation responsibilities onto their plate without sacrificing productivity elsewhere. This is why outsourcing M&S work is such an attractive option. A company knows that it’s being handled by pros with experience and the fees are less costly than adding additional in house salaries and associated employee overhead costs. Once you decide to outsource M&S, be sure to follow these tips to make the process as successful as possible:
CHOOSING A PARTNER
You essentially have two options when outsourcing M&S, hiring a consultant or a full-service firm. The right choice depends on your needs and in house bandwidth.
If you have some in house resources, a consultant can teach and guide and outline a plan that can be implemented in house. If not, hiring a full-service firm is the way to go. In either case, a couple of important things to consider are the types and number of projects they have completed. They should be knowledgeable about your industry. In the end, the best way to know who you are going to be working with is by talking to references of past clients. Taking the time to choose the right partner can make a world of difference.
WHAT YOU SHOULD EXPECT
In the beginning, you’ll want to get everything in writing, such as the M&S provider’s process and how they will execute the project. You should expect the M&S firm to write a functional specification at the beginning of the project that outlines what’s needed from the client in order to ensure the model answers the right questions. It should be broken down into timeframes, for example, what will be executed each week or on an ongoing basis. Once the development is underway, the provider should be sending updates so that you always know what work is being done. This can include weekly meetings, Q&A sessions, data requests, review and sign-off on the specification, validation criteria etc. So many companies have no idea what their M&S firm is doing for them, and this really should never be the case. It’s a good idea to keep in touch with your M&S provider regularly. The nature of the relationship really dictates exactly what this means. For a new relationship, a bi-weekly call might make sense. Or for an established partner, regular schedule check-ins might be adequate.
KNOWLEDGE MANAGEMENT
Even the best of M&S client/provider relationships can end due to things like budget cuts or internal staff changes which is why everything should be documented and kept organized right from the beginning. You don’t want to lose access to knowledge of how to build and run scenarios or work that has been completed when a relationship ends.
Outsourcing M&S work is a great way to ensure that the work is being done and it’s being done as effectively as possible. By following these tips, you’re setting yourself up for the best possible results.
MOSIMTEC can help you decide on whether to build your own expertise or hire professionals. Give us a call at 1-855-6-PREDICT or send us an email at contact@mosimtec.com
About MOSIMTEC
The MOSIMTEC concept is different from traditional engineering and consulting services. It is based on the paradigm that technology will be instrumental in decision making. Sophisticated computer simulation software in combination with ever increasing processing speed and memory will enable decision support tools to deliver deep insight in a complex, dynamic, and real-time world. The MOSIMTEC team has extensive experience working with leading computer simulation software and solving complex issues for clients across various industries. We are uniquely positioned to support clients in making smart decisions by applying Modeling & Simulation Engineering (MSE) to predict outcomes, prescribe actions through the use of operations simulation.