Control your Environment with Ventiv’s Geospatial and Predictive Simulation Modeling Solution
Modern risk management professionals need to wrangle a variety of data sources for a successful risk management practice, and a clear risk analytics strategy depends on a strategic, comprehensive combination of data sources. Long-term success depends on having the ability to recognize prospective risks, evaluate their likelihood and impact, and put mitigation or avoidance measures in place with a comprehensive risk analytics tool.
While many risk managers in the past have relied on established data sources, geospatial data and predictive simulation modeling have become significant tools in risk analytics systems in recent years.
Geospatial and predictive simulation are methods of data analysis that risk managers can harness to overlay geographic data with predictive analytics, allowing them to make forecasts about what could happen over a physical area. Geospatial data deals with physical properties, and predictive simulation takes the gathered geospatial data and projects how something might impact that area. Geospatial data can be used to simulate events like the path of a hurricane, wildfire or the nature of civil unrest.
Here are the top three ways you can harness geospatial analytics and predictive simulation in your risk management practice.
Get Ahead of Natural Disasters
Geospatial data is most commonly associated with a natural disaster, and understanding the potential impact of mother nature on a bad day is a critical output of any geospatial risk analytics system. Whether it’s determining the live path of a hurricane, snowstorm, tornado, or wildfire, the ability to predictively model these incidents is critical when making risk assessments.
Geospatial data can help with a wide variety of natural disasters, often in close to real-time. Along with the ability to track the path of a storm, geospatial data can identify areas that are more fire-prone or flood-prone, helping organizations know which areas present an additional risk during a disaster.
Better Building Planning
Geospatial data can be instrumental in determining the best place to locate an office, warehouse, or do civil planning. By analyzing terrain, you can assess the most optimal location to build outside of an earthquake zone, determine if your structure is high enough to handle rising waters in a flood zone, or if your plan to build large agricultural space makes sense on a floodplain.
Having a better understanding of your surroundings allows you to more adequately plan for property maintenance or expansion, in both normal circumstances and severe weather changes. Additionally, geospatial analytics solutions like Ventiv’s can even predict political instability, or civil unrest to determine potential risk and impact to employees and properties.
Train Your Team for an Emergency
Geospatial data doesn’t just have to be for the buildings you own, it can be for other properties or areas you serve. Geospatial data can be used in emergency simulations to determine the quickest path for a response, which can assist in everything from hurricane evacuation planning, an earthquake response, alternate logistical chains, and roads. By knowing what your surroundings are like and being able to pinpoint locations, you can run better training and emergency preparation activities, and more accurately prepare your team for a real-life disaster.
By simulating how occurrences might affect their risk and insurance programs, geospatial and predictive simulation modeling offer organizations an efficient and effective tool to analyze the influence of their decisions on surrounding climatic events, to protect property and employee assets.
Effective geospatial and predictive analytics can help you predict the future and manage your business. By examining locations, geographical events, and climatic changes, geospatial and predictive simulation modeling can assist you in improving your judgments and growing your organization.
Ventiv gives decision-makers insightful knowledge into prospective risks and the best methods for tackling them. Chat with an expert about how Ventiv’s Geospatial and Predictive Simulation Modeling can help your organization better its risk strategy today.
