Constrained optimization has long been a powerful approach to solve an array of problems in applied mathematics and to drive better business decisions and efficiency.
Using a variety of mathematical approaches such as Lagrange multipliers, substitution methods, and quadratic programming, constrained optimization is a perfect solution whenever there is a requirement to allocate or prioritize scarce or important resources within a dynamic and complex environment.
In simple terms, constrained optimization is the mathematical processes and calculations you use to decide how to do more with less, or how to use less to do more.
As we all know, this is a high priority in any organization.
Constrained optimization enables you to represent business problems mathematically. Once these problems are in mathematical constructs, you can use them for analytical, decision-support computations as part of larger business applications and processes.
Consider some of the ways we use constrained optimization in our daily lives:
In like manner, the majority of economic business decisions require applying constraints (cost, volume, time) to a set of variables (trucks, SKUs, people) with an objective of minimizing (cost) or maximizing (profit) outcomes. Such economic-driven constrained optimization problems are manifold in an organization.
A few examples:
As you can see, there is an enormous number of decisions we make every day that are drive by constrained optimization, whether we recognize it or not.
Which is why QCI chose to focus Qatalyst, the first ready-to-run quantum software, on this powerful and much needed computational challenge.
If constrained optimization is such a powerful way to improve business decisions, why aren’t businesses using it more widely?
Well, many are. But many are also falling behind in optimizing their business goals due to issues with their current constrained optimization approaches. In a nutshell, here’s why:
That’s where quantum computing comes in. Quantum computing techniques empower constrained optimization to a new level of accuracy and performance. That's because:
Quantum computing offers better insights to make better decisions. That's why there's so much excitement about it.
Navigating dynamic market changes requires harnessing the power of constrained optimization to improve your competitive advantage and bottom line results. The bottom line is that constrained optimization is about improving your bottom line.
Constrained optimization, supercharged with quantum-ready techniques, can and will deliver the deeper real-world insights every organization needs to get ahead and stay ahead. Those who embrace this technology early will be those who achieve market advantage.
In our next article, we'll dive more deeply into how to transform business decisions into constrained optimization computations.
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