Gurobi Optimization, LLC – which produces the fast mathematical optimization solver, the Gurobi Optimizer – today released the inaugural edition of its annual State of Mathematical Optimization Report. The report highlights the business impact of mathematical optimization, revealing how companies across more than 42 industries are using this AI technology to solve a broad range of business problems and achieve a variety of business objectives, including maximizing revenue, minimizing costs, and maximizing resource utilization.
The report – which is based on the results of a survey of 251 commercial users of mathematical optimization conducted by Gurobi last year – provides insights into who is using mathematical optimization technology, how mathematical optimization solvers are being deployed in various off-the-shelf and custom-built applications, what business benefits mathematical optimization delivers, and why the use of this AI technology is expanding into new areas across the enterprise.
“We are proud to announce the publication of our first-ever State of Mathematical Optimization Report, which showcases the business value of mathematical optimization across over 42 different industries. The report highlights the enduring and expanding impact of mathematical optimization – which was first introduced more than 70 years ago – in the business world today,” said Gurobi’s Chief Revenue Officer Duke Perrucci. “I would encourage business leaders to read the report so that they can gain a better understanding of the power of mathematical optimization and the opportunities it presents for their organizations.”
Key findings from the State of Mathematical Optimization Report include:
- Impact across industries: Mathematical optimization is currently being utilized by companies across more than 42 different industries, with the three most common being logistics (16.0%), technology and technology services (14.2%), and electricity generation and transmission (13.2%).
- Expanding user base: A wide spectrum of professionals who have undergone training in various fields – including operations research (61.1%), engineering (38.0%), computer science (29.6%), and data science (19.0%) – and who perform various business functions are using mathematical optimization technologies today.
- An array of applications: Companies are embedding mathematical optimization solvers in a vast variety of applications to address many different business problems. The most common use cases of mathematical optimization are planning (52.5%), operational applications (42.4%), logistics (41.9%), and resource scheduling (36.4%). A growing number of companies (41.6%) are building applications that combine mathematical optimization and machine learning.
- Proven business value: Companies that use mathematical optimization report that this AI technology helps them to realize their business objectives. The three most common business objectives achieved by companies using mathematical optimization are maximizing resource utilization (57.9%), maximizing profits (53.4%), and maximizing revenues (42.7%).
- Presence across the enterprise: As businesses today are continuously developing and deploying new, mission-critical mathematical optimization applications, the footprint of this technology is expanding across the enterprise. The majority of users (58.9%) state that mathematical optimization is gaining traction among decision makers in their organizations.
To download the full report, click here.
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