In the digital world, random number generation has seen a huge boom in uptake in recent years. But, what exactly is it? And, how can it be applied in the business world? Let’s dive in.
What is a random number generation?
Random number generation is essentially exactly how it sounds – the process of randomly generating numbers. More technically, it is the use of a random number generator (RNG) to provide numbers or respective symbols in a sequence that cannot be predicted. This technology can then be used to mimic random chance in real-life situations, most commonly in online casinos to mirror the luck involved in rolling a dice, shuffling cards, flipping a coin, or spinning a wheel.
Take the game of roulette, for example – when playing in person, a croupier will spin a physical roulette wheel, and the ball will randomly land on a number. By using RNGs, playing an online roulette game for fun is just that – fun! – as it ensures gameplay has the same level of chance and fairness as in a brick-and-mortar casino.
Here, the RNG essentially acts as the spinning of the wheel and the motion of the ball. RNGs will generate the number the digital ball will land on, which is entirely unpredictable, ensuring that the game is all about luck.
RNGs can be roughly split into two distinct categories – true random generation (TRNG) using hardware random number generators (HRNGs), or pseudorandom number generators (PRNGs). Put simply, HRNGs generate numbers as a function of an ever-changing environment, which makes the sequence literally impossible to predict.
On the other hand, PRNGs generate numbers using a specific algorithm – this makes the sequence impossible to predict unless you have the function to decode the sequence. Nevertheless, to be deemed an RNG, they must be able to reach a certain level of unpredictability and randomness.
With this in mind, there are many exciting potential applications in business. Let’s take a look at just a couple of ways RNGs can be leveraged.
Random number generation in business
Perhaps the most pertinent way in which RNGs are transforming the business world is by allowing businesses to generate random data and scenarios. The purpose of this is twofold – in product trials and customer research. Firstly, when launching a new product, RNGs can be used to create randomized controlled environments in which to test the product, how it performs, and its overall efficiency.
Similarly, RNGs can create randomized samples for target market research, or even provide random scenarios for these target markets, so that businesses can more thoroughly evaluate consumer behavior. Consumer data can then be scrambled using RNGs as an additional safety and privacy measure, improving data protection and overall cyber security.
Further to this, RNGs can then help to test the efficiency of businesses’ services too, providing randomized control trials to test both the service provision and consumer experience. Ordinarily, the data collected from these tests might be largely speculative – if the tests could realistically be carried out at all.
Thanks to RNGs, then, businesses will be able to gather more accurate data that allows them to make informed decisions about their products, services, and consumers, instead of working on assumptions or guesses. Ultimately, this can transform the business world, boosting accuracy, fairness, and operational efficiency.