Verdande Technology is calling its new venture in the world of big data Case-Based Reasoning (CBR) analytics with unique alterations. The technology is supposed to copy the way that humans solve problems – by comparing current situations to past experiences and drawing necessary conclusions.
Verdande offers analytics solutions to several industries, including health care, finance and the oil and gas industry — sectors where predictive data can directly influence many business decisions. The Norwegian company’s patented CBR tries to make those decisions as effective as possible by taking real-time data and comparing it to past scenarios to find the best path forward into the future.
Current big data strategies tend to offer many potential scenarios for managers, directors and executives to work with, but Verdande is trying to set CBR apart by creating a single best course of action that helps save time when fast decisions are needed. The software runs on the proprietary Edge platform, which is designed to work with systems that are already in place.
“Sitting on top of existing data-capture systems, the Edge platform harvests multiple, heterogeneous data types to index and search for those past experiences and provides organizations with the information they need in real time. By offering a realistic assessment as to whether a similar scenario is likely to occur in the future, the Edge platform provides the insight and foresight to make better, smarter, faster decisions. The platform easily integrates with existing tools,” reports the Verdande website.
The trend of linking big data directly to decisions is popular in the business world. In Mat Accretive Technologies, another analytics solutions company, unveiled their updated X-Act Predictive Analytics technology. Like Case-Based Reasoning, X-Act offers “remedial recommendations,” but it focuses more on capturing the big picture and is designed primarily for financial institutions like banks. Likewise, predictive analytics firm Earnix recently unveiled a new logo and branding initiative designed to highlight the company’s ability to predict business outcomes for executives, particularly those in insurance and banking.
Ever since the term “big data” was coined, companies were promised better predictive and prescriptive analytics that would offer increasingly accurate glimpses into the future. Certain tech sectors, like the expert systems used in medical fields, have offered data-based suggestions for years, but now this approach is finally moving into other industries.
From Verdande’s focus on new technology to Earnix’s rebranding, tech firms are anxious to give other companies reasons to buy. Technology firms, in turn, have increased incentive to invest in their analytics software and increase predictive accuracy until it reaches the cutting edge. Companies like Verdande currently have added value because they take their system a step further and offer real-time suggestions to individuals instead of letting them flounder in a sea of scenarios.
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