Learning From Past Mistakes With Predictive Analytics
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Exchanges and investment firms are testing the waters with a real-time predictive analytics platform to make better evidence-based decisions.
History is destined to repeat itself, but what if a trader had a crystal ball? Could firms avoid repeating past mistakes and improve efficiency? Verdande Technology, provider of real-time Case-Based Reasoning technology, believes it can.
Verdande began as an academic study with a focus on oil rigs. Data was taken in real-time off a rig and correlated with past cases that impacted the rig’s ability to drill. With millions of dollars of production relying on these rigs every day, interest in predicting and mitigating risk is high. In 2012, Verdande made the decision to leverage the technology in healthcare and financial services.
Case-Based Reasoning, the problem-solving approach based on the idea that similar problems have similar solutions, is a methodology that had been around for years but never used in real-time.
Joanne Kinsella, CEO of Financial Services at Verdande, drives the point home: “Wouldn’t it be great if you could see into the future based on history? You could almost predict the way traders will behave based on previous experience. That makes it easier to get clear foresight.”
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