CTO of Verdande, Frode Sørmo, speaking at the 21st International Conference on Case-Based Reasoning (CBR) held this month in Saratoga Springs, New York drew a parallel between oilfield blowout prevention, corporate finance and real time monitoring of patients undergoing heart surgery. All three fields have fairly well established risk models based on historical data. But the models are put to the test during operations as real time data comes in that may conflict with the pre-existing scenarios.
In medical, risk models based on patients’ age, gender and medical history quickly become irrelevant once surgery starts as what occurs during surgery can change the picture drastically. Verdande’s approach is to combine risk models with real-time data captured during the surgery and provide feedback to the medical team.
Likewise Verdande’s DrillEdge leverages pattern recognition across historical data to pinpoint root causes of problems like stuck pipe or potential lost wells. Multiple real time measurements are compared with historical cases as drilling progresses. A multi segment risk ‘radar’ plot warns of potential problems. Sørmo sees application of CBR in finance where ‘big data’ in motion can be compared against ‘at rest’ historical data sets to provide early warning signs of situations that have previously caused financial embarrassment. More from Verdande.
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