Today kicks off the 21st annual International Conference on Case-based Reasoning in Saratoga Springs, NY.
The four-day event brings CBR veterans and novices together to discuss research on and applications for the problem solving methodology.
Never heard of it? Neither had I, until I spoke with representatives from Verdande Financial Services, one of the conference’s sponsors.
In its most basic form, as explained to this 18th century history major, the CBR methodology uses past experiences to identify occurring trends, which may lead to a familiar event. (You can find far more academic explanations and reading here and here.)
Organizations can employ CBR to identify potential problems and arrest them before they cause a major headache.
For example, Verdande Technology, Verdande’s parent company, first deployed its CBR-based Edge platform in the energy industry, where it identified potential problems for off-shore drilling rigs. By comparing current performance data with historical performance data, oil companies could address issues before they needed to replace a drill bit or sink a new drilling shaft. Each process could cost a company millions of dollars.