Turn Predictions into Actions and Improve Your Decision-Making: Veriluma

Veriluma is an innovative Australian software company founded in 2010. Veriluma’s patented algorithm was originally developed for the Australian Department of Defence where situations can lack certainty, reliability and may depend on input that is subjective. Regardless, in these situations, decision makers still need fast and accurate insight that can be actioned.

Veriluma’s prescriptive analytics software is now being used across a range of industries and applications that require the same fast, accurate and actionable insight. Whether decision makers are in financial services, law, insurance or government, they all demand more than just insight for insight sake. They need to understand the likelihood and certainty of events and the risks to be mitigated.

Veriluma’s software complements and extends existing data analysis, business intelligence, and risk tools. Its software can also incorporate information that is subjective, uncertain or unknown and turn insight into strong directions.

Greater Insight. Confident Decisions. Improved Results.

Veriluma’s prescriptive software means organizations are better able to anticipate what is likely to happen and highlights the future opportunities and risks to be mitigated. Situations can be continually reassessed – re-predicted – as new information comes to hand.

When faced with predictions, 9 times out of 10 the information is imperfect, unreliable or simply missing. Veriluma’s software excels in situations that are challenged by missing information, poor quality data, and unfriendly timeframes.

Descriptive/Predictive Analytics

It is best for problems when you are not time-bound and when large amounts of data are available

• Requires large amounts of data
• Predict what is known
• Does not gracefully cope with unreliable or missing information
• Slow to build models and derive results
• Focused on insight rather than outcomes

Prescriptive Analytics

It is best for problems when you need answers fast or when data availability or quality is variable

• Works with available data including opinions, observations and gut feel
• Handles uncertainty and copes well with unreliable and unknown information
• Fast to build models and derive actionable results
• Focused on outcomes not insight for 'insight's sake'

Often Veriluma knows what information would be useful to have but it is stifled in its ability to obtain it. Even when it does have the information sometimes it is out-of-date, has come through noisy channels, or from sources whose reliability is unknown or imperfect. Such inconsistencies and a lack of reliable, relevant information almost always accompany scenarios fueled by deception and illusion, or denial and delusion.

Intelligence failure can be disastrous, so much so that recorded history – both ancient and modern – is replete with a litany of devastating intelligence failures. Examples of these are easily found in any period of history – the failure of the United States to perceive an impending attack on Pearl Harbor – and the failure by Japan to reason that Midway Island was a trap, with the consequent sinking of four Japanese aircraft carriers. More recent examples include the Cuban Missile Crisis where the world was brought to the brink of nuclear war and the Weapons of Mass Destruction (WMD) intelligence failure that led to the invasion of Iraq.

In the world of business, the Global Financial Crisis is a present example of intelligence failure. Investigations are now revealing how irrational behavior, the creation of financial illusions and deceptive market conduct was systemically endorsed and encouraged, despite evidence that the course was unsustainable.

Veriluma helps to bring deceptive conduct, denials, and illusions of a threat to light before damage are done.

The Veriluma Advantage

“At the core of our patented software are algorithms based on Subjective Logic. Subjective Logic is suitable for analyzing situations involving uncertainty and incomplete information.

Our software can deal with what we know AND can also consider what we don’t know. It can handle quantifiable data and combine it with qualitative, unreliable and uncertain information to arrive at an outcome of confidence and likelihood.

Veriluma extends the results of big data tools, descriptive and predictive analytics as well as business intelligence solutions to deliver assessments with actionable outcomes. Assessments highlight what has contributed to the likelihood; indicate potential risks, opportunities, and conflicts. Despite the quantity or quality of information available at that time, whether objective or subjective, the road ahead and its challenges are laid out.”

The Elegant Leader

Elizabeth Whitelock, CEO: Elizabeth is a founding shareholder of Veriluma with 27 years of experience in applications for databases, data integration, data analytics, and business intelligence at such companies as Ingres, SAS, IBM, and Microstrategy. Experienced in emerging and turnaround situations, she is a strong leader who builds committed and capable teams. Elizabeth and the company are client-centric with success in direct and indirect software sales and services.

“Our software delivers assessments that show the best way to handle the situation even when the information available is unreliable, unknown or incomplete.”