I recently read the article Same Stats, Different Graphs which spoke about Anscome’s Quartet, four highly varied datasets that are identical when examined using summary statistics, then took it to the next level with the Datasaurus Dozen by demonstrating how highly varied datasets could produce the same summary statistics.
Datasaurus Datasource: Alberta Cairo
At Verdazo Analytics, we’ve always been a product of what we’ve been able to learn from our clients. The advancements in our VERDAZO product, services and methodologies have all been inspired and informed by the partnerships we’ve built over the last 10 years and our ‘crowdsourced’ approach to innovation.
As of today, we’re embarking on our biggest business journey to date.
I’m excited to announce that Verdazo Analytics has been acquired by Pason Systems Inc. Calgary-based Pason is a technology company offering fully integrated drilling data solutions, enabling users to collect, manage, report and analyze drilling data in order to optimize the performance and the cost-efficiency of their drilling activities.
At Verdazo Analytics, we are advocates of ‘Discovery Analytics.’ Discovery Analytics is an approach by which a data-driven investigation shifts with new insights revealed during the process. It’s not something calculated from start to finish. It evolves as you go, often bringing you to a point you couldn’t have predicted when you started. The results and decisions made are more pertinent and powerful as a result.
I think of this idea regularly when looking back on the work we’ve done with a producer here in Calgary. They initially used VERDAZO software as part of an initiative to improve their Well Review process. Their results went beyond their expectations: they were able to free up their engineers from days of manual Excel analysis in advance of a well review, saving time that exceeded $175,000 in annual costs.
But that was just the start.
Our Oil & Gas clients continue to emphasize an increasingly acute need to do things smarter, simpler and more cost-effectively across their organizations. That’s one of the reasons why VERDAZO has been effective for them: it enhances their analytical capability and capacity no matter their economic constraints. This is important for any producer where the order of financial magnitude of a decision can be in the multi-millions of dollars. However, it may be even more critical for junior companies who often walk a thin financial line on the way to full capitalization and initial production.
When Calgary-based Burgess Creek Exploration was founded in 2015, VERDAZO was its very first purchase.