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EU funding to fast track quantitative risk ranking software

Gavin and Doherty Geosolutions (GDG) has secured funding through the European Commission’s SME Instrument to fund development of an innovative asset management software system.

The SME Instrument is a support fund designed to accelerate the route to market for innovative SMEs with gam-changing ideas for their specific sectors.

GDG has said that its new software provides a quantitative risk ranking for geotechnical assets across a network, using novel scientific algorithms that account for the associated uncertainties.

The company has said that the funding will it to develop the software it developed as a bespoke version for Irish Rail to benefit the wider industry. Specifically, the funding will be used to create a commercial delivery model, conduct early client engagement, establish appropriate pricing and to develop an effective sales strategy.

According to GDG, the software allows assets to be objectively ranked, meaning that maintenance activities and upgrade works can be implemented for the assets where the risk level is greatest. “This is a major step forward in comparison to existing solutions that are heavily reliant on subjective visual inspections or past failure data, which may not be indicative of future failures,” said GDG head of innovation Julie Clarke.

“The software incorporates a cost-benefit analysis module, meaning that the impact of alternative maintenance strategies can be evaluated in terms of overall risk reduction. Furthermore, the software allows infrastructure managers to explicitly account for the impacts of climate change within their maintenance planning strategies.”

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