Toronto-based OpenText, a provider of enterprise information management (EIM) systems, has launched OpenText Magellan, an artificial intelligence platform that leverages open source machine learning with advanced analysis to help business analysts acquire, merge, manage, and analyze big data and big content.
OpenText revealed the new platform at its annual user conference OpenText Enterprise World 2017, which took place in Toronto yesterday. The company highlighted how Magellan’s cognitive computing platform uses machine learning to help users with decision-making, task automation, and business optimization.
Specifically, the Magellan platform is part of OpenText’s EIM portfolio, which consists of several product solutions including a Content Suite, Process Suite, Experience Suite, Discovery Suite, and Business Network.
“Enterprises have created vast data lakes of information over the last decade, and OpenText Magellan helps to organize that information and unlock its value,” said Mark J. Barrenechea, CEO and CTO of OpenText. “As automation advances at incredible rates, and enterprise data grows larger, OpenText Magellan brings the power of analytics, algorithms and statistical models to organizations around the world for advanced decision making and better business insight. With OpenText Magellan, we are moving towards a more open, scalable, and affordable future for AI.”
OpenText said its AI platform is built on a “scalable infrastructure” that can handle massive amounts of data, and added that the platform integrates across any EIM architecture to reduce the time and expertise it takes to “leverage the value of advanced analytics in decision making and task automation.”
According to OpenText, Magellan has the potential to help users analyze key components of an enterprise such as customers, employees, invoices, and documents, as well as the ability to democratize access to AI by allowing data scientists to create custom algorithms for business analysts and operational users. Magellan can also enable business users to dive deep into most current and complete insights to help them scale and improve their operations and services.
“Data is the feedstock of AI, and unstructured data in particular, is where the hidden insights lie; insights into customer intent, employee behaviour, partner’s contractual obligations and litigants’ evidence,” said Nick Patience, founder and research vice-president of 451 Research. “The ability to ingest, analyze and understand vast quantities of data – combining structured with unstructured – is now possible using AI-driven platforms and applications. Companies that understand this will gain advantages over those that don’t and equip themselves for the AI-driven economy.”
This article was originally published by BetaKit.