How can AI revolutionize your capture process?
Artificial Intelligence (AI) has been a popular technological advancement as of late, and developers are finding more and more ingenious ways to use it to improve processes, research, and the cost of doing business. Now, PaperFree makes AI available for your content management system with the OpenText Magellan predictive analytics tool. By integrating with OpenText Content Management solutions such as Intelligent Capture or Documentum, Magellan gives enterprises an in-depth look into all corners of their business, the ability to run comprehensive reports, and crunch data like never before. It also features an intuitive and customizable reporting UI as well as pre-built algorithms and techniques to improve time to implementation and ensure that users in the system have the tools necessary to access, compare, and analyze data quickly and easily.
By utilizing the Big Data and Big Content that your company already has as well as new data that is brought in, Magellan works to better interpret and reveal the patterns and trends hidden there. In a word, it adds more context to that data and helps your company do more with it. Magellan doesn't stop there - its machine learning works to better understand the data as time goes on, revealing more accurate and efficient insights over time. All types of structured and unstructured data can also be analyzed, including Internet of Things data, which has traditionally been a more difficult format for AI machines.
With artificial intelligence many business steps can also be effectively automated beyond "capture the data and store it here". Context-driven responses to data can be deployed, operational inefficiencies can be addressed, and better business decisions can be made. Plus, with a built-in customizable interface Magellan is up and analyzing quickly, with seamless integration with Captiva and Documentum, and for less cost than competing solutions.
What are Artificial Intelligence and Predictive Analysis and how can they help your enterprise?
Artificial Intelligence comprises computer technologies that can learn to think and react like humans. AI software works by analyzing information, running processes, and identifying the patterns and methods that achieve the desired end result. It then takes that information and works to perfect the methods to find the best way to carry out its work. Through all of this, AI demonstrates very human-like traits:
- Problem solving
For some tasks it can also demonstrate social intelligence and creativity. AI is finding uses in all market sectors, and especially in the realm of enterprise content management. Here, AI can work to develop faster ways to process information, categorize and connect data, and proactively learn as the data fed into the system changes. One such development is the introduction of Predictive Analysis, which is the technology that drives Magellan. Predictive analysis works by using AI to intelligently forecast needs for the future, using existing datasets and other available information. Anticipate inventory needs, maintenance, refine processes, and more with Magellan.
Case in Point: How Does Magellan Work?
Magellan is suitable for any industry that wishes to have a more granular look at their data and to be able to forecast needs in the future. For example, a hotel chain could utilize Magellan for a variety of business needs:
Here, the hotel enterprise could use Magellan to track trends in bookings, such as increases or decreases at different locations (and then compare them to holidays and local events), or even track responses to hotel renovations. Or, it can be used to drive marketing outreach in areas where programs aren't reaching their potential. And, with predictive analysis maintenance of facilities can be streamlined by anticipating needs and reducing downtime.
Key Benefits of Magellan Predictive Analysis:
- Production Efficiency: Predictive analysis enables organizations to more accurately predict future needs, such as inventory, staffing, and the hiccups that come with them so that they can be remedied ahead of time.
- Decision Making: The goal of predictive analysis is to help enterprises make smarter decisions. By connecting Magellan to your data it can accurately reveal patterns and trends that are relevant to the effective operation of your business.
- Risk Reduction: With enhanced interpretation and forecasting from data, more reliable conclusions can be made about customers, contractors, and even supply chain elements. Making decisions from better data can serve to reduce risk to businesses.
- Fraud Detection: Predictive analysis shines in fraud detection due to its nature of analyzing patterns and trends. When data begins to stray from established norms it can be flagged for investigation.
- Personalize Experiences: By constantly analyzing customer behavior and trends, your enterprise can more accurately identify opportunities for marketing efforts, product recommendations, and which customers to focus efforts on.