OpenText Named a Leader in Document Mining and Analytics Platforms Report
OpenText (NASDAQ: OTEX, TSX: OTEX) announced that their IDOL platform has been named a Leader in The Forrester Wave: Document Mining and Analytics Platforms, Q2 2024. Forrester's evaluation, which analyzed 14 providers, praised IDOL for its comprehensive capabilities in document mining and analytics. OpenText's IDOL achieved the highest score in the current offering category, excelling in criteria such as accuracy, complex forms handling, security, and regulatory compliance. This recognition highlights OpenText's commitment to AI-driven solutions and addressing the challenges of managing large volumes of diverse data for enterprises.
- OpenText's IDOL platform received the highest score in the current offering category in Forrester's evaluation.
- Forrester's report praised IDOL for its lack of gaps in capabilities for document mining and analytics.
- OpenText's recognition as a leader reinforces its commitment to AI-driven solutions for managing large data volumes.
- The platform's strengths include accuracy verification, handling complex forms and images, and robust security and regulatory compliance.
- The report does not mention any specific new customer acquisitions or revenue increases directly linked to this recognition.
In their recently published vendor evaluation, Forrester analyzed 14 document mining and analytics providers, using a 25-criterion evaluation to score them. The Forrester report states, "OpenText is equipped to handle any and all document mining and analytics tasks," also noting, "It's close to impossible to find any gaps in IDOL's capabilities to mine information from documents, text, and any form of rich media."
Forrester's evaluation recognized OpenText's foundational AI capabilities within IDOL with the highest score in the current offering category, which includes criteria such as accuracy verification, complex forms and images, security and regulatory compliance, and document-level text mining/NLP. Within the report, Forrester noted that "IDOL stands out as a clear top option for existing OpenText customers and large enterprises with complex document mining and analytics use cases."
"In the face of exponentially growing data volumes, managing and leveraging information poses significant challenges, especially for large enterprises grappling with diverse content generation and organizational methods. OpenText IDOL rises to this challenge, offering AI-powered solutions tailored to streamline data management," said Muhi Majzoub, Chief Product Officer, OpenText. "Our recognition as a leader, underscores for us our unwavering dedication to pioneering and investing in AI-powered solutions like the IDOL platform. We strive to empower our customers to not only harness the wealth of the data and information at their disposal today, but also to future-proof their businesses for tomorrow."
Download a complimentary copy of the Forrester Wave report to learn more about why Forrester recognizes OpenText as a leader.
For more on OpenText's IDOL solutions, please visit: https://www.opentext.com/products/idol-unstructured-data-analytics
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com
Connect with us:
OpenText CEO Mark Barrenechea's blog
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.
OTEX-G
Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.
View original content to download multimedia:https://www.prnewswire.com/news-releases/opentext-named-a-leader-in-document-mining-and-analytics-platforms-report-302160887.html
SOURCE Open Text Corporation
FAQ
What is OpenText's stock symbol?
Why was OpenText named a leader in document mining and analytics?
What is the significance of OpenText's IDOL platform in document mining?
When was OpenText named a leader in The Forrester Wave report?
