Emerging Technology

Independent survey highlights need for advanced analytics and machine learning to accelerate investigations

Gaining insight allows for faster decision making, particularly in cases where data is subject to compliance and regulatory scrutiny

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced findings from a recent independent survey from Compliance Week, sponsored by OpenText. The results show the importance of both advanced technology and dedicated teams that can quickly deliver data insights to reduce time and cost and result in better outcomes.

OpenText logo (PRNewsfoto/Open Text Corporation) (PRNewsfoto/Open Text Corporation)

The benchmarking survey, which garnered 200 responses from compliance, legal, internal audit, and other professionals around the world, reveals that despite a perceived need for improved efficiencies and outcomes, many organizations are not utilizing data analytics or artificial intelligence capabilities for the investigating of large volumes of electronically stored information.

"Data analytics, automation, and machine learning are necessary tools in supporting investigations," said Lou Blatt , Senior Vice President and Chief Marketing Officer at OpenText. "Vast increases in information, changing data privacy and compliance requirements, and growing cybersecurity risks are all contributing to the need for a faster approach to managing and conducting investigations that results in better outcomes."

Key findings from the survey include:

  • Increasing number of investigations: Respondents indicated that over the past year, they have faced an increasing volume of employee conduct (32%), regulatory and enforcement (20%), cybersecurity (18%), and data privacy (14%) investigations.
  • Time and resource constraints: Respondents identified the main barriers to managing and conducting investigations as time constraints (42%), collecting data from remote and off-network locations (39%), and difficultly in collecting data from new sources of electronically stored information (39%).
  • A variety of investigations: Investigations resulting from employee conduct represent a little over a third (37%) of electronically stored information for collection and review, followed closely by cybersecurity (35%), regulatory investigations and enforcement (34%) and financial reporting (31%).
  • Budgets are expected to remain flat: Just over half of respondents (51%) are expecting the overall number of investigations within their business to increase in the next 1 to 2 years, despite the fact that nearly half (46%) said that budgets would remain the same.
  • Manual approach remains: Despite the complexities associated with investigative reviews, an overwhelming 76 percent indicated their approach is manual, while just over half (56%) conduct keyword search and linear batching review, followed by fewer than a third (30%) using technology-assisted review or advanced analytics.
  • Strike teams provide value: To address the challenges of managing investigations internally, legal and compliance managers are incorporating teams of individuals to support investigations, with the top area of spend cited by respondents as support from professional services/consulting and legal service providers (62%).

Technology-driven analytics and machine learning, combined with the use of a strike team and cross-collaboration among a variety of business functions – including human resources, compliance, legal, audit, risk, security and information technology – allows organizations to manage the volume of electronically stored information, while capitalizing on the value each business function brings to the investigation.

"As organizations' investigation needs continue to grow, along with growing document volumes, it is increasingly important to get to accurate facts quickly and efficiently. Doing so allows organizations to understand the merits of a particular matter more easily and make strategic decisions more quickly," said Anna Mercado Clark , Partner at Phillips Lytle.

OpenText provides the legal and compliance community with a diverse and broad range of solutions for enterprise-level eDiscovery ; investigations support ; cyber resilience; data privacy compliance and response ; incident response analysis; and more.

For more information, please visit click here .

The results of the survey will be featured in an upcoming Compliance Week webinar on September 23, 2021 .

Please click here to register.

For the full results of the survey, please click here to access the e-book.

Research methodology
Compliance Week conducted a cross-sectional survey of 200 respondents from North America , Europe , Asia and South America between April 27, 2021 , and May 19, 2021 . Respondents held a variety of roles including, compliance (42%), internal audit (19%), legal (14%), risk management (10%), security (4%), human resources (3%), and information technology (2%). Thirty-three percent were from companies with annual revenues of between $1 -50 billion and a quarter were from companies with less than $100 million . One-fifth were from companies with revenues between $100 -500 million. Less than one-fifth were from companies with revenues between $500 million - $1 billion .

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
Twitter | LinkedIn

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. 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.

Copyright © 2021 Open Text. All Rights Reserved. Trademarks owned by Open Text.  One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents .

OTEX-G

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/independent-survey-highlights-need-for-advanced-analytics-and-machine-learning-to-accelerate-investigations-301365145.html

SOURCE Open Text Corporation

News Provided by PR Newswire via QuoteMedia

The Conversation (0)

OpenText ValueEdge23 increases speed-to-value for application development and delivery organizations in the OpenText Cloud

AI-powered cloud platform features major new capabilities: Strategic Planning for an Agile World, Codeless Quality and Real-World Performance Engineering

OpenText (NASDAQ: OTEX), (TSX: OTEX) today launched the latest version of ValueEdgean innovative modular, cloud-based DevOps and value stream management (VSM) platform. ValueEdge23 includes new capabilities that build on the platform's existing functionality, enabling chief technology officers (CTOs) to accelerate speed-to-value eliminating the typical waiting, wasting and wondering in the development process.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Image of hand holding an ai face looking at the words "chatgpt openai"

What is OpenAI's ChatGPT and Can You Invest? (Updated March 17)

OpenAI’s ChatGPT is one of the latest technological breakthroughs in the artificial intelligence (AI) space.

The global AI market is already expected to grow at a compound annual growth rate of 38.1 percent to reach US$1.59 trillion by 2030 — just how much of an impact OpenAI’s ChatGPT will have on this space is hard to predict.

The emerging technology is representative of a niche subsector in the AI industry known as generative AI — systems that can generate text, images or sounds in response to prompts given by users.

Keep reading...Show less
SensOre

Half-Year Financial Statements 2022

Condensed Consolidated Financial Statements for the half-year ended 31 December 2022

SensOre Ltd (ASX:S3N) is pleased to present its Half Year Report.

Keep reading...Show less

OpenText Collaborates with Bayer to Simplify Digital Operations

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced that Bayer has selected OpenText™ Business Network Cloud Enterprise as a strategic solution for select B2B integration activities within the divisions Consumer Health & Pharmaceuticals, to increase agility and improve operational efficiencies. The collaboration was initiated with a proof-of-concept to be followed by roll-out activities.

OpenText logo (PRNewsfoto/Open Text Corporation) (PRNewsfoto/Open Text Corporation)

With a more than 150-year history, Bayer is one of the largest healthcare and agricultural companies in the world. By deploying Business Network Cloud Enterprise, Bayer will optimize and simplify integration with partners, enabling the organization to focus on their core business.

"We expect that our collaboration with OpenText, from the onboarding of customers through its roll out, is poised to have a significant impact on our global processes," said Björn- Christian Volckmann – Global Process Owner Order-2-Cash, Commercial Operations (Consumer Health & Pharmaceuticals). "As a global B2B EDI provider and trusted partner, OpenText will provide curated support and enable us to continue prioritizing leading edge solutions that will make a difference in communities around the world today, and well into the future."

Through industry leading Business Network Cloud Enterprise, OpenText supports the day-to-day operations relating to an organization's B2B integrations. By managing systems, integration, partner onboarding, transaction monitoring and more, OpenText enables companies to focus on their core competencies while benefitting from access to real-time business performance insights, simplified interaction with trading partners and a digital backbone that connects people, systems and things.

"With billions of B2B transactions being exchanged globally between organizations every year, successful and effective integration can be extremely costly and complex, often requiring continuous investment, specialized technology and expertise, to manage," said Muhi Majzoub, Chief Product Officer at OpenText. "By leveraging OpenText™ Business Network Cloud Enterprise, Bayer will be able to focus on their core business priorities with a simplified and harmonized system landscape that is backed and supported by one of the largest B2B Networks in the world."

To learn more about OpenText™ Business Network Cloud Enterprise read here .

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
Twitter | LinkedIn

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. 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.

Copyright © 2023 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 .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/opentext-collaborates-with-bayer-to-simplify-digital-operations-301759462.html

SOURCE Open Text Corporation

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×