Information technology (IT) services firm Mphasis has been granted a US patent for an artificial intelligence (AI) system that tracks, manages and analyses data from unstructured sources.
The patented solution will help businesses optimise data aggregation and analytics across physical and digital data sources, the Bengaluru-based company said in a statement. It will also enable enterprises to draw real time, actionable insights from enterprise data sources such as emails, call centre transcripts, insurance policy documents, broker submissions, bank statements and customer complaints, it said.
According to Mphasis, such insights are necessary for enterprise decision making. The patented solution provides for automatically generating rules, and employing AI and analytics to extract, adopt, exploit and analyse data, it said.
The patented algorithms have been integrated in the company's NextLabs solutions, which provides business intelligence and analytics solutions, as well as DeepInsightsTM, a cognitive intelligence platform, to generate data insights, it said.
“In rapidly shifting markets, companies need to adapt futuristic systems and methods to recognise critical data as quickly and efficiently as possible. This patent further validates our innovation and capability to assist clients in utilising the latest technologies to examine cognitive analysis and emergent data,” Nitin Rakesh, CEO and executive director of Mphasis, said.
Earlier this year, New York headquartered technology giant IBM said that its Indian employees received 900 US patents from a total of 9,262 patents granted to the company in 2019, the second-highest tally from any country for IBM, right after the US.
For the June quarter, Mphasis reported a 4% growth in net profits to Rs 275 crore. During the period, the company also recorded the most deal wins in its history, with a total contract value of $260 million, including a large deal worth $105 million.