Hi Nilambari
It looks like the hostname is not recognized by your DNS server. You might need to get your Basis team to check on this.
The easiest way is to logon to the OS of the PI server and do a ping command:
ping myserver.mycompany.com
If it does not work, then try to ping using the IP address directly.
If ping by IP is successful but ping by hostname is not, then you need to get your network team to sort out the hostname resolution by the DNS server.
Rgds
Eng Swee