I am a bit confused, since you mentioned problems with digital outputs in your first post and now you are talking 5V output and analog inputs....
"Open collector" means that there is a transistor (or equivalent circuit) at the output. The base of the transistor is driven by the control board and the emitter is connected to system ground (GND). The collector is connected directly to the output terminal (or pin) without any additional circuitry, so it is "open".
When the control board sets the base terminal of the transistor to a higher voltage, the collector of the transistor (or the output pin) is connected to GND and you will not see any voltage. When the control board sets the base to zero control voltage, the output transistor will not be conductive. But since there is no connection to the collector, you will not see anything usable at the output. The output (or collector) must be connected to the supply voltage (+5V, sometimes this voltage is available at the output terminal) via a resistor. The current to this resistor will cause a voltage of (almost) 5V across the transistor.
This is basic electronics, but I know that many software guys are everything but familiar with this (just as we hardware guys do not know about software). If you still have problems how to get proper levels from an open-collector output, you should ask a senior colleague.