Automate threat detection and response and minimize MTTD and MTTR. Leverage ML and real-time automation to supercharge your SOAR.
Use Case
The Must-Have Technology for the Energy Sector
With the capability of integrating data from different systems and processes, hyperautomation provides new valuable insights that can be used to better energy production and distribution, improve overall grid management and reduce the overall environmental impact in the energy sector. Hyperautomation helps oil & gas, utility and virtual power plant companies to quickly and effectively respond to changing market conditions and demands, such as increasing the use of renewable energy sources and the need to comply with regulatory requirements.
Powering New Value: What’s Enabled with Hyperautomation
With its powerful AI automation and analytics capabilities, Waylay’s hyperautomation platform provides companies of any size in the energy sector with a technology-driven approach to streamlining operations, increasing efficiency and productivity, and enhancing reliability, sustainability and decision-making with our data orchestration solution that automates and integrates multiple processes and tasks using IoT, IT and cloud data in the most flexible way.
Waylay’s Enterprise and Digital Twin platforms can be applied to automate and optimize various processes in field operations, including:
Fraudulent Credit Card Transaction Prevention
With the extensive use of e-commerce, credit card fraud has become a major issue that every bank, payment processing platform, and web-shop is facing. A big loss in business is not only related to fraudulent transactions, but also in denying legitimate transactions (false positives), which are deemed to be fraudulent leading to additional loss in revenues, high levels of customer dissatisfaction, and on occasion, posies a risk to customers traveling across states and internationally.
Coping with Legacy Systems
The conventional fraud detection approach is setting up rules which are executed against every transaction. These rules are “handcrafted” — it often takes an enormous amount of time and expertise to configure and tweak them. They are meant to find fraudulent activities and patterns based on historical records and expert knowledge, but they are often hard to change. Which means it’s very hard to keep up with new patterns, should those arise . Still, they are easy to verify and interpret and have been used and deployed over decades. In addition, these rules are often implemented as database stored procedures, making them applicable only to offline and bulk processing use cases.
Fraud Detection with Machine Learning
As fraud patterns are changing rapidly, new fraud detection methods are needed to move from a reactive to a proactive approach. In this regard, implementation of efficient fraud detection algorithms using machine learning techniques is a rather straightforward idea. Such an approach enables a system to adapt to new, unknown fraud patterns in real time. Machine learning models are also often hard to interpret. Even for trivial decisions, looking at the confidence score doesn’t yield to anything obvious. Moreover, all ML techniques result in a confidence score, where at the end of a day, someone needs to put a threshold on whether a transaction should be let through or not.
Whether it's automating manual tasks, improving network management and monitoring, or ensuring compliance with regulations, the intuitive interfaces and scalable workflows in Walay’s platforms make it easy to use and easy to implement.
Create powerful data automations with advanced rule logic modeling in no-time via our drag-and-drop plugins, sensors and templates. Waylay’s all-in-one, low-code solution taps into your existing software and hardware systems to unify your OT-IT and streamline your digital transformation with little to no effort.
Explore Enterprise
Waylay’s no-code automation solution empowers Salesforce and ServiceNow users with real-time asset monitoring—creating significant efficiency gains and quickly identifying IoT asset issues— by bridging the gap between connected assets and boosting visibility data, health and performance metrics.
Explore Digital Twin
Whether it's the need to reduce errors and inconsistencies, to improve compliance and regulatory adherence, or to better data accuracy and integrity, Waylay’s hyperautomation platforms make it easy to use and easy to address industry challenges.
With Waylay cloud-native solutions, you can maximize the use of AI and machine learning, enabling increased agility. Waylay’s automation technology has been designed to combine the best of two worlds. On one hand, Waylay can easily add many predefined filtering criteria and rules, which enables easy addition of multiple sources of information that are carried in every transaction, including information about the user, merchant, transaction amount and type, while delegating most demanding and complex transactions intelligently to suites of different ML models. These solutions can be then applied both in real time and bulk use case scenarios, taking your critical decision systems to the next level, yielding substantially higher levels of agility, depth, and speed needed to compete successfully for customers. This helps customers to increase speed and reduce risk when offering auto loans, mortgages, and credit cards. These new capabilities will also help them compete more effectively in newer areas such as buy-now, pay-later loans. In the end, the right approach to managing data in cloud-native decision systems has the potential to help companies bring new value to customers, market new products, and ultimately increase revenue.
Built on cloud, RovingEye comes out-of-the- box with AI algorithms and rulesets that gives any organization an edge combating fraud. The AI-based hyperautomated solution is equipped with big data processing capabilities with the latest security and access control measures to provide scale and resiliency for handling millions of transactions a day.
Upstream, midstream, and downstream, all need hyperautomation to optimize production efficiency, reduce costs, enhance safety, and improve operations. It automates repetitive tasks, reduces labor costs, improves operational efficiency, and minimizes downtime. Click below to download a solution brief on managing smart energy.
A must-have in wind, solar, and electric power is hyperautomation to provide real-time asset monitoring, prediction, and prevention of equipment failures, which enables faster response times, optimizes consumption, improves safety, reduces costs and improves the overall sustainability of infrastructures. Watch this video to learn how to leverage connected asset performance data.
Hyperautomation helps to resolve the growing operational concerns of VPPs by integrating data from intelligent systems and smart processes, providing valuable insights into energy production and distribution, optimizing the distribution of energy while reducing operational issues of scalability, and more. Download this use case to learn why service management is critical to VPPs.
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Fraudsters, armed with state-of-the-art technologies, are persistently targeting the finance sector. Consequently, these constant attacks contribute to the finance industry incurring hundreds of billions in losses annually.
With the extensive use of e-commerce, credit card fraud has become a major issue that every bank, payment processing platform, or web-shop site is facing. A big loss in business is not only related to fraudulent transactions, but also to denying legit transactions, which are deemed to be fraudulent, leading to loss in revenues, high levels of customer traveling and more.
Today, the competition in the financial services landscape is growing rapidly with entry from the non-banks. Small fintech companies are nibbling away at large financial institutions’ market share for their products and services. The major value proposition from fintech is a top of the line end-to-end customer experience.
As companies adopt technology to streamline operations and enhance customer experiences, the threat of cyber attacks looms large. This is where hyperautomation comes into play, by addressing these challenges head-on. By automating complex and repetitive tasks, hyperautomation helps businesses to stay ahead of the curve, detecting and mitigating cyber threats in real-time.
People are key in reducing MTTD and MTTR. Waylay offers intelligent automation tools to help teams improve incident detection and response rates. Waylay’s AI/ML enables advanced pattern recognition and anomaly detection on time series data, for a wide range of security and attack prevention scenarios. All of it occurs in near real-time thanks to the platform's support for serverless functions.
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