Continuous monitoring and self-learning capability is required to mitigate risks from fraud and process violations resulting in huge losses to businesses. The Wipro Holmes Anomaly Detection Platform improves payment process integrity, adapts to changing business environment with machine-created rules, detects and prevents leakages. The Wipro Holmes Anomaly Detection Platform includes the following components: Reduce leakage • Duplicate payments: Duplicates with fuzzy matches • Wrong vendor payments: Payment of invoice to wrong vendor • Settlement discounts: Early warning system to avail cash discounts from on-time payment • Payment penalties: Avoid penalties due to payment delays • Discrepancies between PO, GRN & invoice: Price/quantity discrepancies between PO, GRN and invoice • Reversal anomalies: Reversal anomalies overriding standard three way or two way matching • Supplier statement reconciliation: Reconcile payments data with vendor statements Detect and prevent fraud • Suspicious invoices: Out of pattern invoices • Shell vendors: Fuzzy match vendor and employee information, single client vendors • Suspicious invoice patterns: Suspicious ranges, fixed interval invoicing • Multiple suspicious transactions: Multiple red flagged transactions for a vendor • Cumulative payment anomalies: Payment spikes, non-conformance to Benford’s law • Suspicious POs: POs without PR, purchase spikes, POs created during holidays/weekends • Suspicious approval patterns: Expedited approvals, approval with shared password, spilt POs/PRs • High risk transactions: Payment outliers based on multiple indicators (mode changes, etc.) Detect compliance violations • Contractual compliance: Exceptions based on past credit note patterns for volume/value rebates • Out of pattern supplier debits: Out of pattern debits non-compliant to terms • Pricing anomalies: Pricing discrepancies across vendors for the same item • Operational anomalies: New POs raised with existing open PO for the item, old open POs • Data integrity: Data entry issues in the invoice number, invoice date, etc. • One time vendor anomalies: Non-compliant usage of one-time vendors • Vendor level violations: Payments made to blacklisted vendors/dormant vendors • Non-traditional supporting documents: One-off alternate supporting documents
According to research report "Anomaly Detection Market by Solution (Network and User Behavior Anomaly Detection), Technology (Big Data Analytics, Data Mining and Business Intelligence, Machine Learning and Artificial Intelligence), Deployment, Service, Vertical - Global Forecast to 2022", The global anomaly detection market size is expected to grow from USD 2.08 Billion in 2017 to USD 4.45 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.4%.Browse 81 Market Data Tables and 54 Figures spread through 185 Pages and in-depth TOC on "Anomaly Detection Market - Global Forecast to 2022"Early buyers will receive 10% customization on reports.The need for security intelligence around intrusion and fraud detection, cyber espionage, and internal threats has triggered the adoption of anomaly detection solutions among enterprises.
Some anomalies on the network are deliberately caused by intruders with malicious intents, such as a Distributed Denial of Service (DDoS) attack in an Internet Protocol (IP) network, while others may be purely accidental, such as intrusion in a busy network traffic.
The Network Behavior Anomaly Detection (NBAD) solution is used in conventional firewalls and applications for the detection of malware.The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share in the anomaly detection market during the forecast periodThe BFSI vertical has always a had huge customer base, which leads to diverse flow of information.
It also leads to security threats, fraudulent activities, and network failures.
The region comprises countries, such as the US and Canada, which are witnessing a phenomenal adoption of anomaly detection solutions.
North America has always topped the list of the most affected regions in the world by threats, intrusions, and security breaches, and as a result, it has the largest number of security vendors.Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=138133262The major vendors in the anomaly detection market include Wipro Limited (India), Cisco Systems, Inc. (US), International Business Machines Corporation (US), Hewlett Packard Enterprise Company (US), Dell Technologies, Inc. (US), SAS Institue, Inc. (US), Symantec Corporation (US), Anodot (Israel), Happiest Minds (India), and Guardian Analytics (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
The report "Anomaly Detection Market by Solution (Network and User Behavior Anomaly Detection), Technology (Big Data Analytics, Data Mining and Business Intelligence, Machine Learning and Artificial Intelligence), Deployment, Service, Vertical - Global Forecast to 2022", The global anomaly detection market size is expected to grow from USD 2.08 Billion in 2017 to USD 4.45 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.4%.Browse and in-depth TOC on "Anomaly Detection Market - Global Forecast to 2022"81 - Tables 54 - Figures 185 - PagesThe need for security intelligence around intrusion and fraud detection, cyber espionage, and internal threats has triggered the adoption of anomaly detection solutions among enterprises.
In addition, network diagnosis and data cleanup required for High-Performance Data Analytics (HPDA) and software testing, are other factors contributing to the uptake of anomaly detection solutions globally.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138133262 The network behavior anomaly detection segment is expected to be the fastest growing solution in the anomaly detection market during the forecast periodNetwork behavior anomaly is a sudden and short-lived deviation from the normal operation of the network.
Some anomalies on the network are deliberately caused by intruders with malicious intents, such as a Distributed Denial of Service (DDoS) attack in an Internet Protocol (IP) network, while others may be purely accidental, such as intrusion in a busy network traffic.
The Network Behavior Anomaly Detection (NBAD) solution is used in conventional firewalls and applications for the detection of malware.The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share in the anomaly detection market during the forecast periodThe BFSI vertical has always a had huge customer base, which leads to diverse flow of information.
It also leads to security threats, fraudulent activities, and network failures.
The region comprises countries, such as the US and Canada, which are witnessing a phenomenal adoption of anomaly detection solutions.
