Summary: AI-based video monitoring systems provide a high return on investment by lowering personnel expenses, increasing security, and providing constant, trustworthy surveillance. Contemporary AI-based security has greatly surpassed conventional ones due to tax write-offs, accident prevention gains, and robust analytics that uplift operations and productivity.
Every successful business and company prioritizes investing in the safety and security of the public, its employees, and its own physical assets. They also care about their Return on Investment (ROI) when making any major investment decision. Decision-makers will typically choose the best and most cost-effective option in the long term after considering the pros and cons. Conventional safety and security strategies typically integrate on-site security guards, security patrols, and commercial surveillance cameras that send the video footage to a recording device. Nowadays, IP security camera technology and advanced software functionality allow today’s AI-driven video security systems to deliver a higher ROI.
Savings on Security Costs
In most cases, advanced video security monitoring can pay for itself in under a year. This is predominantly due to reduced security staffing costs and improved public safety and security. Choosing high definition IP cameras, AI-driven software, and a reputable partner for system installation and real-time monitoring enables managed vidéo surveillance systems to support and reduce most security personnel staffing. These savings are the biggest factor to consider when evaluating enterprise video ROI.
New Video Security Systems are Tax Deductible and More Reliable
New high-definition video security cameras and smart surveillance system software are tax-deductible in many U.S. states. Section 179 of the IRS tax code allows CCTV systems for businesses to deduct the full purchase price of qualifying security equipment and/or software purchased or financed during the tax year. Section 179 provides annual caps to the total amount written off ($1,040,000 for 2020) and the equipment purchased ($2,590,000 in 2020).
Another major factor influencing video security ROI is reliability. When it comes to reliability, there is no doubt about a video security system’s credentials and dependability. A single security guard has a single set of eyes that can’t cover all areas simultaneously. An HD surveillance camera’s eyes, on the other hand, are on 24/7 in all directions. It won’t fall asleep, require a break, request leave, take a vacation, call in sick, or fail to show up.
Reduced Injury Accident and Workers Compensation Claims
In addition to monitoring for unusual motion and suspicious activities, smart video security systems provide opportunities for enhanced risk management and money-saving safety benefits. If an injury accident occurs, video footage provides a clear visual of the event. Seeing how an injury accident happens can be helpful in implementing safety protocols to prevent future incidents. High definition video camera footage can also be used as evidence to challenge Workers’ Compensation or injury accident claims that are not justified.
AI-driven Video System Analytics Boost ROI Even Higher
Another positive impact on ROI is the analytics that can help improve staffing, boost productivity, 24/7 monitoring, and oversee inventory. AI-driven video system analytics can provide deep insights into high-traffic days and times, enabling better staffing and customer experience. System data analytics can be used to monitor inventory stocks and provide signals about replenishment needs. Virtually every industry finds these additional deep insights among the most valuable for Return on Investment. With the number of entities investing in AI video systems increasing annually, all other options will soon be analog.
The Advantages of AI-driven Video Security far Outweigh those of Traditional Security Methods.
Introducing advanced technology changes into any organization is seldom an easy venture. When considering AI-driven video security monitoring, nay-sayers argue that the expense of implementation will be too great. Others question the ROI. Certainly, the up-front costs of equipment, installation, and the recurring costs of system management are noteworthy expenses. Long-term, however, the advantages of implementation are clear. Cumulatively, a tax-deductible AI-driven video security system will reduce security staffing costs, deter crime, provide evidence, improve safety protocols, and deliver valuable analytics. Traditional security methods and lesser systems simply cannot supply the same return on investment.
FAQs
AI-based systems save money on staffing security and enhance safety, and in many cases, can be paid back in one year. Their 24/7 surveillance, hi-tech intelligence, and tax deductibility make them have an enhanced long-term value in relation to the traditional guards and mere cameras.
The security staff saves a lot of money because AI-powered surveillance will never be off to watch over the business. This is the most common cost savings (of staffing), and reduced claims of injuries, as well as increased operational efficiency.
Yes, a lot of states permit the deduction under IRS Section 179 and allow businesses to claim the entire purchase price of qualifying security equipment or software in the tax year of purchase. This tax advantage also increases the ROI and affordability of the system.
Such systems record extensive images of the accidents, contributing to the identification of the causes and eliminating the copies. Unjustified claims on workers’ compensation can also be countered using video evidence, and the claims can be minimized, leading to better risk management and safety measures.
AI analytics provide data about the traffic, staffing levels, and inventory. This information assists in maximising the workforce schedule, enhancing customer experience, and minimising the stock levels, contributing to operational efficiency and enhancing the overall ROI.
Michael S. Blanco is the Chief Executive Officer and Co-Founder of Resolute Partners, LLC, where he leads strategic initiatives across various divisions. After owning family entertainment centers in New England, he co-founded Resolute Partners in 1996, launching the first Internet cafés for the U.S. Navy and partnering with AT&T for global deployment. A pioneer in wireless communications, Michael has expanded the company’s focus to include Energy Management/IoT, Cybersecurity, and Managed Video Security. He holds a degree from the Rochester Institute of Technology.
2 Comments
Leave a Comment
Stay up to date.
Subscribe for latest news, protection tips, special offers, and more!
Live Video Monitoring
Our trained video security surveillance monitoring professionals can quickly spot suspicious activity captured by business security cameras. We review live video to determine if criminal behavior is suspected.
[…] will reduce and deter parking lot crimes for years to come. An AI-based video security system has a high ROI, and can save considerable money over adding live patrols or video monitoring […]
[…] cumbersome security operations while helping employees feel safe. Finally, they deliver an extremely high ROI to positively impact your bottom […]