Traditional Safety and Security Methods vs AI-driven Video Security
Every successful business and company cares about investing in the safety and security of the public, employees and their own material assets. They also care about their Return on Investment (ROI) when making any major investment decision. After weighing pros and cons, decision makers generally opt for the most effective and least expensive choice long-term. Traditional safety and security methods typically blend on-site security guards, security patrols, and surveillance cameras that relay captured video to a recording device. Nowadays, modern security camera technology and advanced software functionality allow today’s AI-driven video security systems to deliver the higher ROI.
Savings on Security Costs
In most cases, modern smart video security systems can pay for themselves in under a year. This is predominantly due to reduced security staffing costs and improved public safety and security. Choosing high definition cameras, AI-driven software, and a reputable partner for system installation and monitoring enables managed video security systems to support and reduce most security personnel staffing. This savings is the biggest factor to consider when evaluating video security 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 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 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 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 to ROI are the analytics that can help improve staffing, boost productivity, monitor traffic, 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, 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 cost 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 simply cannot supply the same return of investment.