Summary: Video analytics is an AI-enhanced product that analyzes surveillance videos and helps companies to improve their security, optimize the working process, reduce costs, and offer a more desirable customer experience. It gives hints on information analysis in the workflow and conduct, and the identification of threats, which are applicable in industries and can be used in creating wiser decisions and more efficient workflows that can be customer-focused.
Video analytics refers to the use of machine learning algorithms and artificial intelligence (AI) in order to automatically analyze and interpret video images that have been captured by surveillance cameras. The technology has revolutionized the manner in which businesses are conducted, as it has enabled them to identify and act on any security threats promptly. As an example, video analytics can be used in object (vehicles, people, or animals) detection and tracking by organizations. Facial recognition, behavior analysis, and crowd monitoring are also other applications of video analytics that can assist companies in recognizing individuals, any form of suspicious movement, including loitering or trespassing, and managing large crowds.
Nevertheless, the Benefits Of Real-Time Video Analytics are not limited to security, as the latter brings a number of other benefits, such as optimized operations, financial savings, better customer experience, and better data insights.
Optimized Operations
Live video monitoring will help organizations streamline their operations by tracking processes and identifying what can be improved. One example is in a retail business, where video analytics will help keep track of the traffic in stores and determine the high shopping times. This understanding could then enable the management team to change the staffing level and enhance customer service.
Similarly, a manufacturer could use video analytics to study production processes in order to identify any bottlenecks in manufacturing. Then, depending on the cause, these bottlenecks could be fixed by boosting staff count, adding additional machinery, or more effectively scheduling machine maintenance at less disruptive times.
One major corporation that has used video analytics to optimize its operations is McDonald’s. Back in 2015, the company announced that it would be using video analytics to monitor customers’ experience at the drive-thru to improve service efficiency.
The system that the global fast-food chain subsequently deployed used license plate recognition and object detection to decrease drive-thru wait times and improve customer satisfaction.
Cost Reduction
Reducing manual tasks and increasing efficiency are two significant ways organizations can cut costs. And with the help of video analytics, businesses can achieve these end goals.
For instance, a task like license plate recognition, which was previously completed manually, can be automated to reduce the need for physical license plate checks while actually increasing accuracy. Video analytics can also be used to monitor energy usage, identifying areas where energy consumption can be reduced to save money, or for monitoring warehouse inventory levels.
In 2016, the Transportation Security Administration (TSA) implemented video analytics in airports in hopes of reaping similar cost-effective benefits. The analytics were used to monitor wait times and improve the efficiency of security screening processes.
The system, which specifically used facial recognition and object detection, reportedly cut down on wait times and saved the TSA some manual labor costs.
Improved Customer Experience
For retailers, the customer experience is at the core of their performance, and video analytics help them understand how shoppers move and interact within the store. In a bid to enhance customer satisfaction and overall performance, retailers are increasingly relying on video analytics to monitor customers and know what they can do to enhance their sales procedures. Video analytics technology enables business owners to have important information regarding customer movements and preferences in the store. Following these patterns, the retailers can learn how customers behave with the products and move within the retail space. Moreover, video analytics may assist retailers in identifying those aspects that can be improved with regard to customer experience.
Besides enhancing physical layouts and display, video analytics will also enable them to get insights about customer demographics and behavior, including the time of the day or day of the week that customers demonstrate the highest customer traffic. This data can help retailers to better staff and promote their offerings. Through the use of this technology, retailers are able to take data-driven decisions that would result in fewer failures in marketing strategies, better store designs, and a more triumphant and consumer-focused enterprise.
Data Insights
One of the advantages of video analytics for business intelligence across various industries is the ability to extract valuable data. The valuable information obtained by video footage can be applied to the analysis of customer demographics, staffing, or even the flow of assets, such as equipment or vehicles, in a facility or warehouse to maintain security.
In 2020, the University of California, San Francisco (UCSF) demonstrated the utility of video analytics in the healthcare industry, particularly during the COVID-19 outbreak. UCSF also stated that it would be implementing object detection and machine learning to check the compliance rates of hand hygiene among employees that same year. The system helped UCSF identify areas with low levels of hand hygiene compliance, enabling them to improve training programs and ultimately reduce the transmission of illness in their hospitals.
Video analytics can be applied in every industry and used to monitor patterns and trends. The hospitality industry, for example, can analyze trends in previous guest behavior and preferences at specific times of the year. Owners of the business can then use this crucial information to make better decisions concerning new investments in new amenities and service offerings.
Resolute Partners offers warehouse security systems, cannabis video surveillance, Commercial Surveillance Systems, IoT integration solutions, Live Video Monitoring, and video security solutions for commercial and government enterprises. Contact Us to learn more.
FAQs
Video analytics is a system that processes video data and can automatically identify useful information and data through software. It improves business intelligence and business operations through the ability to do real-time monitoring, enhance security, streamline work processes, and deliver data to make decisions.
Business intelligence video analytics offers several major benefits, including increased security through real-time monitoring and enhanced operational efficiency through understanding of customer behavior and process optimization.
Video analytics is a method that improves business operations by increasing security and safety by offering real-time, automated threat detection and actionable insight.
Video analytics offer the possibility to streamline business operations and business processes, and can help optimize them by providing data on customer behavior, improving security, and improving workload through real-time data analysis and pattern detection.
Video analytics allows seamless integration into existing business systems and processes via APIs and data connectors to input video data that has been analyzed into business intelligence platforms, security systems, and operational processes.
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.
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