Use your CCTV to generate business value

| January 30, 2018

In recent years we have seen various markets swamped with smart “Internet of Things” devices, non-more so than the IP Surveillance (CCTV) industry.  The performance boost in video analytics, has meant the deployment of actionable intelligence for:

  • queue monitoring
  • heat mapping
  • people counting
  • foot traffic
  • object condition
  • vehicle number plate recognition

Which has translated into actionable insight for management, security, marketing, sales, operations, health and safety and so much more.  IP Camera surveillance analytics systems can process, interpret and represent huge amounts of data in fractions of a second. This allows for Managers to make informed decision very quickly.

What’s changed?

Firstly, edge devices have got smarter and can do more advanced processing, while prices have either remained constant or even dropped. Making them more affordable for smaller commercial entities.

Secondly with the improvements in Artificial Intelligence using IP Surveillance video feeds   and biometric identification techniques it has given us the ability to “read” a video stream known as Internet of Recognition (IoR). Extracting valuable data from video footage such as facial features, or a specific colour of an object of clothing, or simply an object of a certain size has become a possibility.

Lastly many other technologies have also had performance enhancements such as Data storage, advanced video management systems and connectivity.

What is the impact for business?

Realtime actionable data that improves response time. For example, picking up intruders who are out of bounds via facial recognition and automatically contacting security, tracking busy Shopping ques to alert a manager to allocate more cashiers to the checkout area.

A real time count for how many people are left in a store at closing time on specific days, allowing management teams to consider if changing hours of operation would in fact translate into more profit on certain days.

Crowd data statistics at a busy RSL Club. By automating alerts employees and managers, they can prioritise their time and resources in specific areas, not only does this reduce employee workload, but ultimately adds to customer satisfaction.

Projections for the growth of video analytics are staggering, some research indicates it will reach $3,9 Billion by 2020 from $1,5 Billion in 2015 a 158% increase.

Improving ROI

Your IP cameras have the ability to be a sophisticated video analytics solution, which means getting more return on investment. Security surveillance investments are no longer an infrastructure expense, but rather an ongoing business solution that returns valuable insight to many areas of the business.

What’s Next?

How are video analytics going to evolve moving forward?  What is certain is computing power of IP cameras will get smarter, enabling video analytics to solve more complex problems. Autonomous solutions will be prevalent, possibly even smart predictive surveillance systems.

There are video analytics capabilities being deployed now that are changing the way businesses operate across every industry. If your business isn’t looking at what specific opportunities are available for your industry you could be missing out.

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Jeff Bradford

Jeff Bradford is the managing director of Element Security, an Australian firms offering a range of security solutions to clubs and businesses.