Video Intelligence Fact vs Fiction: The Expert Edition

Graduating from its nascence, video intelligence is shaping up to be a booming market space. With an estimated market size of USD 8.37 billion in 2023, it is forecasted to have a CAGR of 23.9% between 2023 and 2030. Following this upward trend, video intelligence’s market size is projected to reach USD 37.55 billion USD by 2030.

Despite this growth, video analytics’ understanding among users is still rife with misconceptions. While the best of the best have been quick to adopt and leverage its many benefits, most businesses still have reservations about the scope of video intelligence, preventing them from tapping into its potential to transform business operations and unlock unprecedented efficiency.

With this blog, Wobot has taken it upon itself to do some much-needed myth-busting to bring the truth about video intelligence to light.

Unmasking Truths and Untruths

Myth 1: Video Intelligence Can Only Be Used in Tech-Forward Industries

Fact: Video intelligence technology is designed to be accessible. It can be utilized by any business that has previously invested in security cameras. Wobot AI integrates into an establishment’s existing camera systems to gather rich real-time data from incoming video streams, which is then delivered to users via its dashboard. The industries we primarily serve, such as QSRs, retail and manufacturing are centered around service and production rather than technology.

Myth 2: There is No Guarantee on Video Intelligence’s ROI

Fact: Video analytics products go beyond surveillance. Wobot AI enables businesses to make data-driven decisions to improve operational excellence, business efficiency, and customer satisfaction. The insights generated helps increase conversions, leads to fewer line abandonments, quicker customer service, and enhances customer engagement, all of which improve a business’s bottom line. With such factors combined, the use of AI can have an ROI of up to 300% (PwC, 2020).

Myth 3: Video Intelligence is Going to Replace Human Employees

Fact: With the help of historical and real-time data, video intelligence helps identify trends, pin-point patterns, and deliver rich insights to users. However, it is up to the users to utilize these insights. Video analytics expedites the collection and synthesis of data for decision-making, but human intelligence is necessary for turning this data into strategic decisions for the business. Similarly, the workforce is responsible for executing these decisions to achieve desired results.

Furthermore, humans’ capacity for nuance, socializing, and adaptively responding to their environments cannot be replicated by any form of AI, making it a tool that simply augments and assists human workers.

Myth 4: Deploying Video Intelligence Requires Additional Hardware Investment

Fact: When designed keeping users in mind, video intelligence solutions require little to no hardware investment. Services like Wobot AI integrate into existing camera systems, allowing them to double as data-generating entities that support crucial business functions. Its deployment is quick and easy, with an intuitive interface to go with it.

Myth 5: Video Intelligence Automates Business Processes

Fact: Video intelligence gathers business insights and delivers it to users to support effective decision-making. While this data can be used to make processes more efficient, it does not automate them. It is up to the teams using the data generated through the Video Intelligence system to call the shots and execute decisions.

Myth 6: The Implementation of Video Intelligence Disrupts Established Processes

Fact: It is valid to wonder about potential disruption such as non-compliance when implementing a significant change in your business. However, video analytics only enhances business performance and compliance by monitoring and delivering detailed data about employees’ compliance to essential SOPs.

Myth 7: Video Intelligence Hinders Privacy

Fact: Customer and employee privacy is not an issue with video intelligence as it can redact all recorded individuals’ faces, in compliance with privacy laws. Thus, nobody can be identified from the video/image data due to their faces being blurred out, protecting their identity and privacy.

Why Wobot AI is the Right Choice For You

Video intelligence is a proven solution in the realm of AI technologies. It transforms a previously untapped source of data (camera feeds) into actionable insights for greater success, giving businesses an upper hand over competitors. Wobot AI combines power and convenience to deliver a state-of-the-art solution catering to a wide range of industries.

Here’s why Wobot AI is the right pick for you:

• Requires no additional infrastructure: Deploying Wobot AI incurs no additional hardware costs as it integrates into your existing infrastructure, utilizing footage from your CCTV camera systems to monitor and track critical business metrics.

• Easy to use: Wobot AI’s insights are delivered to a single dashboard that has been designed to be user-friendly. It allows for quick visualization of key data and lets users easily toggle between different metrics.

• No-code solution: Using pre-built computer vision models, Wobot AI can monitor a wide range of indices. It does not require the development of any new models, making it a quick and cost-effective addition to your operational excellence arsenal.

• Scalable: Wobot AI is a highly scalable solution that can be installed in various locations and industries. It can be fine-tuned to measure what matters to your business and adapt to expand with your enterprise.

A Solution which Delivers

While video intelligence, and the adoption of AI as a whole, can seem futuristic, it is here to become a mainstay that redefines the bounds of a business and its workforce’s capabilities. With the right strategy and metrics, video intelligence enables enterprises to make impactful decisions that fuel growth, excellence, and happy customers.