Competitive Business Intelligence with Video Analytics
Last Updated on April 24, 2021 by Team Wobot
Video analytics has been portrayed as a tool for providing homeland security for quite some time now, especially in Hollywood movies; but today, it has a much larger application for businesses. When a business decides to upgrade from a traditional video monitoring system to one that is driven by artificial intelligence (AI), it involves capital investment. Hence, concerns about return on investment (RoI) are understandable and this is where the value of video analytics comes in. The success of a business depends on its ability to amass enough information about the different facets of its market. Such information, termed as business intelligence, comes in different formats like reports, graphs, maps, and video footage, among others. These provide excellent strategic, tactical, and operational guidance to the business owners and help them make well-informed decisions.
Video footage needs video analytics to be useful
The use of video monitoring is increasing rapidly across industry segments with the primary objective of ensuring security to assets and infrastructure. Today, it has grown much beyond security functions as businesses are realizing the vast scope of utilizing the video footage more optimally from multiple cameras installed in their premises.
The retail industry alone has so much use for video analytics that it is now one of the main factors for determining marketing strategy in this industry. The face recognition functionality of video analytics is a very effective tool for analyzing customer behavior within the store, which can reveal a lot about customer preferences.
AI integration can ensure optimum utilization of video analytics
It is almost impossible for humans to manually analyze the enormous video footage that is generated and hence, video analytics is used to effectively utilize the footage for strategic, tactical, and operational objectives. Humans can barely analyze just about 1% of the video footage and even that includes many of the shortcomings of human efforts resulting from fatigue, monotony, and oversight.
Increasing the number of analysts is not a viable option economically because bridging the gap between 1% and 100% would require a very large workforce. There is no need to make such heavy investments when AI-enabled video analytics is available at a lower cost than employing a huge workforce to analyze the entire video footage.
Retail enterprises are among the biggest users of video analytics
In retail environments, video analytics provides excellent data about the movement of visitors and the zones where they spend more time. This can be very helpful in planning a marketing strategy based on the multi-dimensional analysis of customer movements and clues from their facial recognition analysis. Such analysis throws up excellent insights on customer preferences which is a key input for product development and brand positioning.
Never before had retail marketers access to so much data that offers precise insights about customer behavior and preferences. Today, AI-enabled video analytics have completely changed all that and presented retail marketers with the option of offering their customers exactly what they prefer. Supporting all these functions is a high level of compliance in the retail space by the personnel working there.
The different types of compliance in a retail environment cover consistent store supervision, process, safety, and hygiene compliance to ensure that workplace standard operating procedures (SOPs) are followed.
The hospitality sector can leverage video analytics to improve profitability
In hotels with banquets, coffee shops, fine dining, and convention centers, one of the major problems faced by the owners is the customer waiting time and queue management which can be significantly reduced using artificial intelligence.
The new normal has made it a mandate to ensure several other protocols and process compliances, be it regular disinfection process or constant face mask check; all of this can be ensured via AI-based video analytics. It can also be a very useful tool for ensuring hairnet detection for staff in the kitchen as well as the ones serving the guests. The rooms and suites contribute to about 65% of a hotel’s revenue but being private spaces, they cannot come under the scope of video monitoring. However, a lot of video footage of the remaining areas can come under video analytics and reveal vital insights about customer behavior and preferences. Based on that, hotels can try to increase their margins in these areas that are not entirely connected to room bookings.
To sustain and improve operational efficiency and quality, the hospitality sector must ensure a high level of compliance with hygiene, cleanliness, and safety SOPs. This is possible with high-quality AI-enabled video analytics.
Advantages of video analytics in manufacturing
Inside a factory or plant, one of the most important factors to ensure seamless and hassle-free operations is process and safety compliance by personnel at the shop floor. This is a prime concern for all factories and plants because it helps them avoid accidents and mishaps that can lead to serious injuries or even the death of workers. In today’s social media connected world, such incidents can result in very high cost for a business resulting from public and media pressure, not to speak of legal tussles.
The other use of video analytics in a plant or factory pertains to quality control wherein the optical character recognition functionality can be used to identify barcodes and other data on the packaging units. Quality standards have become more demanding today with growing customer consciousness and any negligence here can be very costly for a business.
Combining all the safety and quality-related compliances with the help of video analytics makes it easier for a plant or factory to adopt Industry 4.0 standardization. Without this, it is difficult for a business to be competitive today.
Predictive maintenance of equipment and machinery
For equipment and machinery, the thermal heat detection functionality can be used to identify the operational timelines and send out notifications for servicing. Also referred to as predictive maintenance of equipment and machinery, this kind of monitoring is operated with thermal cameras and infra-red imaging that generate a different kind of camera output or footage.
In addition to that, sensors on the equipment measure other metrics like temperature and vibration that are also analyzed for clues on the condition of the equipment. Analyzing all that data in quick time with the use of video analytics is much easier than getting humans to analyze them and filter out the critical data.
The durability and productivity of equipment and machinery depend on compliance with operational and servicing protocols. The use of video analytics ensures easier compliance with such protocols and even helps in widening the scope of such protocols over time.
Our product, Wobot.ai, is an AI-powered video analytics application. It helps organizations across food services, retail, hospitality, manufacturing, and healthcare, to leave behind the challenges of manual video monitoring and adopt AI-driven monitoring for more profits.
Wobot has been adopted by top brands across the world. To check more about Wobot.ai and how it helped Rebel Foods, India’s largest cloud kitchen restaurant company with over 300 kitchens in handling its hygiene, safety, and day-to-day operations, click here: Rebel foods Case Study.