What is video analytics and how it can help increase sales

Posted by

Video analytics is software that’s used to monitor video signals and video streams using a special algorithm in real-time. This software identifies patterns, events, attributes, and other specific behaviours during the video monitoring through the video analysis of the monitored environments. This software also generates alerts to automatically aid the forensic analysis of data to identify trends, incidents, and patterns.

Video analytics software also enables the users to organize, analyze, and share insight that they gain from data to make better and wiser decisions. This will help the organization and agencies to be better coordinated in their operations. It’s possible to sort the data by date and time over some time to check for and analyze trends in business operations.

This technology has a widespread application, ranging from monitoring traffic law violations to vehicle patterns and people going into restricted areas, etc. It has now become an essential technology for organizations as well, especially since the pandemic broke out.

Many organizations learned about themselves during the pandemic that they are unprepared to manage unique security and safety challenges such as the one resulting from the pandemic. Thankfully, this has fastened the development of intelligent video analytics technology. There have also been breakthroughs in the areas of camera storage capacity and onboard processing power, which have contributed to the detection accuracy and the expanded capabilities of intelligent video analytics. The improvements have also led to progress in cloud-based video solutions, which can help to drive more flexibility, efficiency, and scale economics associated with remote system administration and security operations virtualization.

With video analytics solutions being on the rise and improving categorically, how can businesses take advantage of this to increase sales and grow their business? Here are a few tips that answer this question.

⦁ Resource management

Many organizations have a challenge with employing site security administration and guarding resources, and it is challenging to balance overhead costs. When you combine video analytics with remote video management solutions and VSaaS/Cloud solutions, you will be able to maximize the productivity of your sites, facilitate proactive responses to events, and improve the efficiency of your procedures.

Advanced systems like these can help achieve a great level of effectiveness in site security, needing fewer resources for management. This technology could potentially help to save operational expenses, which drive very clear ROI to drive market trends.

⦁ AI solutions and video analytics

There are many businesses and retail stores that can’t perform well with the limitations of the current circumstances. As people start to come out of lockdown, many businesses such as clubs and pubs expect that they see more patronage and ordinarily may require that they employ more staff to keep up with the ins and outs. However, businesses just coming out of a pandemic and barely surviving cannot afford to hire more staff.

This is where this technology comes in. It is more accurate than humans and is also more cost-effective. The use of video surveillance cameras preloaded with video analytics. These analytics will give them real-time information about the net amount of people in their premises per time and simultaneously keep account of the number of people leaving and coming in. This data is displayed in a format that’s easy to understand on PCs, laptops, and smartphones.

⦁ Business intelligence

One of the essential commodities that are traded today is data. This is typical for large social media platforms, and the user data is critical to the platform’s growth. About the business intelligence of an organization, video analytics solutions capture metadata points that give the business important reporting information about the key indicators or metrics that’s most important to the success of their business operations. Insights and visibility into the health of your business can make a lot of difference for your business. For instance, for a retail business, analytics capture different essential data points such as store traffic, transactions, heat mapping, incident reporting, sales conversion, line wait times, etc. With this information, businesses can adapt effectively to the market dynamics, manage their growth and boost profitability, and keep their competitive edge.

⦁ Occupancy

While this technology was developed for retailers to get a better understanding of their customer behaviour, it also helps in the identification of occupancy levels. According to essay writing service UK, this vital tool enables you to identify when too many people congregate at a particular spot. For instance, AI-Crowd video analytics can provide an estimate of several people within a crowded area where they could stop moving or more slowly. This technology will alert the user when the occupancy of a place is more than the specified threshold.

Like people counting analytics, it can be used out-of-the-box and deployed quickly while also running onboard cameras.

⦁ Preparedness planning

Operations planning for reopening and new norm strategies wasn’t part of our vocabulary a few months back. Organizations with the agility and resources to manage their facilities and operate remotely have had it easy trying to support the effort of business continuity and remain solvent. Businesses now look forward to a progressive, safe and secure plan to incorporate advanced analytics, video surveillance, and cloud service technologies to add more flexibility. This will help in building a strong, resilient muscle for managing potential disruptions.

This solution can scale rapidly and reduce the cost spent on infrastructure and hardware, & remote administration may be able to help with the efficient management of response and emergency communications to improve crisis management readiness and overall risk posture.

Conclusion

The use of video analytics is becoming increasingly crucial for businesses to increase sales, manage their operations, and ensure the growth of the business. Manufacturers now invest heavily in engineering so that they can improve their technologies and be more accessible and flexible. It will also make their implementation and deployment over existing infrastructure easier without fork-lifting out the systems in existence.


With Crowdfire, you can find curated content, schedule your posts, engage with your audience, deep-dive into analytics and create custom reports. Try it for free.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.