Did you realize that today in every public place operators are watching you via CCTV cameras? But it is not that popular for business purposes yet. One of the reasons for that is high labor cost of 24/7 monitoring, which many companies cannot afford. But modern video analytics can cut this expenses, enhancing efficiency at the same time. Another reason is that companies are not aware of the benefits of video analytics. Very few vendors explain what business tasks it can solve in a simple and efficient way. Our goal is to fill this gap and tell you everything about video analytics.
How it works
Video analytics software recognizes video as series of frames, consisting of sets of pixels. When comparing pixels of each frame, the software can capture even a slight change. We view it in a video stream as motion. Motion Detection is the basis for more sophisticated analysis. Intelligent software can recognize the pattern of pixel changes and interpret it. Such method allows detecting if an object is missing, moved or added. Moreover, video analytics can recognize the object to track it among various cameras. There are many other technologies that help video analytics to do various tasks.
What challenges can video analytics solve?
People think that video analytics software is only useful for security purposes. Video Management Software (VMS) can prevent crime by sending alerts to the guards. It can also fasten the investigation process by doing the analysis within seconds.
But today businesses use video surveillance systems as well. For example, it can count customer traffic, detect long queues, and much more. McKinsey & Company forecast that retailers will be able to earn up to $1.2 trillion by 2025 every year. They will achieve it with the help of IoT (Internet of Things) applications. And the basis for most of them is video analytics.
Key benefits of video analytics
There are three major benefits that businesses can gain using video analytics.
1. Prevent losses.
Nowadays professional VMS allows to react efficiently to any undesired event. In case of a criminal attempt or any disaster like fire or flooding, the computer will inform the operator. It allows solving the issue earlier, reducing the damage. Companies can cut internal failure costs as well. Video analytics allows to detect machinery failure and perform immediate automatic shutdown of a production line. Furthermore, it can watch the staff work and detect any attempt to cheat or to steal from a cash register.
2. Cut Costs
Video analytics allows to use less manpower for the surveillance system. It results in lower labor cost as all the cameras in a big store need only one operator. For example, video surveillance system with professional analytics enabled Telecommunications Services of Trinidad and Tobago to reduce expenses related to vandalism from $20M to just $100K.
3. Improve the efficiency
Video analytics allows to implement the Internet of Things (IoT). For example, it permits to organize access to premises using face recognition or license plate recognition technology. Moreover, it can switch on the alarm and inform the police in case of a criminal attempt. Besides, video analytics informs managers about the number of visitors and their demographics. This information gives solid grounds for decision-making. Data-driven decision-making is a modern key to success, and video analytics is a hand to take it.
Limitations of video analytics
Although VMS uses high-end technologies, in some cases it cannot provide 100% accuracy. There can be obstructions in the video stream. For example, people counting module may treat carriages as people. Sometimes it results in a slight error. But integration with the innovative hardware can solve this issue. 3D cameras with infrared scanners can ensure the highest accuracy of visitor counting.
All in all, video analytics has high potential not only for security but also for business purposes. Special VMS algorithms can be set to meet business-specific needs. Video analytics promotes the use of data-driven decision-making and Internet of Things. Finally, it gives the modern companies opportunities to grow.