Three Reasons Businesses Benefit from Video Data
November 17, 2016
The phrase “big data” has been popular in the business world for some years now. Yet the term has been used in so many different ways that you may still be confused about what it means and how your business can leverage it to spur growth.
Simply put, big data refers to the collection and analysis of sensor-driven or very large data sets. These data sets can be broken down to reveal important trends. Studying such trends can improve internal business processes and drive profits. In one study, 83 percent of professionals said they believe that big data makes products and services more profitable. Sixty percent stated that big data generates revenue for their companies.
One specific way your business can generate and benefit from its own big data is by leveraging information captured using video surveillance. Setting this up is easy: Combine IP-enabled cameras with a connected Internet of Things (IoT) platform, which can collect, manage and transform big data into refined and actionable insights.
Here are three benefits you’ll gain when you leverage big data through video surveillance:
1. Create strong customer engagement: Use a connected video system to understand customer interest levels and behaviors. For example, retails stores can count customers and study their purchasing habits over time, which will enable them to target customers more effectively. Plus, a connected video system can help retail business owners make informed changes to store layouts. Even the slightest environmental change—like altering the temperature, changing the music or dimming the lights—will ultimately impact your customers’ shopping experiences. Use the big data you collect through video surveillance to see how large numbers of customers react to environmental changes. This information will help you create better in-store experiences, leading to more sales and, ultimately, better brand loyalty.
2. Improve operations and efficiency: Studying video footage over time will allow you to discover key logistical flaws in operations that could be creating problems for customers. For example, determining where to place employees on the showroom floor isn’t an exact science. Stationing too many employees in a certain area may crowd or annoy customers, while placing too few may cause frustration. Likewise, you may discover that by rearranging aisles to alter movement patterns that customers will shop longer and experience shorter waits at checkout.
3. Bolster your security systems:Cameras and data repositories can be combined with cutting-edge security technologies, like facial recognition, for fast and accurate shopper identification. This is important for flagging and tracking suspicious customers (like shoplifting suspects). You will be able to capture exactly who is entering your store, and see whether they pose a threat to your business.
So don’t just collect video footage; use it to better your business. By combining IP cameras with an IoT platform, you can gain a wealth of information that will help you streamline operations and drive profits for your organization.