The phrase “big data” has been popular in the business world for some time. Yet many are still confused about its meaning and how it can be leveraged to spur business growth.
Simply put, big data refers to the collection and analysis of sensor-driven or large data set. The data can be broken down to reveal trends, the analysis of which may improve business processes and drive profits. A study found 83 percent of professionals believes big data enhances profitability, and that sixty percent believes it will generate more revenues.
One way to profit from big data is to leverage footage captured from 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 one will gain by leveraging big data of video surveillance:
1. Creating stronger customer engagement: Use a connected video system to gauge customer interest and understand their behavior. For example, retail stores may keep track of customer count and study their shopping habits over time. This will enable stores to more effectively target customers. Also, a connected video system helps retail business owners make informed decisions on store layout. Even the slightest change—like altering the temperature, changing the music or dimming the lights—ultimately impacts shopping experience for customers. The big data collected through video surveillance reveals how large numbers of customers react to environmental changes. It helps to create better in-store experience, leading to more sales and, ultimately, better brand loyalty.
2. Improving operation and efficiency: Studying video footage over time discovers key logistical flaws that can cause 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 crowded area can annoy customers, while too few may cause frustration. Likewise, rearranging aisles may induce movement patterns that lengthen consumer stay and shorten checkout lines.
3. Bolstering security system: Cameras and data repositories can be equipped with cutting-edge technologies like facial recognition for fast and accurate shopper identification. This is important for flagging and tracking suspicious customers (like shoplifting suspects). Businesses will identify who enters the store and whether they pose a threat.
So don’t just collect video footage; use it to better the business. Integrating IP cameras with an IoT platform supplies a wealth of information to streamline operation and drive profits.