Retailers need to utilize full capabilities of video software to combat global retail slowdown
Tuesday, 5 September 2017
Author: Toyah Hunting
The research study Video Surveillance Solutions in Singapore was commissioned by Milestone and revealed that while satisfaction with video surveillance continues to remain high, few firms are fully taking advantage of intelligent video solutions, beyond basic functions such as surveillance today.
92 percent of surveyed retail businesses are satisfied with their current video surveillance solutions, with more than 50 percent of businesses recognizing basic benefits of video surveillance for security (96 percent), live recordings (61 percent), and entry and exit logs (53 percent).
Despite this, video surveillance is still only seen as a necessary business cost, rather than a tool which can help optimize business processes to drive growth.
Just under half of businesses surveyed (47 percent) were unable to assess the true benefits of video surveillance solutions and how it has improved staff productivity or profitability, but instead merely view video surveillance as a measure against security threats. Organizations, in particular, remain unaware of additional functions such as facial recognition and heat mapping, that can help improve operational efficiency by generating a strategic overview of their processes and/or customers.
Intelligent video surveillance will be the key to retail businesses surviving the disruption caused in their industry by e-commerce players. Improving technology, layered with analytics, will help companies to upgrade capabilities to combat productivity challenges while expanding their customer base.
“Video surveillance is still seen as a deterrent to threats, not as a business enabler. With the retail industry facing a productivity crunch and operating in diverse and complex environments, it is important to embrace technology that can help them to leverage the full potential of video beyond surveillance to achieve their long-term business goals”, said Benjamin Low, Vice President of Asia Pacific, Milestone Systems.
Read the full report here