Is video surveillance an underdeveloped asset in the world of Big Data analytics and security system management?
That is the question many security industry executives and managers are beginning to ask themselves as new technologies prove an expanded role for video content in the day-to-day operations of any competitive business environment.
For years, video surveillance has been thought as nothing more than an expensive insurance policy that protects the organization from theft, accident fraud and employee misconduct. Video has been a defensive tool in protecting assets, employees and customers, and continues to serve that limited function in millions of businesses today.
However, recently introduced software applications and technological advances have begun to move video surveillance from a reactive tool to a proactive role in developing data-driven strategies and in providing contextual video content for resolving a variety of timely business challenges.
Surveillance video has become both the blessing and a curse of the 21st century. We produce over 413 petabytes of recorded video data on a daily basis and have invested billions in recording and storage devices that house all of this information. For the past decade, the security industry has continued to create new and innovative ways to record and store video, but has not addressed the question of how to make the best use of video content produced by that expensive investment.
Until recently, the timely accessibility of this wealth of information has been challenging at best. More manual than automated, it was almost impossible to find a reliable way to correlate video with other types of recorded business data to take action or predict future behavior.
The challenge has always been that recorded surveillance video and traditional business computerized data is stored in different parts of the enterprise network and have not been considered a collaborative business tool across the enterprise. Other than time stamps and some programmed event trigger alarms, there were not too many reliable ways to use one in cooperation with the other.
With the introduction of simple exception-based reporting systems, video can now be proactively programmed to become part of any marketing, operations or investigation activity by linking it directly with the corresponding transactional or business data. This approach provides a more contextual understanding of any questionable activity or business opportunity.
Recorded and live video provides the ultimate form of contextual insight to know exactly what happened at any given date or time.
The applications for this new asset are obvious in the areas of proactive theft and fraud detection and prevention. The alignment of video and other recorded business data can also have a positive impact on employee training, inventory control, retail promotions and sales, and other areas of the business where predicting employee or customer behavior can lend itself to building a more competitive business strategy.
The emergence of IP video has made a lot of these new solutions possible. Digitizing live and recorded video has made it accessible to and compatible with other applications and video solutions available today. Business executives and managers are currently searching for new ways to democratize the data stored in their existing security and enterprise network equipment without investing in additional expensive hardware fixes.
There seems to be an inevitable convergence of video data with other forms recorded information that will connect customer actions and transactional events to one another. The ability to pull targeted bits of information from the collective data stream already exists with other forms of data. Retail, financial, entertainment, transportation and medical are all industries that are driving the demand for the context found in recorded and live video to improve their business operations.
Video surveillance is quickly emerging as a critical part of all future data-driven applications and activities. For better or worse, it has become an essential component in the information mix that is pushing data-driven content into all aspects of our lives and the corporate boardrooms. Video analytics platforms and other decision-support systems are in the market and can easily connect with any web-enabled device, such as, a smart phone, tablet or laptop computer.
The market acceptance of the trend to manage video and data content as a whole will drive the next round of video surveillance tools and applications, from a device that simply records events to a converged enterprise platform that enable actionable and timely business intelligence.
Mike Matta is co-founder and CEO of Solink in Ottawa, Canada. Matta has a long history in the creation and implementation of date analytical products and services.