How AI Video Analytics Help Video Monitoring Centers Save Money
What does AI mean for video monitoring centers? First and foremost, implementing AI technology allows them to increase situational awareness and improve operational productivity. With AI video analytics, no threat goes unnoticed due to fatigue, short attention span, or human error. Smart software automatically detects threats, filtering out false alarms and notifying operators of real dangers so that they can take proper action. This helps to save a lot of time and resources, which ultimately translates to money. Upgrading video surveillance with AI-powered systems does require investment, but also saves money, paying for itself. Let’s now see how cameras equipped with AI-powered software help cut costs and maximize ROI.
Reduce security staff costs and maximize ROI
Securing a site requires multiple operators to monitor numerous cameras round the clock, on-site security personnel and guards to patrol the area. The larger the facility the more staff is needed to effectively cover the area. Given the average security guard’s total cost, including hourly wage and on-costs, which ranges from $15 to $20 if they’re armed, hiring a security team can be expensive. What is more, it is impossible for humans to provide effective 24/7 surveillance around the entire property, watching all the areas simultaneously.
Partnering with a reliable security integrator and implementing advanced AI-driven software for real-time monitoring enables video security systems to improve public safety. AI can complete repetitive tasks faster and much more accurately than human operators. There is no need for continuous human monitoring. The system can provide real-time surveillance and analysis of the situation day or night and trigger alerts in the event of a threat.
With the ability of AI to analyze huge amounts of data, look for patterns and provide smart analytics, it is possible to increase the effectiveness of video surveillance systems with less staff. This is the biggest factor to consider when evaluating Return on Investment (ROI). In most cases, advanced video security systems can pay for themselves in under a year. Thus, compared to traditional safety and security methods, AI-driven video security systems deliver the higher ROI. According to McKinsey Global Survey, companies that have adopted AI reported a measurable uptick in revenue in the business areas where it is used, and 44 percent say AI has reduced costs.
We’ve done the calculation to show how Scylla AI-powered video systems are not only affordable, but also ROI-effective. Below is Scylla’s ROI calculator for you to see how much you can save on human surveillance.
Minimize human error
When it comes to physical security, human mistakes can cause serious loss or damage to organizations. Due to fatigue or loss of attention operators can overlook actionable events, especially when are helping to protect a large facility with a lot of employees and visitors. Thefts, unauthorized entry to sensitive areas, violent behavior or fire incidents may be unnoticed and result in severe consequences for people’s lives and do harm to company assets.
AI-driven video surveillance helps companies automatically identify intrusions, so they can be confident that no threat is missed, or detect fights and active shooting incidents before they escalate and cause severe repercussions. Early detection of smoke helps to minimize the damage from fires. Thus, implementing AI can help level up their video surveillance and additionally save company money.
Well-designed AI-powered software is accurate and can be updated over time to improve performance. This increases its efficiency and cut losses.
Reduce false alarms
Security officers are often overwhelmed with lots of false positives. Identifying them is a frustrating task causing time loss, noise fatigue and missing threats. They are also a nuisance for Police, Fire and Emergency Medical Services, as a tremendous amount of resources are required to respond to them. Therefore, cities fine business owners for false alarm calls, for example, if a police officer responds to an alarm but finds no evidence of criminal activity or an emergency at the premise, a company can be billed at a rate of $50 per response (it varies for different cities). Regarding false fire alarms, there is an ordinance that allows fines to be issued for repeated false fire alarms within a 365-day period. The fines begin at $100 and with continued negligence could go as high as $500.
AI-powered False Alarm Filtering solutions is the best way to address this problem. They automatically filter out false alarms, reducing their number by up to 99% and making video surveillance more effective, improving operators’ productivity and saving money.
Reduce workplace accidents and workers’ compensation claims
Workplace accidents cause injury to employees and wage and productivity losses to companies. The total cost of work injuries per year in the USA is $161.5 billion, according to the National Safety Council.
The best way to reduce these costs is to protect employees and help them avoid injuries or accidents in the workplace. In this respect, AI-powered video monitoring can do a lot. Firstly, AI can effectively identify safety hazards in real time. AI video analytics can be also implemented to check whether the workers adhere to safety procedures such as wearing the required protective equipment.
Another big issue AI helps to address is slip and fall accidents, which are among the leading causes of work-related injuries. According to the NSFI, 85% of workers’ compensation claims are attributed to employees slipping on slick and wet flooring. Being notified of a slip and fall accident, security operators can provide immediate response, thus reducing the possibility of severe consequences.
With AI video analytics, companies can proactively monitor and identify spills. This can help prevent many injuries. Studies have shown that for every dollar invested in injury prevention, there is a return of between $2 to $6.
High-definition video footage from cameras can also be used as evidence to challenge Workers’ Compensation or injury accident claims that are not justified.
AI technology is a great tool for video monitoring centers as it delivers higher safety, increased efficiency and cost-effectiveness. Due to the capability of AI to automate tedious, repetitive tasks, monitoring companies can free operators from continuous monitoring and thus considerably reduce security staffing costs. It also allows them to significantly reduce false alarms and minimize human errors which ultimately results in cost savings and a quick return on investment.
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