In 2021, 720,000 hours of video and 3.2 billion photos were shared daily on the Internet. What are the potential opportunities for companies to use this visual data – ethically – for better business performance? Computer vision data management – if done right – can be used to gain meaningful business insights, and give you a competitive advantage in a fiercely competitive marketplace. We will be taking a closer look at computer vision today, and you’ll learn how you can give your customers a better experience.
What is Computer Vision?
Computer vision is a rapidly growing type of AI which allows the extraction of useful information from various visual inputs, such as videos or images. It can give you visual analysis to accomplish the business goals you set with minimum human interaction and time. With the help of the cutting-edge technology of computer vision, businesses can find innovative solutions for specific problems.
Computer vision can solve long-standing issues in various industries and offer key benefits that you can leverage. It is available in many business areas including logistics, retail banking, manufacturing, healthcare and others.
Security and Fraud Control:
Computer vision features like behavior monitoring and facial recognition can help banks improve security and fight fraud. Caxia Bank gives its customers the option to use facial recognition technology to withdraw cash from their ATM. This improves user experience and security.
Facial Recognition System:
Most of the retail stores have cameras installed for security reasons. With computer vision technology, these cameras can be used to recognize loyal customers, as well as new customers. This identification can be used by retailers to offer relevant discounts in order to attract new customers or increase brand loyalty among existing ones.
Reverse Image Search:
Many customers stumble upon a product that they want to buy, but don’t have enough information. These products can easily be identified by object recognition technology which offers context information. This technology can be used to point consumers to similar products. Many eCommerce websites offer the option to “Try an Image Search” for customers.
Insurance Claims for Property Damage:
The insurance claim process can be very time-consuming. It is because a human has to visit the place where the damage occurred in order to validate the insurance claim and approve the payment manually. It is a way to speed up this process by automatically detecting and assessing damages.
Car Damage Assessment:
The computer vision algorithm analyzes the photos of cars to identify any damaged parts. The AI engine then determines the extent of the damage. Based on this assessment, the claim amount is calculated.
The most expensive activity in production is quality assurance. It is usually inspected manually. Computer vision can be used to detect minor defects that are not visible to the human eye. Report from Forbes shows that using ut in manufacturing can improve defect detection rates by up to ninety percent.
With the help of computer vision, self-driving cars have the ability to see around them. Cameras capture videos from different angles of the car and send it to the AI software. The software processes the videos instantly to identify objects, cars, pedestrians, edges of roads, and traffic signs.
It is a crucial part of health-tech advancements. Its algorithms can do various automated tasks like finding cancerous moles or identifying symptoms in MRI scans and X-rays.
To wrap things up!
Computer vision is now a leading factor in future technological advancements. Because it can adapt to different industries and business needs, the CV market will continue growing. Investing in it will give your business a competitive advantage faster than you ever imagined.