Much like the invention of electricity changed the world in the 20
th century, video is all set to become an integral part of human life now. Video is the “new next.” This was one of the key messages that Milestone Systems highlighted at its recently concluded MIPS 2021, a symposium that brings together its partners to discuss the latest developments and trends in video management technology.
“In the early 20
th century, electricity was the new next,” said Kenneth Hune Peterson, Chief Sales and Marketing Officer at Milestone Systems, in his keynote address introducing a central theme of the symposium. “[But unlike most people at the time possibly felt] the early pioneers didn’t see electric candles, they saw possibilities. They could see how electricity would change the way we live and work.”
Peterson added that the future of Milestone and its partners is as just as it was for electricity. We have just started to use the video, and the way we see it today is how electricity was seen in the early 20
th century. Its possibilities will have a massive impact on future generations, changing the way we live and work.
Businesses of the future should leverage the power of data that is captured from not just video surveillance cameras but several other connected devices. For Milestone, this means working with partners to help end users understand the tremendous potential of video technology.
Four Megatrends
Video and data aggregated from it may be a decisive factor in tomorrow’s businesses. But how does video technology evolve to create more business opportunities and markets? Bjorn Skou Eilertsen, Chief Tech Officer at Milestone, listed four megatrends to explain this.
Formative AI: The first megatrend is Formative AI, which refers to the set of emerging AI technologies that can dynamically change to situational variances.
Distributed cloud: This where cloud services are distributed to different physical locations. It is the next generation of cloud computing, building on the existing strengths of the technology to extend its range and use-cases.
Composite architecture: Organizational agility is unavoidable for business sustenance today. A composite enterprise driven by the collaboration of different solutions and APIs is the answer to this. The composite architecture enables a composite enterprise where integrations change swiftly as requirements change without having to reinstall anything.
Digital ethics: The ethical use of technology has received much attention lately and is set to become an even more important factor when AI-based solutions become more powerful. For instance, recent studies of Deep Fakes have shown how an average person may no longer be able to distinguish between what is real and what is not. Eilertsen pointed out that most of the talk around Ethics have been about compliances and risks until now. But in the coming years, digital innovation governance will be accelerated to become a license to operate.
From selling products to solutions to business outcomes
With the arrival of video analytics, many security companies have moved beyond their primary goal of protecting assets at a site. Even though end customers are still slow to adopt the business intelligence part of security cameras, the technology is very much ready and continues to evolve at a rapid pace.
Perhaps this reluctance is because companies have been trying to sell solutions (earlier they were products) to customers. Thomas Jensen, CEO of Milestone, said during his interaction at MIPS 2021 that companies should sell business outcomes to their customers, and it is what Milestone aims to do with its partners.
At its core, the term “business outcome” refers to creating value for customers. For instance, traffic management using video technology has been about monitoring speeding and issuing tickets, monitoring red light violations, etc., in the past. But video technology of the future will even help factors like reducing pollution, reducing congestion by redirecting traffic, predicting traffic patterns that will help emergency response vehicles know where an accident might occur, and so on.
The customer doesn’t know what he doesn’t know
If all this sounds too futuristic to you, that is because it is. Milestone clearly knows that end customers will not understand the potential of video to add value to their enterprises until they experience it. And this is not anything new to innovation. Henry Ford, the pioneer of motor cars, is reported to have said, “If I had asked people what they wanted, they would have said faster horses.”
Customers are aware of their problems, but not necessarily the best solution. This is an area where it intends to work with partners and end customers so that there is more awareness about video technology and its benefits.