Digital data is considered as the better representative of the stored information. The reason lies behind the vast area of knowledge it supports and provides to calculate the business outcome. Tracking and analysis of digital data are easily done for making further strategy in the enterprise.
While most of the big companies target online stores and businesses, Corseco Technologies is applying digital power to consume the data from brick and mortar stores. Arush Kakkar and Vivek Singh started the firm in June 2016. Based in London and Delhi, Corseco Technologies is active in the field of warehouses, retail stores, and manufacturing industry. This B2B firm provides business intelligence to the stores’ owners in the form of customer insights. Owners can discover the number of customers, their shopping patterns, behavior analysis, and others.
What Does it do?
Corseco Technologies utilizes Artificial Intelligence and Video Analytics in the business to drive the company towards customer analytical data. The technology blend extracts data insights from the visual information associated with a particular store for which they use CCTV camera of the store.
The firm uses the footage of the preinstalled CCTV cameras at the store or warehouses without any other hardware. The recordings are then utilized to transform into business analytical reports. Arush shares that the AI system can track several objects via CCTV. It focuses on the objects that can provide intelligence towards decision making and strategic business planning.
Manual analysis of videos and screenshots are time-consuming. The platform of Corseco Technologies garners the CCTV data to process it in the backend. It then presents the information on the user’s dashboard in real time. Such results are useful for stores or warehouses to keep track of objects, people counting, license plate recognition, demographic access, product engagement analysis, and much more. In this way, the user will be able to grasp the understanding of customer priorities through their purchasing and behavior patterns.
Based on the behavior of customer, users or business owners can design developmental plans like strategies regarding stores layout and inventory management.
Within the short time span, the company has acquired an undisclosed amount funds from London-based, Sanjay Choudhari. Currently, the firm has 12 team members, which it wants to expand in near future. According to the founders, no specific competitor exists in the Indian video analytics market.
Israel, Russia, and the US consist similar companies for which Arush believes that their product is easily understandable for the retail business owners. Arush adds that their solutions follow accuracy using the current industrial techniques.
The systems after are able to filter information from any CCTV camera installed seven to eight years ago.
Some of the future plans of Corseco Technologies includes tech platform improvement for easier integration and maintenance along with making the tool modular. The team seeks to provide service in various fields of robotics, security, drones, and medical sectors.
The Bottom Line
Moreover, the video analytics market is anticipated to grow to $4.23 Billion by 2021. The Artificial intelligence has started playing a major part in the industrial operations and supply management. And it implies that AI provides a greater opportunity for such startups in the direction of digitization.