This is a new series about cameras and their relationship to face recognition, machine learning, and how, in the future, the ways in which we interact with technology will be radically different.
Follow the Kairos team as we explore the impact of cameras on technology and the ways your business can benefit from it.
In the previous blog in this series (The Middle), Cole mentioned that Visual Tech is
These innovations are creating an environment whereby costs and restraints associated with transactions are dramatically reduced or altogether eliminated — a Frictionless Market.
This market is made possible because businesses are striving to improve customer experience and operational efficiency through technology, all with the goal of reducing cost and increasing profits.
Here’s how it works…
The customer is always right: FCX
A successful customer experience model is arguably the most competitive leverage in business. And with its cameras watching and machines learning, Visual Tech is framing that model by refining, and revolutionizing, the Frictionless Customer Experience (FCX).
The three key concepts that define FCX are Product, Moment and Channel.
Simply stated, in order for a business to successfully develop a FCX, they need to master three actions —
#1 — Aligning their product perfectly with the customer’s job to be done.
#2 — Determining the precise moment to introduce the product to the customer.
#3 — Identifying the correct channel to use, to interact with customers.
These three actions are most accurately and easily facilitated by Face Recognition and Human Analytics. From gauging customer response to creating convenience, Face Recognition and Human Analytics are the main roads on the customer empathy map of business processes.
Many companies have begun employing these technologies to predict user behaviors — which enables them to take actions to prevent undesirable behavior (such as customer churn) and incentivize good behavior (like purchase intention).
The camera embedded sign in the front of the restaurant, for example, is gathering insights to be used for this very purpose. Artificial Intelligence is forcing the evolution of customer engagement and analysis, and Visual Tech is the cornerstone of this digital transformation.
Through this technology businesses are able to identify their customer base (Face Recognition) and determine what products/services they desire (Human Analytics) — thereby creating more immersive, thoughtful, customer experiences.
Convenience and ease of use have always represented a business’s commitment to thoughtful customer experiences. Yet, as we so rapidly transition into a fully digital consumer society, businesses are conforming to the fact that convenience and ease of use are fully expected, more than simply being appreciated.
$503bn — The amount of in-store mobile payments by 2020*. Driving a major shift towards identity enabled solutions. (*BI Intelligence, 2016)
Because smooth sailing is key: FOE
While directly impacting customer experience in a very indirect way, Frictionless Operational Efficiency (FOE) ensures that any non-value added activities that can negatively impact operational efficiency, are eliminated.
For example, in the retail industry, Visual Tech is enabling retailers to have more meaningful involvement in product design through video analytics and mobile data from WiFi on the showroom floor, along with 3D cameras positioned over displays. The insights gathered can be communicated immediately up the supply chain, allowing rapid optimization and change to product design, packaging or merchandising. Traditional sources of friction such as supplier travel to stores, or the need to create test showrooms and pay “secret shoppers”, are rapidly becoming history.
Visual Tech is also being used to reduce friction throughout the distribution process. Retailers are using analytics, drones and computer vision to track warehouse inventory in real time. Connected fleets let retailers know when products arrive at or leave distribution centers, and when stores should re-stock. With sensors on the docks, trucks and drivers — distribution is more predictable and cost-effective.
One for AI, AI for one
Retail is just one demonstration of industry use of Visual Tech in creating Frictionless Operational Efficiency. The use cases are endless, and the results are redefining business as we know it.
Those 45 billion cameras that LDV predicts will be watching by 2022 will all be strategically placed to ensure that we continue to evolve into a fully integrated, hyper efficient, customer centric market — revolving around convenience and speed.
And Kairos is excited to be a part of the process.