In a rapidly evolving retail landscape, artificial intelligence (AI) is emerging as a powerful ally against shoplifting and administrative inefficiencies. Innovative companies are leveraging AI to enhance security measures and streamline operations, marking a significant shift in how businesses combat theft and manage workflows.
Key Takeaways
- AI technology is increasingly used to combat shoplifting, with significant success rates.
- Start-ups like Veesion are leading the charge with advanced surveillance systems.
- Workflow automation software is helping recruitment agencies reduce administrative burdens.
- The demand for AI solutions in retail and recruitment is on the rise, driven by increasing theft and operational challenges.
AI-Powered Solutions for Retail Theft
The retail sector has faced a surge in shoplifting incidents, prompting businesses to seek innovative solutions. One standout in this field is Veesion, a Paris-based start-up that has developed AI-powered surveillance software. This technology analyzes closed-circuit television (CCTV) footage to identify suspicious behaviors indicative of theft.
- Key Features of Veesion’s Technology:
- Utilizes machine-learning algorithms to detect unusual body movements.
- Claims to reduce shoplifting by up to 60% in stores using its system.
- Continuously learns from data to improve detection accuracy.
Veesion’s software is currently employed in over 4,000 stores across 25 countries, showcasing its effectiveness and growing popularity. The company has reported a significant increase in revenue, from €200,000 in 2020 to approximately €6 million in 2023, reflecting the rising demand for such technologies.
Addressing Administrative Inefficiencies
In addition to combating theft, AI is also transforming administrative processes within businesses. SourceWhale, a UK-based start-up, has developed a subscription-based workflow automation software specifically designed for recruitment agencies. This software connects various IT systems and automates daily tasks, significantly reducing the administrative burden on recruiters.
- Benefits of SourceWhale’s Software:
- Automates candidate follow-ups and business development tasks.
- Integrates data from multiple platforms, including LinkedIn and email systems.
- Provides a return on investment estimated between 12 to 18 times the cost of the technology.
Since its inception in 2020, SourceWhale has experienced rapid growth, with revenues soaring from €137,000 to €7.75 million in just three years. The software is now utilized by thousands of agencies, including major players like Robert Half.
Future Prospects and Innovations
The future of AI in retail and recruitment looks promising, with ongoing developments aimed at enhancing security and operational efficiency. Veesion is exploring additional features to help retailers detect employee theft, while SourceWhale continues to refine its automation capabilities.
Moreover, other companies, such as Solidstudio, are also venturing into AI technology to combat fraud in electric vehicle charging networks, indicating a broader trend of AI adoption across various sectors.
As businesses increasingly recognize the value of AI in addressing both theft and administrative challenges, the market for these technologies is expected to grow. With the potential to significantly reduce losses and improve efficiency, AI is set to become an indispensable tool for retailers and service providers alike.
Sources
- AI business technology takes on shoplifters and admin drag, Financial Times.
Peyman Khosravani is a seasoned expert in blockchain, digital transformation, and emerging technologies, with a strong focus on innovation in finance, business, and marketing. With a robust background in blockchain and decentralized finance (DeFi), Peyman has successfully guided global organizations in refining digital strategies and optimizing data-driven decision-making. His work emphasizes leveraging technology for societal impact, focusing on fairness, justice, and transparency. A passionate advocate for the transformative power of digital tools, Peyman’s expertise spans across helping startups and established businesses navigate digital landscapes, drive growth, and stay ahead of industry trends. His insights into analytics and communication empower companies to effectively connect with customers and harness data to fuel their success in an ever-evolving digital world.
