SeeChange enters into Loss Prevention Partnership with Ocucon

SeeChange, through its SeeWare video analytics and recognition platform, develops innovative solutions for the retail sector using advanced computer vision algorithms. Specialising in edge to cloud and IoT, SeeChange is at the forefront of building technology to revolutionise retail efficiency in a socially responsible way, through advancing machine learning technologies.

Recognising Ocucon’s strong relationships with major supermarket chains, along with its innovative range of CCTV cloud storage solutions for loss prevention and the natural synergies between both technology companies, SeeChange recently entered into partnership with Ocucon to accelerate the design and delivery of complementary technologies. A range of solutions are already in advanced stages of development, which are targeted at the loss prevention sector with the aim of helping companies to mitigate risk and to reduce loss, so as to improve their bottom line.

Personal injury claims, particularly in shops where businesses engage with customers on their premises, are already on the rise. Ocucon’s Cloud storage solution, which allows far greater storage and access to CCTV footage, is already helping to tackle this problem. Research by the Health & Safety Executive (HSE) has also shown that a high proportion of these incidents, which affect a wide range of individuals, from employees and customers to site visitors alike, are avoidable and predominantly result from a poor perception of risk.

Noteworthy is that there is a natural human tendency to rationalise shortcuts, particularly when under pressure. This phenomenon is driven by a number of heuristics, or shortcuts, which are hardwired into cognition. Heuristics are rules of thumb that facilitate quick decision making, however they use a limited subset of available information and they also lower the judgment of risk. Not only do heuristics produce fundamentally flawed decision making, they also become most prevalent when used to perceive risk, commonly generating poor results as noted within research from the HSE.

These factors present loss prevention specialists with significant challenges when looking to mitigate related risks. With recent developments in technology, bandwidth and processing power, humans can now be taken out of the recognition and reporting loop, through using machine learning and edge to cloud technology for the automatic raising of alerts for triggering action. By taking this type of innovative approach, SeeChange and Ocucon will release a range of AI based software solutions for CCTV systems through 2021 and beyond, which can be provided on or off network and give the loss prevention sector the tools that it needs to make material improvements in their bottom line.

Ocucon has notable experience of rapidly deploying solutions at scale, with 1,000+ stores at leading retailers and hospitality businesses using the Occupi Occupancy Management and Control System, a key factor that facilitated the tie-up with SeeChange. Complimentary technologies, particularly with regards to AI recognition aimed at reducing risks in shops, workplaces and anywhere monitored by CCTV, combined with the ability to deploy at scale makes this partnership a compelling proposition.

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