Rhodes says, “It doesn’t matter the industry, if you have a video camera in your business, we can extract value from that video for you.”
Wedeo is a global video-based technology company that transforms massive amounts of client video content into powerful metrics and time trends, allowing businesses to quickly glean actionable insights. By identifying and analyzing customer and staff behavior, foot and vehicle traffic patterns, and specific events from clients’ video, Wedeo helps businesses to identify new revenue opportunities, reduce losses, boost employee efficiency, measure safety compliance activities, earn higher profits and run operations more efficiently. Seeing the magnitude of COVID-19, the Wedeo team quickly retooled the technology to score social distancing, mask wearing and other reopening metrics to help businesses.
The Wedeo Tech Platform
Wedeo’s platform goes beyond today’s standard technologies by using multiple layers of intelligence- both artificial and human - to provide valuable information to clients. Wedeo’s platform is highly scalable, flexible, and secure.
Utilizing artificial intelligence (AI), Wedeo performs preliminary coding to create the first layer of data by recognizing objects within the video content. However, the challenging business questions clients have are unlikely to be answered by AI alone. For example, purely AI solutions cannot recognize that a customer left without ordering at a restaurant because of the line queue. That insight needs a layer of human intelligence, so Wedeo recruits, trains, and certifies video decoders who augment AI’s gaps to enrich Wedeo’s measurement capabilities.
“We’re the first company that connects people who want video data with people who want to watch the video for money. Our technology platform connects those two sets of people for collective gains” states Amit Dhand, chairman and co-founder of Wedeo.
Video analytics will become a driving force in all the industries and the COVID-19 pandemic has further illuminated the need for accurate video intelligence
The company’s capabilities span multiple industries, ranging from retailers and restaurants, to automotive dealerships, and can benefit any enterprise that has cameras installed. For example, Walmart or McDonald’s can gain valuable insights on the in-store movement of customers, including details like foot traffic patterns, display engagement, and provide detailed reporting by day parts and more. Insights provided by video analytics can help businesses track safety protocols, enact effective advertisement, product placement, and promotion display campaigns. Moreover, businesses can utilize information gleaned by Wedeo to optimize staffing and plan schedules accordingly, thereby improving the overall customer experience and boosting margins. In the media industry, giants such as YouTube and Facebook employ thousands of moderators to watch videos that are flagged for violating policies. “The most prominent players have given up on implementing AI for 100 percent of video filtering; Wedeo can be a scalable solution to assist such businesses with their video moderation requirements” states Dhand.
Leveraging Camera Infrastructure
In a typical onboarding scenario, Wedeo engages with a client and works with them to leverage their existing security video infrastructure. Wedeo has several ways of accessing client videos – it can connect directly to cameras that the client has already installed, it can access video content that the client has stored previously, it can set up new cameras in the client’s locations, or even capture new footage through drone video. Wedeo then works with the client to define metrics and data points of interest.
Wedeo utilizes its multilayered platform to extract critical data points from the video and develops a dynamic dashboard to answer the client’s key business questions in a secure, interactive display with embedded client video clips. The resulting deliverable allows clients to interact with the extracted data, view representative video and drill into the metrics in one place to gain insights.
Wedeo recently launched a website to track reopening efforts for various cities around the world (www. reopeningwithcovid19.com). Wedeo intelligence interprets social distancing and mask wearing behaviors to establish public safety and compliance scores. Some AI-only solutions can evaluate social distancing, but Wedeo’s calculation is more accurate because the human intelligence component distinguishes whether people who appear not to be distancing, are together (i.e. part of the same “social bubble”). These scores and other compliance initiatives can be applied to all business and public locations.
“ It doesn’t matter the industry; if you have a video camera in your business, we can extract value from that video for you”
As a business example, Wedeo assisted a client in the food service industry. The client was keen to understand customer behavior during busy hours. A key question was “are our customers willing to wait in a long queue to place an order, do they prefer to pick out ready-made products from the refrigerator, or do they leave the store entirely without making a purchase?” Wedeo delivers answers to that question and more, with which the client is able to realize lost revenue opportunities and make decisions to improve operations.
In another scenario, Wedeo is helping a client comply with new regulations. For instance, tobacco and alcohol industry regulations are always changing; failure to adhere to regulatory standards can result in large financial penalties. Wedeo is helping one client to ensure that customers who are buying either a single pack or a carton of cigarettes are not underage, and to verify that the staff person at the counter checks customers’ ids before making the sale.
What Lies Ahead for Wedeo?
Wedeo is striving to help businesses and cities reopen safely with COVID-19. The world has now forever changed, and video provides a lens into compliance performance and crucial details for appropriate planning and adjustments. Given the focus on safety, these metrics will continue to be on the top of the company’s mind for businesses along with other customer behavior and employee operations metrics.
“It’s all about connecting people who have something to offer with people who have something they want through an innovative, easy to use and comprehensive technology platform. We have developed this platform and have proven it to be effective at making this connection and adding value to those people at both ends,” states Dhand.
Wedeo is comprised of a small, focused team that has built - and continues to enhance – its platform in record time. The company’s pipeline includes advancing its measurement capabilities and perfecting new interactive dashboards. Having already established itself in the restaurant and retail space, the company aims to expand into the social media space and other industries in the coming eighteen months.
“It is a highly profitable venture for us, and we will be ramping up our sales and marketing teams with a big push towards revenue,” concludes Rhodes.