If protecting your company’s most valuable assets keeps you up at night, it may be time to invest in a security system.

Surveillance systems are great tools for not only protecting your business against theft, vandalism, and other criminal activity but can also offer tangible value to your business.

A video security system can help you to offer a more personalized customer experience leading to increased sales revenue as well as giving you more control over your employee’s operations which can impact efficiency, reduce risk, lead to fewer work injuries as so much more.

A security system is similar to insurance; it protects your business’s most important assets: your products, your supplies, and most importantly, your people!

Unfortunately, many people don’t realize how easy it is for incidents to occur until it’s too late. And in times of crisis, it’s helpful to have video evidence of how incidents occurred, what led up to them, so you can be proactive about preventing future incidents.

Still on the fence? Let us break it down for you.

Here are six reasons why having a surveillance system is worth the investment:

#1 Limit Liability and Protect Your Assets

Locking the door is not enough to keep your business safe. According to the 2018 Sensormatic Shrink Index Report, shoplifting accounts for 36% of losses in businesses of all sizes. In a moment of criminal activity, you want to make sure you are protected from any liabilities. Statistically speaking, the average robbery takes 90 seconds, but it usually takes law enforcement between 4-10 minutes to arrive at the scene.

Not only can security cameras help to deter potential burglars, but should an incident happen, they can also offer critical evidence for law enforcement and insurance investigations.

Evidence that can prove your innocence or another’s guilt. Either way, it’s one of the most effective ways to ensure you and your business are protected.  Without real-time footage, your business could be at risk of false claims or accusations. 

A video management system such as Milestone’s XProtect makes it easy for you to keep an eye on business activity, even when you aren’t physically present.

#2 Prevent Incidents Before They Happen

According to a National Retail Federation survey, brick and mortar businesses lose almost $50 billion annually to theft. 

Video management systems are worth their value in gold compared to the losses you could be facing by faring without one. Studies have shown that incidents such as theft (internal and external) and vandalism decrease significantly when a surveillance system is in place on your property. In fact, some businesses report seeing more than a 50% decline in incidents. 

Surveillance cameras also provide a great way to monitor high-risk areas such as entrances and exits, hallways, stairwells, and storage rooms. They are less costly than hiring full-time security officers for every entrance, and in addition, most surveillance cameras have excellent night vision. Axis’s Q1942-E Thermal Camera offers thermal surveillance and offers long-distance unobstructed views to widen your range of view. 

Having access to real-time cameras has been shown to be more productive and cost-effective than relying on independent personal security.  

#3 Video Surveillenance Can Be Used For More Than Just Security

Surveillance solutions are highly customizable and there are numerous ways to personalize your camera surveillance to fit your business needs and operations.

Here are a few examples of how you can customize a video management system (VMS) to suit your unique business needs:

• Facial recognition with VixiVizion to strengthen marketing and business operations. It can be used to see how often certain products are picked up, what’s in low stock, or help gather data on your real-time target audience.
• Solve money disputes with customers using integrators that host AI and data collection, such as Axis Communications
• Utilize access control to manage area access and foot traffic in designated spaces. This limits your risk from trespassers. There are even COVID-friendly touchless options to ensure maximum cleanliness to keep your employees safe and healthy.

#4 Meet Industry Compliance Requirements

Many industries throughout the U.S require surveillance on a local, state, or federal level. From the number of cameras, the views, and how long you need to keep footage for. After the California Consumer Privacy Act was passed in 2018, we are seeing more changes in U.S state privacy legislation. The IAPP Westin Research Center provides a U.S Federal Privacy Legislation Tracker that includes a list of privacy and surveillance-related bills proposed and its status in congress. Every state has its own laws on the terms of surveillance, and as a business owner, you should know how these can affect your business.

Bank Compliance:

According to the Federal Deposit Insurance Corporation(FDIC), due to the high-risk nature of banks, video monitoring is required in all U.S banking institutions.

Each institution needs to have, at the minimum, the following security devices:

• There needs to be a system monitoring secure spaces such as any vault or safe.
• Footage of activity in the banking office
• Retaining a record of any robbery, burglary, or larceny committed against the institution
• The physical characteristics of the structure of the banking office and its surroundings

In New York state, there is an extra layer of security for ATMs, following the security measure of a surveillance camera that shall record all persons using the machine.

Gaming and Casinos Compliance:

Nevada is the only state where all gambling and gaming is legal, and the State Gaming Commission requires all states to maintain a surveillance system.

A few regulations include:

• Surveillance systems shall be maintained and operated from a staffed surveillance room
• All video recordings of coverage provided by the dedicated cameras must be retained for a minimum of seven days
• However, any footage involving suspected or confirmed gaming crimes, unlawful activity, or detentions by security personnel, must be retained for a minimum of thirty days.

Cannabis Industry Compliance

Due to the still-new industry and the bad press surrounding the topic, states have taken precautionary measures to ensure security around dispensaries.

California has established the most strict laws, while Colorado has the oldest. Some of the guidelines state:

• California’s Department of Cannabis Control requires any company operating in the industry to retain footage from surveillance for 90 days. Colorado requires 40 days and in a format that can be easily assessed.
• Both states require 24/7 surveillance, but California has technical specifications of the quality of cameras. The digital camera must record 24/7, at a minimum resolution of 1280×720 pixels and 15 frames per second, at all times.
• According to regulations, “Each camera shall be placed in a location that allows the camera to clearly record activity occurring within 20 feet of all points of entry and exits on the business premises, and allows for the clear and certain identification of any person and activities in all areas required to be filmed”

Failure to abide by specific industry video and security compliances could lead to license removal or shutdown. With some VMS options, tools exist to help you stay in compliance and easily provide proof when needed.

For example, The Boring Toolbox is an awesome management integration for Milestone XProtect that makes monitoring your system health, retention rates, and documentation easy to view at-a-glance, and report on!  Watch a video of this helpful reporting feature in action.

#5 Video Surveillance Keeps Employees Safe and Productive

Your employee’s safety is a top priority. You may think that installing surveillance will negatively impact your trust with employees but studies show that it can lead to increased employee productivity.

When your employees know their interests and livelihoods are being protected by their employer, they’re more likely to devote more energy, time, and attention to their work.

Having a surveillance camera can also provide clear video proof when handling business productivity or disputes, especially for large market businesses. For commercial businesses, it’s important to have a record of customer and employee interactions or disputes to lead to a fair resolution. This proactive initiative can lead to a more positive work environment and also help to strengthen the relationship between management and employees. This would trickle down to improvements in turnarounds, employee satisfaction, quality of work, and overall success for the company.

Having a video security system in place can lead to

• Better communication between departments, improving overall productivity
• Reduction of workplace violence or harassment
• Employees are more likely to work at their fullest capabilities, knowing that they are being monitored

#6 Better Support Your Customers with Analytics and Insights

Surveillance plays a role in ensuring safety to customers, and satisfied customers ensure profit.

By analyzing video data, you can learn about your customers’ shopping habits, in-store experience, and discover other helpful patterns that you can use to improve your value offering.

A survey conducted by Gartner found the following trends about positive customer experiences:

• 75% percent of organizations are now able to show that customer satisfaction and a positive customer experience leads to revenue growth
• Using customer data is a crucial action step for optimizing business growth. Using integrators for Milestone Management Client can grow the quantity of data and therefore lead to a more informed decision.

You can also utilize video data to improve line wait times and optimize your store layouts according to customer habits and decision-making trends.

These days, video security systems can do more than scare away vandals and burglars.

A video security system can provide you with the critical information you need to increase your sales and build trust with your customers.

Through complex technologies like artificial intelligence and GIS mapping, we are seeing more and more ways to leverage a reliable and future-forward video management system to support your business goals.

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Let us help you uncover how a video security system can support and protect your business. Schedule a consultation with one of our security experts today.