Artificial Intelligence Visual Analytics (AiVA), a deep-tech A.I. start-up based in Cluj-Napoca, Romania focused on creating cutting edge A.I. solutions and Smart Business Technologies (SBT), a high-tech solutions provider based in Madrid, Spain, focused on the Retail and Manufacturing sector today announced a strategic partnership to bring visual A.I. solutions to the Retail market.
The direct synergies between AiVA’s A.I. solutions and SBT’s experience in consultancy and technology implementation will allow Retail chains to leverage their existing CCTV infrastructure to increase in-store revenues, reduce loss due to shrinkage and help understand their in-store customer’s behaviour and needs better than ever before.
According to research, retailers lose nearly USD 100 billion worldwide or 1.82% of annual sales every year to shrinkage due to shoplifting, employee theft or procedural mistakes. The adoption of self-checkout counters by the Retail industry further increases the chances of shrinkage in each store. In addition, long queues at checkout counters also cost retailers more than USD 37 billion in revenues and are a source of lowered customer experience.
AiVA and SBT overcome these challenges by deploying AiVA’s proprietary cutting edge A.I. solution which plugs directly into existing CCTV cameras. The solution does not require Retail chains to invest in additional CCTV infrastructure saving significant time and costs while retaining their data security and customer’s privacy. The solution leverages edge A.I. – meaning that the A.I. works from the store premises like any other human employee – which is tightly integrated with the cloud for convenient data access and visualization, allowing Retail chains to start seeing the benefits immediately.
“AiVA’s focus is Bringing A.I. to Life which means not only do we create cutting edge A.I. also help clients adopt A.I. into their businesses. It is our pleasure to announce the AiVA – SBT partnership to offer Retail chains a way to monetize an asset, their CCTV infrastructure, that has until now simply been a cost function.”, according to Pushkar Chatterji, CEO of AiVA.
“SBT always is looking for adding value to the retail market in two ways, sell more and lose less. This strategic partnership with AiVA will bring us new options to help to retailers lose less with real time AI technology”, according to José Alvarez Abad, CoFounder & Senior Vice-President of SBT.
AiVA is a deep-tech start-up focused on creating A.I. solutions that help clients monetize their CCTV infrastructure by unlocking data that is collected but never used. AiVA’s A.I. lives in a plug-&-play Perception Device that integrates with existing CCTV infrastructure and extracts data based on what it “sees” through the cameras in real-time. The video data itself remains on premises while the A.I. sends its observations to the cloud therefore keeping the data GDPR compliant. Clients can access their data in real-time on the cloud and can view customized visualizations that help in better decision-making.
SBT is a tech company focused in the implementation of latest technologies for retail market around 3 areas, Analytics, Operations & UX, Security & Loss Prevention. Operations in 20+ countries with customers, which over 90% are multinational chains. With a 360 degree vision of the customer needs, SBT offers technology around 3 pillars: Useful, easy and profitable for our customers.
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