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CTO and Co-Founder, Mashgin. Powered by artificial intelligence and computer vision, Mashgin is the world’s fastest self-checkout system.
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What is computer vision? Even if you’ve heard the term before, chances are you’ll struggle to define it. Computational vision it is, in short, a technology that allows a computer to see, observe and understand. Powered by artificial intelligence (AI) that enables computers to think, computer vision works by training a computer to look at objects, images, photos, videos and other visual input and then draw meaningful conclusions from the information.
The use cases for computer vision are endless. He can see a plate of food from a corporate cafeteria and determine that it is a combo plate of chicken strips and fries and immediately determine the price, or look at the grocery store, immediately recognize all the items and calculate their total cost. Computer vision can look at photographic scans inside the body to detect disease. And of course, in one of its most famous use cases, computer vision is a key component in many self-driving cars.
Humans also make inferences from what they see, but computers can perform similar functions faster and often more accurately through the power of artificial intelligence. In addition, computers are not subject to the problems that people with recall and memory gaps sometimes have.
Computer vision is not something widely discussed in most business circles—yet. The technology continues to emerge, and while most people probably don’t realize how often they use it, computer vision will have a significant impact on the business world in the coming years. Here are four places where it’s already changing the way we do business.
1. Retail And Touchless Self-Checkout
No one likes to wait in line to pay for a snack at a convenience store or groceries at the supermarket. Even the addition of multiple barcode-based self-checkout options has not cleared supermarket bottlenecks. Actually, they can cause lines because customers are slower than a cashier at scanning a barcode; average 85 seconds per transaction at best. Standing in a long line at the store has become even less desirable since Covid-19. We’ve been told repeatedly to wear masks, avoid crowds and keep six feet apart from others.
Computer vision can correct these problems. Contactless checkout systems use computer vision to visually identify items presented from any angle and instantly tap them into a single transaction. No barcode scanning required. Consumers simply place their items in the kiosk tray and pay instantly. Computer vision technology can even recognize hot dogs or nachos purchased from a concession stand at a stadium or plates of food in a corporate or hospital cafeteria.
2. Healthcare
There is no bigger business than healthcare. Also, no industry is under more pressure staff shortages, rising costs of care and the relentless pressure to get it right every time. In the medical context, computer vision uses artificial intelligence to review and process images and aid in diagnosis. Computer vision can accurately calculate body fat using photos and measure blood loss during childbirth through images. A New York Hospital it even trains computers to review CAT scans and find neurological problems. Computer vision will ultimately help the healthcare enterprise by ensuring accurate diagnosis in record time, preventing disease and resolving medical issues before they become costly to both the patient and the healthcare system.
3. Banking
Computer vision will change the way you do banking in the same way that the ATM card did decades ago. Many banks already use facial recognition to validate identities for specific transitions. Banks are also moving away from using debit cards for transactions. Instead, they use mobile biometrics to validate identities so customers can withdraw cash, transfer money and more. Your daily financial life in the next decade will likely incorporate computer vision.
4. Cars
Computer vision could ultimately change the automotive industry as we know it. “Smart” cars powered by computer vision and using scanners, cameras and other data to navigate the streets are being prepared. While automated cars aren’t ready for the show, the industry is already big business. A self-driving startup recently secured $600 million to expand and has collaborating with both FedEx and Domino’s Pizza. Just imagine ordering a pizza and having it arrive via a self-driving car!
The road ahead
There are undoubtedly challenges to implementing computer vision technology, but the opportunities it represents as a technology could be life-changing. Companies are eager to implement computer vision. in a hyper-competitive world, it can deliver a return on investment in months rather than years. And while the ROI is good, there is more at stake. Over time, computer vision will make shopping easier, help us stay healthy, and even make it easier to do things like bank on the go. The upcoming changes won’t just help businesses across all industries. They will also help consumers live better lives and spend time on things that matter more.
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