Last week, RILA's Asset Protection Leaders Council, made up of senior asset protection executives at RILA member companies, met in Nashville for their annual meeting of benchmarking, best practices discussions, and peer-to-peer networking. New to this year's meeting, the agenda included an Innovation Showcase featuring startups developing gamechanging technology for the field of retail asset protection. The startups each pitched their technologies and recieved feedback from the executives in a "Shark Tank" style panel.
We sat down with each of the participating startups prior to the event to get learn more about their approach to asset protection. Our Q&A with Facenote is below.
Q. Tell us a little about your technology.
A. Facenote is a platform that allows companies to recognize customers and employees in a simple way using facial recognition technology, enabling a new experience regarding customer satisfaction, employee safety and operational excellence. Unlike existing solutions, Facenote only requires a standard camera at the store or warehouse, and you can register new users for recognition as simply as sending a selfie.
Q. What makes your technology game changing?
A. By developing a platform that performs face recognition as a service, we leverage the requirements that make it easier for any company to use this kind of technology without incurring in expensive costs, capital expenditure raises or complicated hardware integrations.
Q. What sets your technology apart from other technology designed to tackle the same problem?
A. Our technology distinguish from other solutions on 3 main points: 1: We are faster. Our registration process only requires sending a selfie or picture as an SMS to onboard a new user. 2: We are 100% A.I. That means, we don't rely on hybrid solutions requiring humans doing the face matching. Our algorithms take care of that. And 3: We are easier to integrate. As our platforms works as a SAAS, is very simple to integrate with existing solutions inside the companies.
Q. How do you expect your technology to influence retailers' approach to asset protection?
A. We are confident that retailers will see the value proposition regarding a new approach to face recognition. Traditional approaches in using biometry for asset protection relies on special hardware and complicated procedures, both in terms of registering new users as well as in the detection process. By using a more organic approach, we give the opportunity to retailers to take advantage of an incredible technology without disturbing their existing processes.
Q. What do you see as the next big challenge or opportunity coming in the AP field?
A. We see a great opportunity and challenge at the same time in the field moving forward. Thinking about what face recognition technology provides for the AP field, not only in terms of the material losses and theft prevention, that is the standard implementation done by many companies, but in a much more broad sense, involving employee security and satisfaction, operational efficiency and future applications that are yet to come. Understanding facial recognition as a powerful tools that might improve employee lives, will help remove the "creepiness" and privacy concerns factor that traditional implementations brought. We need to work closely with the HR teams to find these opportunities.
Q. What excites you about showcasing your technology in Nashville?
A. We are excited about presenting our technology to such many industry experts. The vision and experience in the AP field that we will meet there will help us to understand the pain points and latent opportunities that we can tackle with our technology in this area. We are confident that this huge experience will teach us a lot in terms of needs and ways to help.
For more information on RILA's asset protection community, please reach out to Lisa LaBruno at email@example.com.