Godrej Security Solutions launches Smartfog, AccuGold to help protect jewellers
In the age of AI and Machine Learning, physical security systems are being evolved to become deeply integrated and comprehensive, adding new capabilities that can now handle more intelligent tasks to boost security and other operational function efficiency, says Pushkar Gokhale, Business Head, Godrej Security Solutions in an interview with Sangeetha G
Tell us something about new products like Accugold and Smartfog and the customer response to these products?
At Godrej Security Solutions, our latest offerings, SmartFog and AccuGold, are designed to cater to the unique security needs of financial institutions and the jeweler community. SmartFog is the first of its kind and the only concept to be introduced in the Indian market, providing an extra layer of protection to the overall security ecosystem. With advanced technology that can detect unauthorized access attempts, SmartFog is equipped with a remote cloud-based application and wireless technology for triggering the system. When activated, the system emits a thick fog made of concentrated liquefied glycol, which is harmless to humans but capable of immobilising intruders and causing panic due to zero visibility. This allows on-site personnel to take necessary measures to protect the premises.
AccuGold, on the other hand, is the most advanced and accurate gold purity-testing machine. This cutting-edge technology provides precise composition readings without damaging the ornament, making it an ideal choice for jewellers, banks, and financial institutions that require the highest accuracy to determine gold purity. Our commitment to providing the latest and most innovative physical security products is demonstrated through these new offerings, establishing us as leaders in the field of institutional security.
We are currently hearing a lot about artificial intelligence and machine learning. How is big tech being assimilated into Godrej Security Systems?
Being frontrunner in technology adoption for better customer experience, GSS has already forayed into products and solutions that are using AI & ML and has been working closely with tech partners to build a robust ecosystem.
For ex. our Intelli-access system runs on the software that uses predictive algorithms to inform the users about the closing time of the door of our safe once they have opened it. Similarly our another access control system, FRS- Facial recognition system, extensively uses ML to authenticate right employees for giving access to workplace.
Another application of big-tech is Autovault wherein we have revolutionized the conventional locker services by introducing robotics locker system which ensures immediate retrieval of customer’s locker box in a matter of seconds from a locker facility of more than thousand locker boxes.
How has been the growth of the company in the recent years, especially during the pandemic, and what are your expectations from the near future?
As we move forward, we expect to see significant growth in our revenue, with a projected increase of over 33% in the next three years. We hold nearly 60% of the market in the B2B sector. B2B segment growth is majorly fuelled by growth of Indian Banking segment which is now poised for sustainable growth post bad episodes of higher NPAs and loan scams.
Tell us something about the retail business and institutional business. What is the share of each and do you expect any changes in this in the near future?
For B2B business, our major customer segments are Banks, NBFC, Jewelers and Corporates for Physical Security products and in Premises Security Solutions, our prime focus is PSUs, Govt. offices and Homeland security segments and the total business portfolio is in the tune of 700 Crs which is expected to grow at 15% CAGR. For B2B our topline share of business is 60%. For B2C, our topline share of business is ~30%. We plan to increase the share to 50% in the next 3 years. We are expecting a CAGR of 27% for B2c Business Digitisation and Modernization of security are going to be play pivotal role in emerging security needs of B2B customers.
Which are the main trends playing out in the security market?
In recent years, the physical security market has undergone rapid change. Cutting-edge technology advancements and applications, like those in AI, machine perception, and IoT, are constantly pushing the boundaries of this sector. Security systems have evolved to be deeply integrated and comprehensive, adding new capabilities that can now handle more intelligent tasks to boost security and other operational function efficiency.
The variety of AI applications invites for more open ecosystems. More diversified AI products and applications that assist in resolving complex issues on a daily basis and satisfying the varied needs of customers have come to light. The industry is also exploring the potential of textual and aural AI, starting with visual AI. AI technology is developing to the point where it can train and optimise itself much more quickly than supervised learning. For industry collaborations, each of these calls for the expansion of ecosystems that use open resources, open technologies, and even open protocols.
The Internet of Things (AIoT) keeps the two worlds connected. Taking artificial intelligence a step further, we think the AI and IoT (AIoT) convergence will remain a major trend for 2023, reshaping the security industry's reach. Numerous industries and organisations now have access to more AIoT solutions that will not only offer intelligent protections but also improve operational efficiency.
With 24/7 imaging technologies, visual experiences are enhanced. Users of video security have a fundamental need to continuously capture security imaging with sharp clarity and colour, but the biggest obstacle to doing so has always been low light at night. We are now witnessing the removal of these difficulties due to the development of several new imaging technologies. In order to reproduce vivid colours in low-light environments, bi-spectrum image fusion technology, which uses two sensors, is being used to combine IR and visible-light imaging. Deep-learning algorithms are used by artificial intelligence-based image signal processing (AI-ISP) technology to significantly enhance visual noise reduction for night-time image optimisation.
Greater emphasis on system and device usability. Manufacturers are placing greater emphasis on system and device usability to improve their products; configuration processes, interactive experiences, installation time, and equipment maintenance costs.
How do you plan to expand the business going forward?
With an overarching approach of customer centricity to understand need-gap as well as emerging needs of the customers, we are working on multipronged approach to have sustainable business growth. Our new product strategy as per the robust MGPP and building well entrenched sales as well service infrastructure, are cornerstone of our business expansion strategy. Also, we are investing heavily into technologies for better customer experience and feature rich products and solutions.
