This article originally appeared in the October 2021 issue of Security Business magazine. When sharing, don’t forget to mention Security Business magazine on LinkedIn and @SecBusinessMag on Twitter.
A few weeks ago, I purchased a stock that I was sure would go up in value (who doesn’t). The first two days it did; however, my triumph was short-lived when new regulations in Macau dramatically and negatively impacted the stock’s price. All of a sudden, I was looking at a huge loss.
That scenario is not unlike many U.S. businesses who embraced the hope that the pandemic was over...until Delta hit; who embraced a massive and rapid influx in business...until the supply chain stalled (read more on page 28); who planned to provide more services...until they couldn’t hire enough people to make it happen.
For security integrators, traditional business planning and forecasting has been turned on its head for all of the reasons above. Nothing is normal anymore.
As we reach budgeting and planning season for just about every business – from security integrator, to security vendor, to, yes, security industry publications – many are embracing a new way to attack this challenge, and it comes in the form of technology that the vast majority of us in the security industry are now quite familiar: Artificial Intelligence and predictive analytics.
Forward-thinking organizations “are now leveraging data from internal and external sources, applying machine learning algorithms and generating predictive intelligence from which to mitigate risk and maximize opportunity,” according to Prevedere, which provides software to do just that – intelligent forecasting.
Security integrators and vendors are often looking to convince organizations to embrace these technolgies to create intelligent risk mitigation and security strategies...it stands to reason that the same type of technology can take some of the guesswork out of budgeting and future planning.
According to its website, Prevedere (https://prevedere.com) uses millions of global data sets, AI-powered econometric modeling, and deep economic expertise to identify and leverage external leading drivers for business performance. It is presented in the form of economic outlook reports, and opportunity and risk dashboards.
“By transforming their forecasting and planning processes, businesses can learn to navigate uncertainty and find openings of opportunity,” the company claims. “The new normal is changing every day, but businesses that have invested in the right tools will be more agile and strategic, rather than merely getting by.”
Beyond this particular company’s technology, there are certainly other sources to measure the current economic climate as it directly relates to the security integration market, and you just need some old-fashioned intelligence – as opposed to the artificial kind – to access it.
The Security Industry Association regularly updates its Security Market Index (SMI), which is available to members.
Alternatively, you could make sure to catch the December issue of Security Business, which will feature our extensive State of the Industry Report that provides many of these leading economic and business indicators specifically for integrators; however, we still need your help with this!
The more integrators who answer our survey means the more valid the data becomes, and you can use it to update or advance your forecasting and planning process both this year and next. Please take 5-10 minutes to fill out our survey at www.research.net/r/7D9ZKZ3 before it closes in mid-October; then, look for the extensive reporting and results in our December issue.
Paul Rothman is Editor-in-Chief of Security Business magazine. Email him your comments and questions at [email protected]. Access the current issue, full archives and apply for a free subscription at www.securitybusinessmag.com.
