Milestone Systems, a global leader in IP video management software and surveillance solutions, has been at the forefront of this industry for the past 25 years. During this interview at ISC West, I spoke with the company's CEO, Thomas Jensen, and CTO, Rahul Yadav, about their experiences in the security industry, their vision for the future, and their commitment to responsible data management. We also explored their insights on how new technology is shaping the landscape, and what Milestone Systems is doing to stay ahead of the curve.
Thomas, Rahul, thank you for joining me. Milestone Systems, along with Axis, is one of the most active companies in our industry regarding partnerships, technologies, and how you approach the industry. In today’s business environment, what is your primary focus and direction? What is now driving business for Milestone?
Thomas Jensen: Over the past two years, we have implemented a new strategy to double our revenue in five years through market consolidation and by delivering excellent customer experience. The security industry’s expected growth rate of seven to 11% is modest, and we aim to exceed these numbers by delivering optimal safety and security solutions to our customers. Additionally, with over 50 players in the video management system sector, we see consolidation as necessary, given the critical importance of VMS in security operations. We have positioned ourselves to be the consolidator, and we're investing in the industry's future. It's interesting that you mention Axis and us, as we were among the original pioneers in disrupting analog into digital 25 years ago.
Speaking of disruptions, what is technology's current impact on your growth? AI and video analytics are hot topics right now; in the context of security, what do these technologies mean?
Thomas Jensen: As a specialized industry, we rely on technology to deliver value to our customers. We focus on insights and analytics, using AI and machine learning to drive innovation. Our research department comprises 25 highly qualified individuals, many with PhDs in machine learning. We are not interested in discussing technology advancements for technology's sake, but instead, we are focused on how these technologies can benefit our customers and society. Analytics and insights will play a crucial role in revolutionizing the industry, but we believe that responsible technology is the next big disruption, and it is our responsibility as technology leaders to step up and ensure that we do not misuse our customers' trust. At Milestone, we prioritize responsible technology and want to be at the forefront of this movement.
We're seeing concepts like sustainability, workplace diversity, and responsible data becoming more common in our industry. How is Milestone addressing these issues?
Thomas Jensen: Video technology is a tool that empowers individuals and organizations to make better decisions for good business outcomes. It provides safety, round-the-clock security, and increased operational efficiencies. However, as impressive as this is, we have an immense responsibility that comes with innovation. It's not enough to focus solely on the positive impact video technology makes; we also must identify and address any potential negative consequences video technology can have on society and its citizens.
In our research, we ask ourselves, "How can someone misuse what we do?" and then we build safeguards into our development processes and commercial contracts to prevent misuse from happening. It’s also important to get lawmakers involved in our conversations, so we can work together to regulate the industry and make technology work for society. As a technology CEO, I ask for more regulation and am willing to help.
And, yes, diversity in the workforce is central to Milestone, and we take it seriously when we look at securing our responsibility going forward. We work to attract diverse talent who can help us bring that responsibility forward.
Rahul, as Milestone’s new CTO, how do you see your role in an organization that is customer-centric?
Rahul Yadav: I see two sides to this. First, I agree with Thomas that the industry has been overly focused on solutions and products. We need to shift the conversation to focus on solving problems for users and customers, whether it be security personnel in a casino control room or police officers monitoring traffic activities, for example. Our technology decisions should be driven by this focus. And second, while there is much talk about a wide range of emerging technologies, we must remember that these are simply a means to an end. The goal is to help customers achieve business outcomes using their installations for security as well as for many uses beyond security. Technology such as AI, data analytics, predictive analytics, and computer vision will all play critical roles in this. Still, for growth and progress, the industry needs to adapt its products and technologies to better serve customer needs.
What is the most significant accomplishment over the last 25 years that can be attributed to Milestone?
Thomas Jensen: I'll give you two examples. One is our ability to process and manage high volumes of data, from the camera to the video screen to storage and for forensic purposes, in milliseconds. Our founder invented this technology, and it remains a critical component of our business. To put it simply, imagine you've just returned from vacation and downloaded all your photos. It takes time to view, share, and transfer them. However, with our technology, we can do this instantaneously. This reduction in latency has been a game-changer in how we use video for the greater good.
Secondly, there's the responsibility mindset, which I believe is underutilized in our industry and in technology. It's important that we engage with lawmakers to assist them in creating effective legislation rather than simply avoiding the conversation. These principles are crucial to our company's operations.
Exactly. Last question. Twenty-five years from now when we're sitting across the table talking, what do you think this industry will look like?
Thomas Jensen: This industry is radically transforming toward a technology-focused landscape, as demonstrated by the logos of big-tech manufacturers and IT players at this show. It is no longer the isolated security industry that it once was. I predict that this industry will become increasingly regulated due to the societal risks that come with technological advancements. Fortunately, as an industry, we have the knowledge and means to address these challenges and will lead the way, overtaking big tech from a responsible technology perspective — at least, that’s our ambition.
About the author: Steve Lasky is a 34-year veteran of the security industry and an award-winning journalist. He is the editorial director of the Endeavor Business Media Security Group, which includes magazines Security Technology Executive, Security Business and Locksmith Ledger International and the top-rated webportal SecurityInfoWatch.com. Steve can be reached at [email protected]
