Real-Time Video Analysis for Automated Budgeting and Wish Lists
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Solution Overview
Problem
Budgeting for large purchases, such as houses or cars, is challenging due to difficulties in predicting future expenses, requiring time and often expert advice, and individuals may stray from their budget, leading to delayed purchasing goals.
Innovation Solution
A system using real-time video analysis on mobile devices, incorporating augmented reality, to assist users in populating budgets and wish lists by recognizing products and budget data within a video stream, providing real-time updates and financial insights, allowing users to easily plan and manage their finances.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional budgeting methods are used, then financial planning is possible, but it requires significant time, expert advice, and is difficult to maintain
Solution Approach 1:
The system automatically performs budgeting tasks by capturing images of products, automatically identifying them, retrieving pricing information, and updating the budget without requiring user intervention in these steps. The budget updates itself based on captured images and current pricing data.
Solution Approach 2:
The patent replaces manual budgeting processes with automated computer vision and image recognition systems. Instead of manually tracking products and prices, the system uses mobile device cameras and AI algorithms to automatically detect, identify, and monitor products and their prices.
2Reliability
If manual product tracking is used, then wish lists can be maintained, but it is easy to stray from the budget and delayed purchasing goals
Solution Approach 1:
The system continuously monitors captured images against the budget and wish list, providing real-time feedback when products are detected. It automatically updates the budget status and notifies users of spending changes, keeping them informed and accountable to their financial plan.
Solution Approach 2:
The mobile device serves multiple functions: it acts as a camera for capturing products, an image recognition system for identifying items, a database for storing budget and wish list information, and a communication device for notifying users of budget updates and product detections.
3Productivity
If real-time video analysis is implemented, then automated product recognition and budget updates are achieved, but processing power and computational resources are required
Solution Approach 1:
The system segments the processing tasks between the mobile device and remote servers. The mobile device performs initial image capture and basic processing, while more computationally intensive tasks like detailed product identification and database updates are handled by remote servers, distributing the energy burden.
Solution Approach 2:
Instead of continuous processing, the system uses periodic action by triggering analysis only when specific events occur, such as when a product is detected in the captured image or when price information changes. This reduces unnecessary computational energy consumption while maintaining up-to-date budget information.
Data Source
AI summary
System, method, and computer program product are provided for using real-time video analysis, such as augmented reality to provide the user of a mobile device with real-time budgeting and wish lists. Through the use of real-time vision object recognition objects, logos, artwork, products, locations, and other features that can be recognized in the real-time video stream can be matched to data associated with such to provide the user with real-time budget impact and wish list updates based on the products and budget data determined as being the object. In this way, the objects, which may be products and/or budget data in the real-time video stream, may be included into a user's budget and/or wish list, such that the user receives real-time budget and/or wish list updates incorporating product and/or budget data located in a real-time video stream.