The new emerging technology we call IoB is an extension of the Internet of Things (IoT). IoT is a system consisting of networks of sensors and smart objects. The purpose of the IoT system is to interconnect all “Things” in such a way as to make them programmable, intelligent, and capable of interacting with humans.
There has been a significant increase in the use of IoT devices in the past few years. This includes, but is not limited to, smart wearable devices, home voice controllers, doorbell cameras and smart light switches, etc. And the data collected from these IoT devices provide valuable information about users’ interests, behavior, and preferences. This is what has led to the emergence of the Internet of Behaviors (IoB).
The Internet of Behaviors (IoB) is a collection of huge sets of data that can help drive or influence user behavior. It is a combination of technology, data analytics, and behavioral science. It aims to understand user psychology by studying online user behavior. This framework can collect, analyze, understand, and then respond to all types of human behaviors using machine learning algorithms. User behavior is monitored and then influenced so as to meet desired goals. Doing this can help improve the efficiency and quality of the products and services offered.
The above figure depicts the IoB framework, where IoT devices collect data and information. These insights are then fed to the Internet of Behaviors, which provides knowledge and wisdom.
Use cases of Internet of Behaviors (IoB) :
1. A health application that is capable of monitoring a person’s diet, exercise, weight, sleep patterns, heart rate, stress level, oxygen level, blood sugar levels, and the like can alert the user in case any of these values warrant attention so they can seek help or advice from healthcare providers and work towards a positive outcome.
2. IoT-enabled cars capture data around a person’s driving behavior. With the help of IoB, this data can be used to analyze the driving behaviors of people in detail to answer questions such as: Where does he drive? How often does he drive the vehicle? This data can be used by insurance companies to price their products to influence the driver’s behavior.
Internet of Behaviors (IoB) in business :
The data collected and information gleaned from IoT are used to generate knowledge and wisdom about user preferences, behaviors, and interests to promote new products, or devise marketing strategies.
According to a Gartner report, 40% of the world’s population will be tracked through the Internet of Behaviors (IoB) by 2023, and this number will increase by 50% by 2025.
This information can be used by private/government organizations for different marketing purposes.
Soon, the Internet of Behaviors (IoB) will become key to sales and marketing due to its ability to influence customers to behave in a certain way.
Benefits of Internet of Behaviors (IoB):
Today, companies are using the Internet of Behaviors (IoB) to observe changes in behaviors to achieve the desired goal of selling their products and services. This emerging technology can benefit enterprises in different ways, including creating positive engagement with customers, perceiving when users start showing interest in products, and gaining deeper insights into understanding the user journey from discovery to purchase. Following are some of the benefits of IoB.
1. Marketing Products Effectively
IoT generates a lot of data and information. When this previously unavailable information is processed by IoB, it becomes easy to identify the platforms that users interact with and get detailed information about customers. This data can be used to implement effective marketing strategies for these users/customers and then send them real-time notifications and targeted ads.
2. Improve User Experience
Companies can improve the overall product experience for customers by leveraging the detailed information gathered from the Internet of Behaviors (IoB). This can help them improve customer engagement and increase their CSAT scores.
3. Better Customer Service
The more IoT devices people use, the more information can be gathered about them. This information can help in providing better services and quickly resolving issues faced by customers.
4. Driving More Traffic to Websites
With the emergence of the Internet of Behaviors (IoB), an improved version of SEO, Search Experience Optimization (SXO) has been developed to increase website traffic and market product and services better.
Risk :
The most important risk with regards to IoB is User privacy – in a way, IoB poses a threat to privacy. Cybercriminals can use this data to identify user habits, access banking codes, and steal sensitive information, making users vulnerable. Thus, it is very important to have a secure platform to store and process data with the help of tools such as Confidential Computing, E2E encryption, or SDP tools.
References :
July 18, 2021You are a very clever person!
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