In a world replete with jargons and trending buzzwords one term that has really got traction in the recent years is “internet of behaviors or IoB”. In fact, Gartner has ranked IoB as one of the Top Strategic Technology Trends to watch out for in the coming years.
The Internet of Behaviors is a new trend in the business world as we become increasingly reliant on technology and data. While IoT is focused on connecting devices and people, IoB is more concerned with the behavior of people.
Who coined the term Internet of Behaviors?
The concept of the “Internet of Behaviors” was coined by Gote Nyman, a professor at the University of Helsinki, on his blog in 2012.
The internet of behaviors refers to the way in which our behavior is shaped by the internet and the technologies we use. From the way we search for information to the way we interact with others; our internet usage has a direct impact on our behavior. In addition, the internet of behaviors can help us to better understand and predict human behavior. As we become more connected, the internet of behaviors will only become more important, when used within the ambit of privacy laws and ethical purpose.
Here are a few examples of the usage of Internet of behaviors-
- by understanding our internet usage patterns, businesses can target their marketing more effectively
- IoB could help industrial sites monitor compliance with health and safety protocols. They can use sensors and computer vision to identify compliance.
- If someone regularly searches for “healthy recipes,” IoB might serve them ads for healthy foods or cooking products or recipes.
- If someone frequently visits websites about cosmetic surgery, IoB might show them ads for plastic surgeons in their area.
- for commercial vehicles, telematics can monitor driving behaviors, from sudden braking to aggressive turns. Companies can then use that data to improve driver performance, routing, and safety.
- The Internet of Behaviors is already being used in the health care industry. Apps are being designed to track exercise and sleep patterns, calorie and water intake, and heart rate etc. which in turn influences consumer behavior.
- During the recent pandemic, computer vision was used to identify mask wearers by monitoring their body temperatures.
The Internet of Behaviors helps companies analyze customers’ behavior in minute detail. By developing and implementing behavioral analytics, businesses can better understand their customers and increase the likelihood that they will make a good decision. In a world where businesses are constantly facing competition, this new method is essential to succeed.
The Internet of Behaviors enables companies to understand how people behave and what they want. The use of this technology helps businesses understand the psychology behind their products and services. Although this technology isn’t particularly complex from a technical perspective, it requires statistical studies to map consumers’ habits and behaviors. As such, it can be incredibly useful in marketing a product or service. The Internet of Behaviors combines data from various sources and analyzes it to make better decisions for a variety of companies.
In addition to its impact on business operations, IoB can help companies improve their customer experience by targeting their ads to the right audiences, at the right moment.
To quote an example, New Port Richey Computer Repair is at the forefront of embracing this transformative concept. As a leading provider of computer repair, laptop repair, and MacBook repair services, they have understood the importance of harnessing the power of IoB to enhance customer experiences and optimize operations and services.
Some of the IoB data sources are–
- customer data
- data collected by public-sector and government agencies
- social media
- public domain facial recognition
- location history
- IOT devices
The benefits of IoB:
Do you want to know how the Internet of Behavior can benefit you? Then here are some specific benefits of IoB that you must know.
So, here we go:
- Improve Customer Satisfaction, Service quality, value chain and proactively address issues
- Act as a better replacement for customer surveys
- Understand buying behavior and patters across various channels
- Understand potential customer interaction and journey with product, services and with the brands
- Push notification to customers with targeted and high relevancy ads
- Provide more opportunities to collect data and analyze it.
- IoB can be used to personalize advertisements, supply customized notifications and reminders, and influence consumer behavior
- Understand Consumer Behavior
- Improve Consumer Experience
- Converts Data into Valuable Information
- Effective Marketing
RISKS:
What are the risks of internet of behavior?
Well, for one thing, it could simply create too much data for companies and individuals to make use of – leading to information overload without much tangible benefit.
Apart from this, there are two main concerns related to Cybersecurity and Privacy Concerns.
Cybersecurity: In the wrong hands, the IoB data could be exploited by cybercriminals if it is not stored in a secured manner.
Privacy: There are nagging doubts about privacy as more and more data is being captured related to sensitive and personal topics. This presents a danger of exploitation, identity theft, ransomware and fraud by cybercriminals.
Conclusion:
With the internet of things, our devices are becoming more and more interconnected. This is opening a world of possibilities for businesses and consumers alike. We can now control our environment in ways we never thought possible. What will you do with the power of the internet of behaviors?
