IoB stands for Internet of Behaviors, and it is an extension of the Internet of Things (IoT). IoB uses collected data from the customers to influence behaviors. The collected user data is analyzed with respect to behavioral psychology. IoB connects technology and the user’s action and behavior towards it and interprets the reaction. It is a combination of three areas as follows.
Behavioral psychology can further be broken down into four fields: companionship, decisions, emotions, and augmentations. Behavioral psychology and analysis have granted new insights into the collected data by IoT. IoB can collect, integrate and process data from many sources including Commercial user data, Government agencies, Public domain, Social media, Citizen data processed by the public sector.
Importance of IoB in business :
IoB is intended to produce a substantial boost in the development of the sales industry. Organizations will be able to analyses past performance and forecast the future. The data collected from the IoT will be the base upon which organizations will be able to plan their development and sales. It is essential to combine IoB into the digital marketing strategy to gain and get the maximum number of satisfied users shortly. Public and private organizations will benefit as they will gain a better understanding of their customers. The IoB not only influence the choices of the customers but also redesigns the value chain.
Let’s take an example. Uber is making use of IoT to track drivers and passengers. They have a survey to rate the passengers’ experience at the end of each ride. They can gather past data with IoB and need not take that survey as they can track the behavior of the driver and then interpret the passenger’s reaction and automatically work on that feedback. Some companies investing in IoB are as follows.
Key Benefits of IoB :
Here, we will discuss the key benefits of IoB as follows.
- Analyze the purchasing habits of the customer across all platforms.
- Study previously unreachable data on how customers interact with devices and products.
- Gather more detailed information about where a customer is in the buying process.
- Grant notifications of real-time point-of-sale and target advertisements.
- Resolve the issues quickly to close sales and keep the users satisfied.
- Organizations will be able to generate more touch-points for a positive interaction with users.
- Organizations will also be able to find new methods to interact with users so that they can connect with the organization at an earlier stage than at the time of purchase
- An analysis of customer behavior on social networks and other platforms about their daily lifestyle can be done with IoB.
- Companies can track their employees’ behaviors and work towards a better employer-employee relationship with the assistance of IoB.
Challenges of IoB :
Here, we will discuss the challenges of IoB as follows.
- Behavioral data can permit hackers to access sensitive information that reveals consumer patterns, gather and sell property access codes, delivery routes and banking codes.
- The access level of IoB is difficult to control and therefore all organizations need to be aware of the liability of the use of IoB.
Applications of IoB :
Here, we will discuss applications of IoB as follows.
- Netflix –
Netflix uses user insights to forecast what they might like or dislike. It puts on recommendations as per the interests and ratings of the users on a specific movie or series. Now imagine if they do not need your past data to recommend you what to watch next and simply pick up your behavioral data and interpret your interests. This will add to a better user experience and take things to the next level.
- Insurance sector –
Insurance companies can analyze the behavior and interpret if a particular incident was an accident or an insured’s miscalculated guess. This can prevent drunk driving cases, driving under the drug influence cases, or even prevent underage or senior citizens from driving that may cause an accident.
- Covid-19 pandemic –
With the help of RFID tags or sensors, employers could determine if there are any discrepancies in following the safety protocols. Several restaurants and food delivery apps use information about the protocols and then carry forward their plans.
- Social media platforms –
Various organizations are now using online advertising as a way to reach their users. Several social media platforms like Facebook use behavioral data to showcase advertisements to users on their platforms. This allows brands to connect with their consumers and track their behavior towards that advertisement through “click rates”.