What is the Internet of Behavior? Is this something that we should be concerned about? How does it affect us? And how can we use it? Read more here.
The Internet of Things (IoT) opens new opportunities for business growth and innovation. One area that is poised to be a key driver is the Internet of Behavior (IoB). The Internet of Behavior uses artificial intelligence to understand and predict human emotions, desires, and behaviors.
Table of Content
- What is IoB?
- Real world impact of IoB
- Advantages of IoB
- Disadvantages of IoB
What is IoB?
The industry has adopted the term Internet of Things (IoT) to describe a network structure wherein physical devices, such as household appliances, wearable tech and vehicles, as well as equipment utilized in industrial sectors like factory machinery and robotics, are linked via internet protocols.
In this world of IoB, companies can collect data regarding how customers respond to products and services using automatic sensors involved in the IoT; by doing so they can follow behavioral patterns and establish specific demographics which help them get a real grasp on consumer preferences.
The internet of business or IoB revolutionizes the way that businesses are able to use data collected by IoT technology. The combination of this data with specific human behaviors such as buying patterns or consumer profiling lets businesses make more sense of the information and find even more ways for it to help drive revenue, retention and target marketing efforts over time.
Real world impact of IoB
IoB can be used for so many things. For example, it’s very helpful in creating the appropriate sales and marketing strategies that people need to get themselves out there and compete with other businesses on a global scale.
By 2025, 40% of the global population will be subject to at least one Internet-of-Things program (whether private or public) and digitally tracked to influence their behavior.
It will help in:
- Replacing multiple unnecessary customer surveys
- Gaining better clarity on where the customer is shopping
- Providing real-time notifications about discount announcements and outlets
- Testing commercial and non-profit campaign effectiveness
- Studying how customers interact with specific devices, services, and products
Advantages of IoB
There are many benefits of using Internet of Behaviour. Some of them are:
- Understanding Consumer Behavior
With the Internet of Behavior, you are able to recognize and interpret behavior in your business directly from the client. It is a system that uses sensors where you can get valuable information about the people using your product or service. - Improving Consumer Experience
Since the Internet of Behavior helps businesses to assess consumer behavior, it enables them to tailor their offerings accordingly. By accepting feedback and dealing with negative issues that surface at any point during an experience, businesses can improve the satisfaction of customers. Thus, businesses can foster customer loyalty over a long period of time. - Converting Data into Valuable Information
Gaining insight into consumer behavior has always been the aim of several corporations. Until the data is analyzed, these facts are practically meaningless. But the Internet of Behavior converts these raw facts into important records, which assists businesses gain a greater understanding of their customers to improve business performance. - Effective Marketing
With Internet of Behavior analytics, agencies gain unprecedented access to first-hand information that can be used when crafting their messaging based on what drives people’s decision-making processes in real time. Furthermore, it gives them a better tools for communication and engagement with their clients.
Disadvantages of IoB
There are many benefits, hence there might be disadvantages too. Here are few of the disadvantages of IoB.
- Privacy Concerns
When agencies gather a lot of information about their customers (such as their moods, behavior, likes, and dislikes), clients have rights. One such right is privacy.
With all the data being collected to improve customer satisfaction, it comes at the cost of personal privacy. - Cybersecurity
The number one topic for the Internet of Behavior is how facts are gathered and stored. The Internet of Behavior is a large database for cybercriminals to take advantage of. Sensitive facts about the clients can also get compromised if it falls inside the arms of users motivated by unethical means.
However, many agencies have started addressing this issue. New cybersecurity protocols could potentially come into play that would make using the Internet of Behavior technology safer.
Conclusion
In this blog, we’ve discussed what the Internet of Behavior is, it’s real world impact, it’s advantages and disadvantages. We hope this has been helpful to you! We would love to hear from you. Please leave your thoughts in the comments section below.
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