This is a guide on a new extension of the Internet of Things (IoT) called the Internet of Behavior (IoB).
In this guide, we’ll explain:
- What IoB is?
- What breakthrough led to the Internet of Behavior?
- How it extends the use of IoT in business.
So if you want to learn more about IoB and implement it in your organization, then you’ll enjoy this article.
Let’s dive right in.
IoB: An Extension of IoT
Understanding the Internet of Behavior (IoB) starts with the Internet of Things (IoT). But what is IoT?
The Internet of Things (IoT) is a network of interconnected physical devices that collect and exchange data on the Internet. This new layer of connectivity created a platform where all the “things” on the Internet (people, technology, applications, services, and domains) can share information.
But IoT devices and the “things” on the Internet generate their data. More often than not, these data sources include user and consumer data.
For example, a single smartphone can send information about the device: IP address, the apps that you use, browsing history, and its physical location.
But because of the newest IoT trends, the phone can now connect to other devices in your home, e.g. a laptop, and access the data that it generates.
Businesses can then gather this information using business intelligence (BI), Big Data, Customer Data Platforms (CDPs), and other data mining tools.
All of this data gives businesses valuable insight into the behaviors, interests, habits, preferences, likes, and dislikes of consumers.
This has come to be known as the Internet of Behavior (IoB).
What Is the Internet of Behavior?
The Internet of Behavior (IoB) is a process of collecting and analyzing user-controlled data using behavioral psychology in business. The goal is to find patterns in behavior that reflect the habits, interests, and preferences of users on the Internet.
The outcomes of those behavioral analytics inform decision-makers, for example, how to develop and market products or services, design the user experience (UX), or engage consumers online via search experience optimization (SXO).
As a result, conducting IoB requires interdisciplinary collaboration in five fields:
- Data analytics – to process and analyze the collected data.
- Statistics – to map out the various patterns in behavior based on data.
- Behavioral psychology – to make sense of the analyzed data.
- Business psychology – to develop strategies based on patterns in behavior.
- Ethics and law – to protect user data and ensure consumer privacy.
From a technical point of view, IoB leverages existing technologies that focus on individual users such as Big Data, geo-targeting, and facial recognition.
How Does IoB Contribute to Business?
There are three main ways you can improve your organization by implementing IoB:
#1 Changing Consumer Behaviors
As one of the emerging trends in information technology, IoB has a lot of potential in the future of business.
In fact, Gartner’s Top Strategic Technology Trends for 2021 supports this statement by saying:
“The IoB is about using data to change behaviors.”
So IoB doesn’t just allow you to capture, analyze, understand, and respond to a variety of patterns in human behaviors. It also enables businesses to influence consumer choices, interactions, and values by shaping the customer experience according to those behaviors.
In that sense, companies can create a personalized, data-driven value chain that centers its activities, products, campaigns, and supporting services around an experience that engages consumers through their preferences.
#2 Accessing Untapped Markets and Audiences
At the same time, a company can use IoB to uncover what it perceives as negative online behavior. Potentially, you could use IoB to find out why people don’t engage with the brand or your marketing campaigns, or, more importantly, why they aren’t buying your products or using your services.
This may be particularly useful if you want to access a previously untapped market or target audience. For example, IoB could lead you to behavioral patterns that help you create a positive social media impact on antisocial teens, which you can use to engage Gen Z consumers.
#3 Accelerating the Digital Transformation
For IoB to work, a business has to adopt the latest trends in information technology so it can create a multi-channel personalized experience across all formats and platforms.
Besides integrating data collection and analytics software, this will require discarding legacy solutions. This means using software suites that rely on APIs and cloud technology.
That allows you to centralize how you manage interactions with consumers and personalize every experience. From sending unique notifications and updates, through apps and social media, to how you maintain and manage the interactive interface.
If you’re interested in finding out more about IoB and IoT, Demakis Technologies can help you. We are a professional digital solutions provider that’s a leader in the IT industry.
Our managed services can help you implement and maintain all of the tech solutions that we’ve mentioned today, while our cybersecurity services can protect the data of you, be it sensitive business data or that of your customers.
Please CONTACT US today to get in touch with one of our professionals who can create a step-by-step plan centered around your business and technology needs.