It’s needless to say that the Internet of Things (IoT) has become essential in today’s digitally growing world. We are literally surrounded by IoT, be it smart watches to track your fitness or remote access to your home devices.
The data gathered by IoT devices can provide insightful information about the customer’s behavior, their interests, and their preferences.This has opened the path for a new technology named the Internet of Behavior (IoB).
We can say that IoB is an extension of the Internet of Things (IoT).
By combining these two, businesses can make better decisions.
IoB has the ability to influence consumers’ behavior and can be a powerful tool to improve customer service.
PsiBorg mainly focuses on the Internet of Things. Since IoB (Internet of Behavior) is born from IoT, we have to discuss it. Let’s take a look at the Internet of Behavior, what its perks are, and how IoB and IoT together are paving the way for data-driven decision-making.
Without any more saying, let’s get started!
INTERNET OF BEHAVIOR (IOB)
As the name suggests, the Internet of Behavior is the study of behavioral data. All the data is collected from the Internet of Things and some other sources and then put together for good use.
Btw, how is the data collected?
Well, this data is gathered from wearable tech, internet activities, and home gadgets. IoB holds the potential to offer relevant data about the consumer’s behavior and interests.
The Internet of Behavior is dedicated to IoT to gather and analyze consumer behavior data that can be further applied to ruminate on and influence consumer behavior.
Although IoB is more prompt for use in marketing and R&D, this technology can also lead to another industrial evolution.
Industry 5.0?
Well yes, maybe!
IoB will revolve around technology that pinpoints the consumer experience, emphasizing customization and quick response.
Industry 5.0 is still not an entirely practical pursuit, but many companies have started providing customization options to their customers.
I mean, I recently came to know about a well-known watch-making company that gives you an entire watch-making kit to make your own watch yourself. How amazing is that?
This is one experience that all users will want to experience.
IOB- FEATURES, STRENGTHS, AND DRAWBACKS
Companies, whether B2B, B2C, or D2C, are all customer-centric…..terms are cacophonic. In the case of B2C/D2C, there are users, and in B2B, the users are termed “clients.”
At the end of the day, all the companies are focusing on and planning their mission and vision for customers. So, in this case, IoB can become an impactful sales and marketing tool in the near future.
With IoB, businesses can gain a deep understanding of their users, which will accelerate the growth of their business.
STRENGTHS OF IOB
- Examine customer buying habits all across the platform.
- Analyze the previously unobtainable data about how users interact with services and products.
- Attain deep analytics of consumers’ interests and their buying experiences.
- Efficiently resolve issues to end up sales, keeping the customers satisfied.
- IoB will also assist in improving the other Internet security systems in public places and the Internet of Things.
DRAWBACKS
- Because of the scarcity of data and insights, it will be tricky to manage and secure it as it can lead to cybercrime.
HOW IOB DIFFERS FROM IOT?
I keep saying that IoB is an extension of IoT, but don’t misunderstand it to be the same.
IoB and IoT are alike but not similar.
IoB and IoT work together and collect useful data for the companies, mostly with IoT-enabled devices.
To understand it more appropriately, here’s a workflow of how IoB and IoT work.
User
-The data starts with a single user.
IoT
-All the collected data is then shared with a vast network of IoT and its component devices.
IoT Application
-IoT data is captured in real-time, it is analyzed and presented in the form of a readable data by the IoT applications.
IoB
The data is examined from a behavioral point of view so that one can make informed business decisions.
Make a Move!
HOW THE INTERNET OF BEHAVIOR (IOB) WORKS?
Internet of Behavior is a blend of 3 things
- Technology
- Data Analytics
- Behavioral Science
Here, technology means IoT technology, where hardware like sensors, WiFi, and RFID tags collect the physical data. In data analytics, all the collected data is pulled together, for example- Purple, Cisco, and other CRM platforms.
Behavioral science means analyzing specific customer trends to improve user behavior in-store. For instance, – face mask compliance, wait time vs. spending time
Technology and Data Analytics come under IoT and behavioral science comes under IoB and this is what we were talking about…….IoB and IoT.
The information about the buyers and the users comes from various places, like a company’s website, social media profiles, sensors, telematics, and other gadgets.
And, what happens to this data?
The businesses collect and analyze this data for several reasons, such as:
- Helping business firms in making informed decisions
- Adapting marketing strategies accordingly
- Developing products and services as per the user’s need.
- Driving the UX design.
One example of this to which you can relate is when you search and scroll for a premium quality watch…you will start getting notifications of 40-50% off on the product.
HOW ARE IOB AND IOT CHANGING THE WAY WE DO BUSINESSES?
Let’s have a look at the use cases of IoB and IoT in different sectors.
HEALTHCARE
The use cases of IoT in healthcare sector are boundless. There is already IoT-enabled equipment in the healthcare industry. IoT is the driving spirit of telemedicine.
Through telemedicine, healthcare professionals can communicate with and track the health of their patients from a far distance. Some hospitals are also using this technology to track their patients and employees.
The technology can also be utilized to reduce emergency room waiting times.
RESTAURANT
IoT has some realistic applications in kitchens and on the desk side of restaurants. IoT has been used in restaurants for quite some time now. For instance: the receipt printers have now been replaced by the display system, thus reducing the wait time. There are even refrigerators that detect and beep when some items get spoiled.
EDUCATION
The Internet of Things also has the potential to aid educational institutions. Schools are using IoT to revolutionize web-based learning. Teachers are also using this technology to keep important records like grades, student information, and attendance.
FINTECH
The fintech industry is extensively adopting IoT, and insurance firms are utilizing telematics and fleet management as it helps them predict and deduce potential hazards. To avoid theft, banks, and insurance firms are installing IoT-enabled security systems, also in ATMs.
ENERGY
M2M (Machine-to-Machine) communication has reduced residential electricity bills. It can reshape the entire energy sector. Now, electricity boards are turning towards smart energy grids. The smart grids improve security, allow faster power restoration, and reduce carbon footprints.
RETAIL
The retail industry has been transformed by the Internet-of-Things. There are now automated checkouts installed in front of the stores. IoT also has use cases on the store’s backside, like smart shelves that track the products and inform if the product is running low in the store. Retail stores are getting more productive with IoT.
IoB and IoT are indeed two promising digital technologies that are going to be useful in the near future. Even at this early stage, IoT solutions, like IoB technology, have useful applications.
Although IoB and IoT are still in their early stages, soon IoT and its extension- IoB (Internet-of-Behaviour) will become a vital part of human life.
HOW PSIBORG CAN HELP?
PsiBorg is an IoT solutions provider that can help you accelerate your business by letting you keep track of your data in real time.
We design, develop, and integrate IoT applications as per your needs, giving you scalable solutions.
We can also provide predictive analytics that will equip you to make informed decisions. Now, there is no need to depend on historical data.
After all, we know the importance of being able to make quick, informed decisions in business.
Book a call today to learn more about our services.
We will be happy to assist you!
