Ever since the pandemic, we have seen how personalization is now everything. The biggest social media platform is now TikTok. The algorithm that platform uses is unrivaled. It uses AI and Machine learning to understand the users behavior and only shows relevant and tailored content. This has led to its massive success. In all parts of the industry we have seen such a shift where users will attract towards personalized content. This process of gathering and tailoring content is known as Internet of Behavior (IoB).
This is an extension of IoT that focuses on collecting the “digital dust” of people’s daily lives and captures, processes and analyzes it. According to Gartner, about 40% of people will have tracked their behavior via the Internet of Behavior globally by 2023. In this Article, we will see what IoB really is and how you can use it in your favor!
What is Internet of Behaviors (IoB)?
Internet of Behaviors (IoB) is a branch of Internet of Things (IoT) and an area in R&D (Research and development). Which is the understanding a user’s data in their activity and finding trend in it using data analysis for patterns. Once users’ data is gathered, it is then analyzed psychologically to look for anything that can be used by algorithms to influence that user’s behavior.
This data is extracted from anywhere, from a user’s computer, to their smart home devices to even their online activities and presence. Ever wondered how quickly you get advertisements for bakeries and baking supplies once you watch a Cheesecake Recipe? The main goal for any team analyzing the Internet of Behavior (IoB) for any user is to find a way to quickly monetize their activity. This article will show you step by step how to build your own application via which you can Sentimentally Analyze tweets in real-time based on a Keyword
The tech research firm Gartner came up with the term IoB and is explained in ”Top Strategic Technology Trends for 2021.”
The Internet of Business (IoB) gathers and analyzes the data. Uses Search Engine Optimisation (SEO) to market its final products/services to the relevant user. Since this research uses Machine Learning, overtime with alot of data, it creates a perfect funnel. This can redirect any customer with their own interests to relevant products without much or any human interaction.
We can’t talk about IoB without the mention of Internet of Things. The IoT is an interconnected network of physical devices that gather and share data and information via the Internet.
In the illustration below from Techopedia, you can have a brief overview on how this phenomenon works:
Internet of Things (IoT) and Internet of Behaviors (IoB).
Now what do we mean when we say IoB is an Extension of IoT? The Internet of things has brought us closer than ever to the likes of metaverse. With your voice or at one touch of a button, you have access to most of your electronics and appliances from anywhere in the world.
Alexa has access to our lighting, our TVs and more. These things over time, do collect your data and as you might have noticed, as time passes, they feel like part of the family. Your lights are dimmed at your typical bedtime, your curtains open when you wake up. They remind us of what we have in our calendars for the day and adjust accordingly. The health apps we use to monitor our pulse rates, blood pressure etc, sends the data and hence we get a more personalized health routine from our health apps.
When this much data is collected, the IoB learns what products/services you like, before you even think of it. Our smart home devices would’ve added toothpaste to our basket even before we squeeze the last bit out of it. It will display the content it has learned we enjoy. And this is how the Internet of Behaviors help businesses market perfect products to the perfect customers.
The Future of Internet of Behavior in Industries.
The Internet of Behavior is such a huge area of research, it can play an important role in any industry. Especially in Industry 4.0. From E-Commerce to healthcare, SEO to products, it is the ultimate personalization factor. Here are some real use case examples:
IoB in Business
- Analyzing a users’ grocery purchase to tailor custom promotions for them and suggest more items they might like.
- Use social media to track behavioral data of users and suggest content and applications that similar users with similar interests have used.
- Use Geographical Data of a customer to have personalized discounts for them at any POS (Point of Sale) they are at.
IoB for the Insurance Industry
In the insurance business, IoB might be very valuable. Driver following devices are as of now utilized by insurance agencies like Allstate and StateFarm to follow and get a driver’s direct. With the assistance of IoB, they might assess the conduct and maybe decide whether a specific event was a mishap or a misinterpreted presumption with respect to the guarantee.
This can assist with forestalling episodes of tipsy driving, driving affected by drugs, and surprisingly underage or resigned people from getting in the driver’s seat and causing a mishap.
Facial Detection and Physical Status
Since the pandemic, a lot of stores have adopted technology to scan faces for temperature checks. Similarly, we can use these tools to see whether a certain mood affects the order of a customer. For example, at a coffee shop, with the help of a quick scan we can determine the customer entered is a young student who looks tired, hence they might need an espresso shot and would prefer a more isolated seating. Similarly, any industry can do such product segmentation.
Health Monitoring for Patient Recovery
IoB is presently utilized in making wellbeing applications for cell phones that can follow an individual’s eating regimen, glucose level, pulses, and rest designs. Besides, it can caution a patient with regards to their present ailment, propose that they relax, and adjust their dietary patterns or medication consumption likewise. This fundamental data can save lives and assist specialists with diagnosing ailments and start legitimate treatment quicker.
Travel Booking
Travel organizations can make tweaked and significant offers and proposals by concentrating on customers’ social-segment attributes and past web-based conduct. Booking.com, for example, empowers clients to book lodgings, resorts, and staycation facilities at a particular objective.
Our friends Analytics steps have gone into detail about the uses of IoB, you can check out their article here.
Repercussions of Internet of Behavior.
With every great technology, comes its own set of unique problems. Of course since Internet of Behavior is a subset of IoT, the problems are quite similar. One of the core issues, as mentioned by IoTforall here, is the privacy issue.
Lack of Privacy
IoB lives on users’ data, yet users are kept in the shadows regarding how their data is collected or even what cted data is. In addition, there are still no legitimate structures for information route and use, particularly for a bigger scope. However, usually hidden under the privacy policy we all quickly accept because let’s be honest, no one has time to read a 10 page document.
Conclusion
As long as we evolve, our behavior will also evolve, and since now technology is a part of us. It will grow with it, trying to become more understanding of human nature to make lives more simple for us. Slowly but surely, we are moving towards an era in which this will become an exciting aspect of every business. And with it, we hope the laws and regulations are in favor of the users as it is their data and their privacy. Web 3.0 is all about that and we are certain it will understand this.
The overall concept of Internet of Behavior (IoB) is remarkably fascinating, with its cutting edge technology to be able to understand such complex patterns in humans is truly unrivaled. And this certainly opens up more doors in which we can move ahead in technology.
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