What is the Internet of Behavior (IoB) and why is it the top trend of 2021?

Internet of Behavior (IoB)

The infusion of IoT is helping humans get various jobs done with just a click. Thanks to our smartphones and advancements in Internet connectivity around the world that is connecting more and more people to the Internet and to everything and everyone around us. From Google Home voice controller to August doorbell cam, Belkin WeMo smart light switch, Bitdefender BOX IoT security solution, etc. you can see IoT playing a vital role in our day-to-day lives. The data collected by the IoT devices provide valuable information about users’ behavior, interests, and preferences. This has paved the way for a new technology that is named IoB (Internet of Behavior).

 

The Internet of Behavior is one of the top tech trends of 2021. COVID-19 pandemic is partly responsible for making IoB the latest trend, as it has changed how consumers interact with brands because of which companies are working on adjusting how they engage with consumers.

 

In the strategic predictions for 2020, Gartner stated that the IoB (Internet of Behavior) is something we’ll become increasingly aware of IoB in the years to come. The IoB technology will be prevalent in the coming years and it is predicted that by the year 2023, the individual activities of 40% of the global population will be tracked digitally to influence human behavior. So, what exactly is the Internet of Behavior, and how it is changing the scenario?

 

Internet of Behavior: The Extension of IoT

The Internet of Things (IoT) is defined as a source connecting an electric device to the Internet, and IoB (Internet of Behavior) is the extension of IoT that reveals significant information about our behavior. It is the interconnection of devices that provides vast data and valuable insights into user experience, search experience optimization, behavior, interests, and preferences. According to Gartner, IoB combines technologies focused on tracking location and facial recognition of the people, connecting the data, and mapping them to behavioral events.

 

The Internet of Behavior combines existing technologies that focus on the individuals directly. From facial recognition to location tracking, it connects the resulting data to associated behavioral events like cash purchases or device usage. Understanding the data collected from users’ online activity from a behavioral psychology perspective is what exactly IoB does! How to understand the data and how to apply that understanding to create and market new products from a human psychology perspective, all come under IoB.

 

IoB in simple words refers to the process by which user-controlled data is analyzed through a behavioral psychology perspective and the data thus collected is used to understand how to market the end products and services offered by companies. To conduct IoB is technically not that complex as it is from a psychological perspective. This requires statistical studies to be conducted - mapping everyday habits and behaviors without fully disclosing consumer privacy for ethical and legal reasons.

 

Role & Contribution of Internet of Behavior

Using emerging technological innovations and developments in machine learning algorithms, IoB helps in capturing, analyzing, understanding, and responding to all types of human behavior in a way that allows tracking and interpreting the behavior of people. This new technology is descriptive as well as proactive, meaning it helps in analyzing user behavior and detecting which psychological variables to influence to bring about a certain outcome. It influences consumer choice and enables companies to improve the customer experience of the products/services they offer. Improving efficiency and quality is the main aim of IoB!

 

The Internet of Behavior can be considered as a combination of three fields viz. technology, data analytics, and behavioral science. Behavioral science can further be divided into four areas that we consider when we use technology. These are decisions, emotions, augmentations, and championships. For example, the health app on your smartphone can help you keep track of your sleeping patterns, blood sugar levels, or heart rate. The app can alert you to adverse health situations and suggest behavior changes for the positive and desired outcome.

 

Advantages of Internet of Behaviour

This evolving technology is going to prove beneficial in multiple ways. From positively engaging customers, knowing where the customer’s interest in a product begins, their journey of purchase, and the methodology they use to make their purchase; there are many aspects of IoB. The IoB makes it easy to study previously unattainable data on how users interact with devices and products, obtain more detailed information about where a customer is in the buying process, and analyze customer buying habits across all platforms. Moreover, it provides real-time notifications, targeting and resolving problems quickly to close sales and keep customers satisfied.

Advantages of Internet of Behaviour

Companies currently are using IoB to observe and help make changes in our behavior to achieve the desired goals by selling their products/services. The Internet of Behaviors provides companies with cutting-edge ways of marketing products and services, along with influencing user and employee behaviors. It can be used to monitor health protocol compliance at an industrial site to capture behavioral events.

 

For example, sensors/RFID tags on a person or in the environment can be used to check if the employees are washing their hands regularly or not. Similarly, computer vision can be used to determine if employees are complying with mask protocols or not. Besides, speakers in the environment can be used to warn people of protocol violations.

 

This new technology is definitely proving beneficial for businesses since they can optimize their relationship with the consumer based on the collected data. While IoT converts data into information, we will have to wait to see if IoB can convert our knowledge into real wisdom!

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