Internet of Behavior (IoB)

A fascination with acronyms is a fascinating element of technology (besides progress, of course). Every year, a new word graces us, from Brain-Computer Interface (BCI) to Internet of Things (IoT), with more to come!

In the year 2021, the Internet of Behaviors, or IoB, became the newest member of the tech acronym family. Gartner coined the term "Internet of Things" (IoT), which focuses on gathering, processing, and analyzing the "digital dust" of people's daily activities.

Defining IoB

The Internet of Things (IoT) is a network of interconnected physical objects that collect and exchange data via the internet. IoB interprets this data by integrating it with particular human activities such as purchase patterns and demographic preferences.

Geolocation, big data, and facial recognition devices essentially steer map client behavior. Here's a simple example: Uber. Its Internet of Things (IoT) software monitors both drivers and passengers.

After the customer is left off, Uber runs a poll to evaluate the ride, allowing the driver's behavior to be recorded and the passenger experience to be interpreted accordingly.

The Real World

By 2025, 40% of the world's population will have been digitally tracked and influenced by at least one IoB initiative (whether government-run or commercial). It will assist with:

• Remove the need for numerous consumer surveys.
• Gain a deeper understanding of the customer's buying habits.
• Notify customers in real-time about special offers and outlets.
• Evaluate the efficacy of commercial and non-profit campaigns.
• Examine how customers use certain gadgets, services, and goods.

IoB may be a strong instrument for leveraging sales and marketing to develop effective tactics that differentiate what customers are provided. But that's not all; other industries are reaping the benefits as well.

IoB, for example, is useful in the medical industry, since it aids healthcare practitioners in assessing patients' ailments, reactions to medications, and other lifestyle-related data.

IoB Across Industries

Consumer Behavior and Location Tracking

Do you frequently get a request to leave a review on Google or Yelp from the restaurant you just left? This is how your preference is determined. This is the same reasoning Uber uses to learn about their customers' experiences and build better customer service methods.

Most location-based services detect the user's position and send notifications or emails using the phone's GPS technology or other techniques such as near-field communication (NFC) and Bluetooth. This also allows firms to receive information in real-time rather than after a delay, allowing them to make adjustments to their services more quickly.

Facial Detection and Physical Status

In 2018, the coffee business Barista began utilizing IoB for face recognition to detect the gender, age, and mood of its customers. The technology assists them in observing the findings and recommending a drink that is suited for the consumer.

The same method may be used in retail establishments for customized advertising, in which businesses offer items or services based on the mood or gender of the customer.

Amazon was the first to use product recommendations, which analyses consumer behavior to provide product recommendations. Facial recognition performs the same thing, but it does it by looking at the consumer's current state.

Health Monitoring for Patient Recovery

IoB is currently being utilized to create smartphone health apps that track a person's nutrition, blood sugar levels, heart rates, and sleep patterns.

It can also alert a patient to their present health state, advise them to take it easy, and propose that they change their dietary habits or drug consumption accordingly. This vital information has the potential to save lives by assisting doctors in diagnosing diseases and initiating correct treatment sooner.

Social Credit Score System and Tracking Citizen Behavior

Remember when China launched its social credit score system, which tracks individuals' behavior and awards them ratings based on it? Have you forgotten to pay your power bill? Minus points. Have you ever posted something on social media that is anti-government? Minus points.

They intend to use the IoB technology on a large scale. They want to be able to track how loyal their subjects are to the existing administration.

As a result, the Internet of Things may assist companies and governments in monitoring the public, controlling crime, providing vital services, and generally implementing a safer and more structured way of life.

Chronic Disease Tracking

Chronic and non-communicable illnesses have increased at an unprecedented rate in the last decade or so (NCDs). NCDs claim the lives of roughly 41 million people each year, resulting in high healthcare costs.

The Internet of Things (IoB) presents a viable way for developing real-time remote health monitoring systems for BCD patients, primarily heart patients and diabetics. IoB-enabled devices have paved the way for significant advancements in artificial pancreas technology.

Travel Booking

By researching clients' social-demographic traits and previous online activity, travel businesses may provide personalized and relevant offers and suggestions. Customers may book hotels, resorts, and staycation accommodations at a certain destination on Booking.com, for example.

The software continually learns and analyses data to give tailored hotel location choices to improve the in-app browsing experience.

Car Insurance Premium Pricing

IoB aids in the reduction of automobile insurance premiums. Users may download the app to their phones, which collects important data such as the distance traveled, the car's speed, the time of day the user is driving, and so on.

Calculate the proper premium that the user is entitled to pay as a result. According to the research, prudent drivers would pay modest insurance prices. Aviva was the first insurance provider to release a smartphone app for tracking driving behavior in 2013.

IoB Evolution

IoB provides cutting-edge solutions for businesses across sectors to promote their products and services, improve the quality of their offerings, and impact consumer and employee behavior. Based on the gathered data, the technology allows them to add value to their customer and vendor relationships while also increasing their bottom lines.

Behavioral data will continue to change as long as humans do. Understanding behaviors with numbers will become an interesting part of any organization with the development of new IoT devices. Of doubt, the Internet of Things raises data security and privacy concerns, but we will always find a solution to these issues and guarantee that data is used responsibly.