What is the Internet of Behaviour (IoB)?

What is the Internet of Behaviour (IoB) Explained; the benefits and risks of this technology. 

The Internet of Things (IoT) is no longer a sci-fi flick. The technology that connects any electronic device to the Internet is underway and is already a reality in many fields. The collections of data and usage by the IoT devices provide valuable insights into the users' interests, preferences, and behaviours, coined as the Internet of Behaviors (IoB). The IoB extends from the IoT, the interconnection of devices that result in a wide variety of new data sources. 

This is still nascent, but the analysts predict numerous possibilities for using IoB in business, workplace, finance, personal, and so on. Gartner predicts that by year-end 2025, over half of the world's population will be subject to at least one IoB program, whether it be private, commercial or governmental. "While the IoB is technically possible, there will be extensive ethical and societal debates about the different approaches employed to affect behaviour,"

In 2012, Gote Nyman, a retired Professor in Psychology at the University of Helsinki, developed the concept that 'behaviour' can be data mined. According to Gote, he believes that being able to see the intentions of human background to know what is about to happen in the connected world is doable. But Nyman also thinks that IoB itself is a complicated process as statistics may fall short of fully revealing meanings and contexts of individual life. Hence, Gartner researchers believe that the concept needs to supported with hardcore data analytics and insights and understanding of behavioural science. 

In its recent strategic predictions for 2021, Gartner announced that the IoB is something we'll become increasingly aware of in our daily work and lives. It combines existing technologies that directly focus on the individual - location tracking, big data, and facial recognition. For example, it connects the resulting data to associated behavioural events, such as device usage or cash purchases or to monitor compliance with health protocols during the ongoing pandemic, organizations might leverage the IoB via computer vision to see whether the employees are wearing masks, or via thermal imaging to identify those with fever. 

Likewise, a single device, like a smartphone, can track your online movements as well as your real-life geographic position. Today, brands know a lot more about you—your interests, dislikes, the way you vote, and the way you purchase. For example, Uber uses IoT data about drivers, traveller locations and preferences to reimagine the end-user experience. But the idea of analyzing data received from consumers for business purposes is not new. As we have researched consumer behaviour and habits in the past, we now have an automated ecosystem of analytic processes that collect, track, and attempt to interpret the vast amounts of data we generate through our online and Internet activities. The IoB concept seeks to address how to understand data properly and apply that understanding to create and promote new products – from a human psychology perspective. Therefore, The Internet of Behavior collects the digital dust of people's lives from various sources, and public or private organizations can use this information to influence behaviour says, Gartner. 

The Value and Benefits of the Internet of Behaviour: Marketing and psychology from the beginning of advertising go side by side. In this way, behavioural analysis and psychology have allowed new insights into the Internet of Things data. The Internet of Behaviour can become a robust new sales and marketing tool for businesses and organizations worldwide. Using this tool, you will gain a deep understanding of your customers, which is necessary for every business. IoB is intended to generate a considerable boost in the development of the sales industry. 

The key benefits are:

• Analyze customer buying habits across platforms
• Study previously unobtainable data about how customers interact with devices and products. 
• Gain deeper insights into where a customer is in the buying journey
• Provide real-time point-of-sale notifications and target ads
• Quickly issue to close sales and keep the customers happy

Therefore using this concept, the organizations will be able to analyze past performance and predict the future. The data collected through the IoT will provide the foundation for the organizations to plan their development, marketing, and sales efforts effectively. 

Risk factors of Internet of Behaviour: There is, however, a dark side of IoT and the integration of the behaviour data can allow cybercriminals access to sensitive data that reveals consumer behaviour patterns. Cybercriminals can collect and sell to other criminals hacked property access codes, delivery routes, even bank access codes, the potential is endless. However, more likely, they can take phishing to a new level by better impersonating individuals for the sake of fraud or other nefarious purposes - Which has been demonstrated by the biggest ever cybersecurity attack called the 'Solarwinds hack,' at a Global level targetting the US Government, its agencies, and many other private companies. 

It is not difficult for companies to link your smartphone with your laptop, your in-home voice assistant, your house or car cameras, and maybe your cell phone records (texts and phone calls). Also, it's not just the devices themselves. Behind the scenes, many companies share (sell) data across company lines or with other subsidiaries. Google, Facebook, and Amazon continue to acquire software that potentially brings a single app user into their entire online ecosystem—frequently without our permission which presents significant security and legal risks. There is little legal protection in place for these concerns. The rapidly expanding network of IoT devices means that new cybersecurity protocols are in development and that businesses need to be ever more vigilant and proactive.

To summarize, the organizations should ensure the 'Ethical use of Internet of Behaviour.' Consumer privacy should be paramount, especially as we enter an era in which the consumer data will skyrocket. Most people will respond privately to a product suggestion and sales funnels tailored to their unique needs and preferences. And yet consumers have their privacy. In such an approach, it is essential to strike a balance between intrusiveness and personalized offers to avoid adverse consumers' reaction. It is also necessary to demonstrate a high level of security to protect the consumer information you analyze. IoB is predicted to prevail, with more than half of the world's population participating in at least one IoB programme by the end of 2025. This trend should spur organizations to implement cybersecurity education and awareness programmes and implement cybersecurity mesh technologies to protect cybercriminals' access to sensitive data that reveals consumer behaviour patterns. 

For More: techutzpah.com

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