What is IoB?

Every day, a lot of new technologies appear on the market, but most of them disappear as quickly as they appear. This process is not transitory, as most of the technologies we are used to have taken root only because they make people's lives easier. 

A similar practice is observed in the business industry. New technologies, which no one had heard of yesterday, appear and replace such familiar and time-tested analogs. In essence, these new technologies modify existing technologies and processes, whether it is customer service, process efficiency, or other business operations.

This is where an unexpected and previously unnoticed player enters the scene, namely the Internet of Things technology. IoT is playing a more important role than you might think, helping to establish contact between business and customer, not to mention its classic application in the field of collecting and processing data sets.

Today's topic will be an overview of one of the IoT's offshoots, namely the IoB, or Internet of Behavior. While the Internet of Things has long been popular in the field of data collection and processing, the Internet of Behavior has found its application in business and customer behavior forecasting. This technology allows companies and advertisers to better cope with the ever-evolving technologies that are being integrated into our usual processes.

The Internet of Behavior and similar technologies are already being used to improve the user experience and help to operate with information that goes beyond the scope of classical technologies. IoB helps to better understand and manage information about customer service delivery, predicting customer behavior, service requests, and more.

What is IoB?

Before we look at the topic of what the Internet of Behavior is, let's recall what the Internet of Things is in general. The IoT is an ecosystem of physical devices connected to a single network and having one or more virtual platforms for collecting, analyzing, and processing all generated data. The Internet of Things has been used for a long time in business, smart homes, health trackers, and similar systems. In turn, this system's customization and proper configuration contribute to increased efficiency, flexibility, and correctness of data evaluation and application.

The global integration of IoT systems and their customization by providers and end users has not only improved their functionality in terms of data generation, processing, and storage but has also given rise to a new concept of IoT, namely the Internet of Behavior. As automatic systems can collect and analyze large amounts of information, sorting it into narrowly focused data streams, and predicting human preferences, behavior, and interests has become a progressive concept that business representatives are increasingly focusing on. If used correctly, proper IoB integration will allow you to predict customer behavior with high accuracy, which will make it possible to develop products that perfectly meet customer needs.

The use of IoB in the approach to customers helps businesses to generate their products more efficiently, with a bright design and even new ways of finding potential customers. IoB enables businesses to offer products based not only on previous purchases and search history but also on the customer's personal preferences.

How can IoB affect business?

If we look at the Internet of Behavior from all sides, we can understand that it is a combination of technology, behavioral psychology, and data analytics. By adding artificial intelligence and machine learning to this system, we get an ideal tool for analyzing and predicting customer behavior. With this tool, any company will be able to customize its product in a more versatile way and improve customer experience.

If you look for the most popular application of this technology, the practice of using IoB by such companies as Meta and Google immediately comes to mind. These 2 advertising giants use the Internet of Behavior to customize the display of their ads for each user. Using analysis and IoB, companies research the reaction to their ads, available services, and other positions to provide end users with exactly the products they are interested in buying.

One of the brightest aspects of the Internet of Things is its flexibility. It helps companies collect information from multiple sources and sort it into niches for further use. The algorithms trained on this information are then used to model better the behavior and preferences of potential product users, which allows for more personalized advertising.

Algorithms based on this information are also used to create a customer template, which helps to better understand their lifestyle, shopping preferences, search history, etc. The involvement of information from social networks and other sources in this modeling helps to catch trends and fluctuations in the popularity of purchases among millions of users. Using all these models and other technologies, businesses, and marketing companies can present their products in the way that users want them to be.

IoB perspective in the future

There are already many examples of the use of Internet of Behavior technology in business and marketing, but the prospects for this technology do not end with earnings. Using the Internet of Behavior, companies will be able to better optimize communication with their customers. With the help of IoB technology, a new level of B2B marketing development can be opened up. Advanced customer journey tracking and integration of specialized products will help build stronger relationships with customers, which will maximize the interaction with the client company. If we take IoB technology and place it in a more experimental environment, we will discover a large number of scenarios for its use that did not occur to us at first.  

Today, we have many options for using IoB technology, but so far they are limited to a narrow profile. On the less fantastic side, businesses can already use the Internet of Behavior to analyze participation in their conferences or live broadcasts. With even a small amount of information, such as tracking visitors who join, their connection time, and the moments at which they leave the conference, you can predict the behavior of the entire audience. This information will allow you to create an effective conference schedule that will maximize the number of viewers and attention at the moments that your company needs. 

Another great application of this technology would be micro-control of the audience and participants. Control over the micro facial expressions of participants will allow you to identify groups of people who are less interested than others, need a break, or are not interested in the topic at all, which will allow you to present information to all participants as efficiently as possible. 

In addition to the corporate scenario, IoB can be used in any area where people interact to identify and reduce pain points for all participants. For example, traffic analysis with IoT can be used to prevent congestion, and accidents, or to eliminate them as efficiently as possible. By analyzing people in public places, you can predict negative scenarios during protests or major holidays, which will help to raise security to a higher level. Potentially unsafe places like airports and shopping malls will become much safer and operate more efficiently after integrating recognition technology.

Conclusion

In this article, we have reviewed such an unknown and progressive technology as the Internet of Behavior. Even though this technology is already ahead of its time, its integration still requires a lot of specialized specialists and fine-tuning. But you may be wondering what could go wrong.

It won't be a stretch to say that the Internet of Things (IoT) and the Internet of Behavior (IoB) in tandem can solve a lot of modern problems. From security and marketing to healthcare and the like. Unfortunately, success in any of these areas is not guaranteed at the moment.

In due time, IoB will make a big difference in our lives, but its global integration is currently difficult for various reasons. Starting with the fact that there are no utilitarian regulations for the regulation of Internet-connected devices, and ending with the policy of companies that are not willing to share their advanced technologies with others. Therefore, for a progressive future, it will take a long time to develop and perfect these technologies.