How does the Internet of Behavior Impact Business?

The Internet of Behavior (IoB) extends from the internet of things, it consists of multiple approaches to capture, analyze, understand, and respond to a variety of digital representations of customer behaviors. Organizations are looking to use IoB’s digital capture ability to affect or influence the behaviors of individuals or collective demographic groups.

The IoB combines multiple sources of intelligence such as commercial customer data, citizen data processed by public-sector and government agencies, social media, public domain deployments of facial recognition, and location tracking. Additional sources can include things such as temperature and other physical measurements in both private and public domains. From the analysis of data in these myriad resources, it’s possible to tag an increasingly broad array of people’s behavior as an “event.”

This gives companies, like insurance providers and banking, gets the opportunity to change their image. Pulling from the IoT, they can provide data-driven value. Optimize individual premiums based on health habits or a clean driving record. Move you towards more saving, investing, or other long-term financial goals.

Ways IoB can help your business:

  • Collection of Data: By having a detailed understanding of how different customers behave differently and use your products you can customize the products based on customers buying behavior and gain a competitive advantage in the market
  • Effective business inventory: Using IoT devices can give businesses a much clearer understanding of inventory stocks. The IoT makes it much easier to keep track of where things are, what’s been sold or used, what’s been damaged, etc. Analysis of this data can improve efficiencies, ensure stock and resources do not run out, and help keep finances in check by preventing over-ordering.

Gartner announced that the IoB will become increasingly aware of in our daily lives and work. It combines existing technologies that focus on the individual directly – facial recognition, location tracking, and big data for example – and connects the resulting data to associated behavioral events, such as cash purchases or device usage. Organizations use this data to influence human behavior.

By knowing the buying behavior of a consumer, organizations can easily cross-sell or up-sell their products to their existing customers resulting in an instant increase in revenue and customer satisfaction. However. most consumers indicate unhappiness at giving away their data as this can allow the cyber criminals access to sensitive data that reveals consumer behavior and patterns. Cyber criminals can gain this data and sell it to criminals who can hack access codes, delivery routes, etc., and result in theft or loss of property to people.