Internet of Behaviours (IOB)

Basically, IoB is interlinked with IoT.In simple words, The Internet of Things (IoT) is an interconnected network of physical devices that gather and share data and information via the Internet and it is continually increasing and changing in terms of its complexity, i.e. the way devices are interconnected, the calculations that these things can perform on their own, and the data that is stored in the cloud are all evolving. 

Let us further discuss about our topic, The Internet of Behaviour refers to the gathering of data (BI, Big Data, CDPs, etc.) that offers important information on client behaviours, interests, and preferences (IoB) and the term "IoB" refers to a method of analyzing user-controlled data from a behavioral psychology standpoint. The findings of that study influence new ways to create a user experience (UX), search experience optimization (SXO), and how to advertise a company's final products and services. 

From a behavioral psychology standpoint, the IoB tries to comprehend the data acquired from users' online activities. It aims to answer the question of how to interpret data and how to use that knowledge to develop and promote new goods, all from the perspective of human psychology.

BENEFITS OF IOB

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:

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

Application of IoB

It is not difficult for companies to link a mobile phone with a laptop, with a voice assistant, with a smart home or with their vehicle. Marketing research from Google, Face book or Amazon is becoming more and more comprehensive. The algorithms of these companies are configured so that they can anticipate customer desires and behaviours. The B2B sector is developing faster than B2C in IoB but it is only a matter of time before it becomes ubiquitous.

For example, software company BMC has developed a health app for smartphones that tracks diet, sleep patterns, heart rate or blood sugar levels. The app can alert to adverse situations in the user’s health and suggest behavioural modifications towards a more positive outcome. Health Passport (with apps such as Aarogya Setup in India, and The Health Code in China) and Social Distancing Technologies are partners in this emerging health technology.

During the Covid-19 pandemic

The pandemic has made us more aware of the safety measures we must take during this time. With the help of sensors or RFID tags, employers could determine if there are any discrepancies in following the safety protocols. In fact, restaurants and food delivery apps use the information about the protocols and then carry forward their plans.

In Technology

Technologies like Google Home, Amazon’s Alexa and Apple’s Siri enable people to directly ask them to perform an activity or do a quick search rather than them typing on a device. With IoB these smart devices can study and interpret the data as well as the behavior of the instructor and work on it accordingly.

In Insurance Sector

IoB can be of great use in the insurance sector. Insurance Companies like All State and State Farm, already use driver tracking programs to track and sturdy a driver’s behavior. Here, with the assistance of IoB they can analyze the behavior and maybe interpret if a certain incident was an accident or an insured’s miscalculated guess.

This can prevent drunken driving cases, driving under the drug influence cases, or even prevent underage or retired people from taking the wheel that may cause an accident.

To summarize, the organizations should ensure the 'Ethical use of Internet of Behaviour.'  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. And finally, it is a revolution in the technical sense. In the right set of hands and proper data protection laws, it shall play an important role in the near future.