Internet of BehaviorMarch 12, 2022 2022-03-21 12:08
Internet of Behavior
Internet of Behavior
- What Is the Internet of Behavior (IoB) and How Does It Work?
A fascination with acronyms is a fascinating feature of technology (besides progress, of course). Every year, a new phrase graces us, from Brain-Computer Interface (BCI) to Internet of Things (IoT), with more to come!
The Internet of Behaviors, or IoB, became the newest member of the tech acronym family in the year 2021. The phrase “Internet of Things” (IoT) was invented by Gartner and refers to the collection, processing, and analysis of “digital dust” generated by people’s daily actions.
While the Internet of Things (IoT) is a network of interconnected physical items that gather and exchange data via the internet. IoB makes meaning of this data by combining it with specific human actions, such as purchasing habits and demographic preferences.
Geolocation, large data, and face recognition devices basically direct map client behavior. Here’s an easy example: Uber. Its Internet of Things software keeps track of both drivers and passengers.
Once the customer has been dropped off, Uber conducts a poll to assess the ride, allowing the driver’s behavior to be tracked and the passenger experience to be interpreted accordingly.
The Internet of Behaviors and 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.
- Send out real-time alerts regarding sale announcements and outlets.
- Evaluate the efficacy of commercial and non-profit campaigns.
- Research how customers use certain gadgets, services, and goods.
IoB may be a great instrument for leveraging sales and marketing to develop effective tactics that differentiate what customers are provided. But that’s not all; it’s also beneficial to other industries.
IoB, for example, is useful in the medical area, since it aids healthcare practitioners in assessing patients’ ailments, reaction to medications, and other lifestyle-related data.
- Value of IoB in Different 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 own preference is determined. This is the same approach 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 organizations to obtain information in real time rather than after a delay, allowing them to make improvements to their offers more quickly.
Physical Status and Facial Detection
In 2018, the coffee business Barista began utilizing IoB for face recognition to assess the gender, age, and mood of its customers. The technology assists them in observing the outcomes and recommending a drink that is suited for the consumer.
The same approach may be used in retail outlets for tailored 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 customer behavior to provide product recommendations. Facial recognition achieves the same thing, but it does it by looking at the consumer’s current state.
Patient Recovery Through Health Monitoring
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 status, advise them to take it easy, and propose that they change their dietary habits or prescription consumption accordingly. This vital information has the potential to save lives by assisting doctors in diagnosing ailments and initiating effective treatment sooner.
Citizen Behavior Tracking and a Social Credit Score System
Remember when China launched its social credit score system, which tracks residents’ behavior and awards them ratings based on it? Have you forgotten to pay your power bill? Negative points. Have you ever posted something on social media that is anti-government? Negative 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 leadership.
As a result, the Internet of Things may assist companies and governments in monitoring the public, controlling crime, providing required services, and generally implementing a safer and more structured way of life.
Tracking Chronic Illness
Chronic and non-communicable illnesses have increased at an unprecedented rate in the last decade or so (NCDs). NCDs claim the lives of almost 41 million people each year, resulting in high healthcare costs.
The Internet of Things (IoB) presents a viable option 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.
By identifying irregularities in the patient’s body and notifying them that they need to visit a doctor as soon as possible, vital sign monitoring aids to decrease hospitalization. According to a 2015 research, IoB devices have resulted in a 50% reduction in 30-day hospital readmission rates.
Reservations for travel
By examining clients’ social-demographic features and previous online activity, travel businesses may generate 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 examines data to deliver customized hotel location choices in order to improve the in-app browsing experience.
Premiums for car insurance
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 travelled, the car’s speed, and the time of day the user is driving, and so on.
Calculate the right premium that the user is entitled to pay as a result. According to the study, prudent drivers would pay modest insurance prices. Aviva was the first insurance provider to release a smartphone app for tracking driving behavior in 2013.
Long-Term Financial Objectives
Through IoT-enabled gadgets, banks would be able to acquire a greater understanding of their clients’ spending habits. When a consumer meets their long-term financial objectives, the system may send them positive reminders, and it can also assist them modify their interests and spending style if they are falling behind.
There’s no denying that the Internet of Business provides several prospects for growth in a variety of industries. However, there are hazards associated with this technique. Consider the following disadvantages of this trend:
The IoB feeds on data, but it puts users in the dark about how their data is acquired. Furthermore, suitable frameworks for data navigation and utilization, particularly on a larger scale, are still lacking. Consumers’ IoB data is taken at random and without their permission.
Access to Confidential Information
Hackers may obtain sensitive data about consumers’ actions, and cybercrime is at an all-time high. They also have access to property codes, delivery routes, banking codes, and other information.
It’s no surprise that phishing efforts are on the rise as networks get larger and data becomes more comprehensive. As more individuals enter the IoB world, they will become increasingly vulnerable to online scams.
- Use Cases for the Internet of Behavior
- You can detect if a person has visited a beauty salon or a grocery by tracking their physical position, as well as the length of their visit. Businesses may send marketing messages, special offers, and discounts to their consumers in order to increase sales and provide a superior shopping experience.
- Returning to China’s social credit score system, the nation aims to use systematic data gathering and analysis to measure its citizens’ allegiance to the existing leadership. This is the first time a government has proposed using behavioral analysis on such a large scale.
- Many computer vision businesses began employing IoB to detect whether or not a citizen was wearing a mask during the outbreak. Thermal fingers were also employed in this case to identify persons with elevated body temperatures (potentially a COVID-19 case).
- As previously said Barista uses IoB for face recognition to detect a customer’s gender, age, and mood and then recommend a beverage based on their findings. In tailored advertising, the same method performs well.
Evolution of the IoB
IoB provides cutting-edge solutions for businesses across sectors to sell their products and services, improve the quality of their offerings, and impact consumer and employee behavior. Based on the recorded 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 component 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.