A Guide to the Internet of Things and the Internet of Behaviors
The Internet of Behaviors is the analysis of data collected from sources including the Internet of things to understand a client’s behaviors.
The future of how we make decisions is here and it's unavoidable. Research suggests that 40% of the global population will have its data collected and analyzed by 2023. It's in our pockets; It's in our living rooms; It's in our hospitals and factories.
The internet of behaviors is analyzing how we behave.
Conspiracy theories and robot-dystopias aside, the internet of behaviors, with data collected using the internet of things, is making it easier for consumers to find what they're looking for. It's also helping businesses understand their market better.
Continue reading to learn more about these concepts as well as the benefits of utilizing IoB.
The internet of things (IoT) is a concept that refers to the network of objects around us that are connected to a variety of sensors and software. They use this added technology to collect data that is used to help make more informed decisions. Several technologies come together to make this system work.
Some aspects that make IoT possible include:
IoT devices earn their functionality from their ability to remove the middleman from data storage and analysis. Their machine learning capabilities allow them to group relevant data and share accurate information. This is changing the way we make decisions in both our personal and professional lives.
Not only do we see IoT objects in our households (think Alexa or even our smart television), but manufacturing and healthcare are quickly adopting the technology. Data collected from IoT devices allow manufacturers to recognize patterns in failure so they can plan for them instead of reacting to them. And technology such as smart defibrillators automatically responds to fluctuations in the body to save patients in the case of sudden cardiac arrest.
The internet of behaviors (IoB) refers to a specific analysis of data that IoT devices collect. This data analysis gives us insights into the way we act and interact with the world around us. This helps us track important metrics such as our health and fitness, time spent consuming media, and more.
Some IoT devices that utilize IoB are wearable devices such as watches and home electronics such as speakers and lights. Even our smartphones can tell us how we spend our time, what apps we use the most, and how we might improve our lifestyle. But consumer IoT devices aren't the only way IoB is utilized in our society.
Retail and marketing use IoB to determine how consumers are using their products. The healthcare industry uses IoB to catch patterns in patients' vitals. And businesses use the technology to predict patterns of growth and stagnancy.
While the technology is still new, IoT and IoB are already widely adopted in several industries. Companies that take on the task of adapting the technology to their business will find benefits in efficiency, accuracy, and customer satisfaction.
IoT devices automatically collect data using sensors and machine learning. This eliminates the need for companies to invest in traditional research strategies such as surveys and reviews. IoT devices cut out the middleman to make data collection quicker and more reliable.
After IoT devices collect consumer data, it is automatically stored on the cloud using its internet connectivity and analyzed in useful ways. Not only does IoB allow for quicker analysis, but its accuracy allows for informed decision-making on the part of the business owner. Instead of trying to fix issues when they occur, facility management can predict and plan for them.
Through traditional research, we have a general idea of how our audience behaves. However, their commonalities only make up a portion of how they make purchase decisions. Businesses that utilize the internet of behaviors gain insights into the intricacies of their consumer base, allowing them to provide a more relevant product.
Customers that receive a fully satisfying product are more likely to return. When companies utilize IoB, they collect data that helps them learn what their customers value in a product. But this can just as easily cause issues in a company's brand.
As new as IoB technology is right now, consumers are cautious. Many software companies, such as Apple, have introduced security measures around data collection. Companies that use the new tech should keep in mind how they use their IoB data.
While the IoB offers several great benefits for companies, there are a few aspects business owners should consider.
Wherever valuable data goes, so do security risks. People with nefarious intentions will try to gain access to this information for their own benefit. Business owners need to consider how to keep their data safe to protect their customers and their brand.
Understanding how to secure your data, as well as the other aspects of the technology, can prove challenging. As new as IoT devices are, the availability of knowledge is limited and rigorous. Companies may spend considerable time and resources learning how to implement IoB into their processes.
One solution to the knowledge gap is staff augmentation. This service bolsters your business with professionals with expertise in emerging technologies. Some areas that staff augmentation supplements include:
Consider hiring a company that manages tech talent. Not only does this consolidate IoT solutions, but it keeps your company's procedures running smoothly through the transition.
The internet of behaviors is the most prominent emerging tech that is changing the way we connect with our consumers. However, there are other digital marketing methods that companies are using successfully.
Check out this article for more effective ways to listen to your audience.