4 Industries the Internet of Behavior is Quickly Transforming
You may be familiar with the Internet of Things (IoT), the term for interconnected devices, sensors, and software that share and exchange data or information. But what about the story it tells?
All the data collected from this growing web of interlinked technologies reveals a lot about the users engaging with it. What happens with that user data and how it helps us understand individual interests and preferences can be called the Internet of Behavior (IoB).
Let’s unpack the business value of IoB info and see how certain industries are making good use of it.
What is IOB?
Terralogic defines the Internet of Behavior (IoB) as, “the collection and use of data to drive behaviors…It is based on human psychology perspectives such as purchasing or following a specific online brand to track and interpret those behaviors using emerging technological innovations and developments in machine learning algorithms.”
In short, it’s about turning raw data and information into usable knowledge and wisdom about your users.
Examples of IoB data sources include wearable technologies like fitness trackers, internet search histories, and even smart home devices such as voice-enabled controllers. Taken altogether and assessed, this data can help semble a pattern of user behavior that paints a picture of their interests and how they interact with the world.
Businesses can then use this information to:
- Create more appealing products
- Finetune their communications
- Streamline their service offerings
- Improve the online shopping experience
- Make their processes more efficient
IoB Use Cases Across Key Industries
IoB is so multifaceted, each business has a unique opportunity to leverage it. Some industries are already analyzing personal data and putting this into practice by:
1. Making digital marketing super targeted.
Marketers already collect 79 Zettabytes of information annually, and that number is expected to explode to 180 zettabytes by 2025. It’s too much number crunching to do by hand, but using IoB technology that analyzes behavior, you can use each digital interaction to refine your buyer personas and messaging while influencing purchasing decisions via automated, personalized ads.
2. Creating safer manufacturing spaces.
When you work in manufacturing, it’s typically an onsite-only environment. Without the possibility of logging in remotely, new COVID variants and flu spikes have made it challenging to stay consistently and fully staffed. Some manufacturers have added sensors to automatically check employees for fever or flag when there may be a compliance issue in the making, thus creating safer working conditions for all.
3. Improving healthcare protocols.
Behavior tracking of patients and employees is a big priority in the healthcare field, too. For example, according to e-Spincorp, “In order to monitor compliance with health protocols during the ongoing COVID-19 pandemic, IoB is used to determine whether a person is wearing a mask or not through computer vision.” Data from smartwatches and other fitness-based wearable technology could also be sent to healthcare providers in real-time, allowing them to notify the patient if there is cause for concern based on a pattern they’re seeing.
4. Elevating online and in-store retail environments.
Whether through streamlined inventory management or a more user-friendly eCommerce storefront, IoB technology can be implemented to create a better shopping experience. For instance, cross-selling via suggested products could complement past consumer purchases or be pitched based on interactions gathered with their voice-enabled device.
With the Global Internet of Behaviors (IoB) market estimated to realize a CAGR of ~22% during 2022-2031, these use cases barely scratch the surface of what is possible. So long as organizations can protect their data and use the information in service of personalization (without it feeling intrusive), there is massive potential for expansion.