The Future of Business Operations: Leveraging IoB for Insights
April 28, 2023
Written by – Syeda Azad, SEB Marketing team
Internet of Behaviors (IoB) uses data gathered from various sources to influence or modify one’s behaviour. This is done through consensually collecting, analyzing, and understanding current behaviour to provide insight and change in future behaviour. IoB relies heavily on technologies such as artificial intelligence, machine learning, and predictive analytics to analyze and interpret the data to provide insights. IoB differs from the concept of the Internet of Things (IoT), as IoB combines data from things such as cellular devices and social media platforms to create insights about behaviour, whereas IoT refers to the network of physical devices that are connected to the internet and can communicate with each other.
The implementation of IoB can be very simple; as IoB relies on collecting and analyzing data, devices already used by companies can be utilized to extract insights. For example, Uber has been using IoB to monitor their drivers through the app; by collecting and analyzing data such as the driving speed, ratings, and number of passengers in a designated timeframe, Uber is able to identify patterns in drivers’ behaviors, optimizing user experience for both drivers and passengers. However, it is crucial for all companies to ensure that steps are taken to protectdata privacy and security, which can include the use of encryption, access controls, and other security measures.
Internet of Behaviors can be used by businesses to gain a better understanding of customers and improve operations. Here are 3 key ways in which IoB can improve your business:
- Understanding Consumer Behavior
By using IoB, more data about consumer behaviour, preferences, and purchasing habits can be collected and analyzed. This information can then be used to develop better marketing strategies, improve customer experience, and create personalized offerings and recommendations for consumers. IoB can also be used to track goods and materials, which can help aspects of businesses such as inventory management, supply chain, and logistics. For example, IoB can be used to check the condition and precise location of products during transit and optimize routes to reduce delivery times.
- Improving Safety and Security
IoB can be used to monitor and track workplace safety and security through the use of identifying hazardous behaviours, tagging unauthorized access, and recording theft. This can help firms create safer work environments, reducing thefts and preventing accidents. IoB can also be used to detect fraudulent behaviours, such as credit card and insurance fraud, by analyzing patterns and anomalies in consumer behaviour.
- Predictive Analysis and Consumer Engagement
IoB can use real-time data to provide predictive analytics that can help businesses make better decisions and improve consumer engagement. IoB can be used to track and analyze behaviour data and collect information such as consumer preferences, feedback, and purchasing habits. This can then be used to predict future trends and create personalized advertisements, marketing campaigns, and recommendations for consumers, improving engagement and loyalty.
The Internet of Behaviors has the potential to transform the way businesses operate and interact with customers. With its ability to gather and analyze data through multiple sources, IoB provides businesses with valuable insights into consumer behaviour, leading to more effective marketing strategies, improving customer experience, and optimizing safety and operations. As technology continues to advance, it is likely that the applications of IoB will continue to grow, making it an important tool for businesses looking to stay ahead of the curve.