Co-founder and CTO of Tekrevol LLC
The consistent advent of technological aspects in the world is not new; rather, it's inevitable for technologies to grow beyond expectations to make human lives easier.
With the passage of time and integration of existing cutting-edge ideas into businesses, we come across new technical modifications that are basically altering the existing to improve business processes, operations, efficiency, customer services, and more.
IoT has played an essential role in the way businesses and customers collaborate, let alone enhance the understanding and processing of machines.
So today, we're going to discuss the revolutionary aspect of the IoT which is, "IoB." Or the "Internet of Behavior." While technological dependency increases for people in personal and professional aspects, this technology has now started to enhance the way humans perceive themselves and their abilities to map out specific human behaviors, enabling us to better cope with continually evolving technologies.
Similarly, technologies like IoB would offer information and insights beyond what conventional technological ever did and would rather focus on more "humane" aspects for augmented customer experience, cultivating a more mature and profound way of providing services to customers.
IoT is all about an interconnected network of physical devices and virtual platforms to generate an enormous amount of data that helps in evaluating, analyzing, and predicting human patterns and activities. Moreover, the data is also exchanged between interconnected devices to foster a culture of productivity, agility, better business decision-making, and more.
The fact that the internet of things is constantly improving its core functionality in terms of greater connectivity, data computations and storage, and predictive analysis has given rise to the concept of the Internet of Behavior (IoB).
With data coming from various sources and narrowing into integrated and sorted data streams, the analysis of human behavior, interests, and preferences has become the new concept to diverge businesses into. Having behavioral sciences and psychological perspectives at work, IoB tends to trace out the path for better product development and service integration for greater customer satisfaction.
Employing this humane and customer-centric approach, IoB helps businesses to mold their ideas, products, design specifications, and even search experiences to newer approaches. So, the next suggestion the customers are offered does not solely analyze your previous transactions; rather, it also studies their preferences and choices.
Internet of behavior, in literal terms, is the combination of three complex, independent, and highly essential fields; technology, data analytics, and behavioral psychology. With machine learning and Artificial Intelligence, collaborating with human behavior and big data analysis can assist in bringing about significant modifications in core business functionalities and enhance customer relationships.
Talking about behavioral analysis in attracting customers and marketing services, IoB is perhaps the primary method for Facebook and Google to display ads to the viewers. However, what's still new is the updated approach to gather, analyze and study data. The technology learns the patterns of customers. It analyzes how they process advertisements, and finally, the whole idea of showing customers the products that they're really in search of comes to life.
An important aspect of the IoB in business is that it is not just descriptive that focuses on collecting and studying data to derive predicted results. Rather the technology is proactive, which means the operational algorithm at the backend of IoB is so strong that it often employs psychological aspects for customers to influence their decisions and choices.
Now the idea of leveraging business with IoB in a way that, instead of basing the entire research and data analysis on their previously collected data, the business model makes predictions and offers services by evaluating what they actually need.
The idea can be explained as analytical and research procedures that businesses employ to advance their functionalities and objectives to target the future needs of the users, taking a step ahead rather than following the conventional ways.
The scope of collaboration of IoB in businesses and its magnifying effects in altering how businesses treat their customers is undeniable a fascinating and intriguing aspect, given that we are already employing technologies like IoT, semantic analysis, sentiment analysis, etc.
Further specifying the implementations and scope of Behavioral analysis and integration into systems and businesses, I believe the marketing sector can be one of the crucial industries to be affected by this technology.
Platforms like Facebook and Google incorporate extensive and comprehensive marketing research to provide users with an extremely personalized experience. Major credit for this goes to research methodologies like the Internet of Behavior, behavioral and predictive analysis.
With the consistent rise in B2B marketing, the integration of the internet of behavior is significantly growing. Corporate sectors and businesses are now further expected to target a greater audience by segregating them into niche-specific categories and implementing targeted approaches by analyzing and predicting their behaviors.
The most crucial yet important aspect of IoT is that it has enabled businesses to gather a wide range of data from several data streaks and fields to base basic functional algorithms in extracting sorted information.
This sorted information ultimately helps derive targeted patterns and themes to understand customers' lifestyles, choices, and transactional practices. Further studying the information from social media and several other platforms explain more about users' likes and dislikes.
All these and several other aspects help devise business and marketing strategies for users in a way that portrays business products and services in an entirely user-specified manner.
Simultaneously, as businesses also focus on enhancing their appearance and visibility on Google Search Engine and improving their SEO ranking, having IoB at work significantly attracts SEO professionals.
Alexa, Google Home, and Apple Siri are examples of how natural, and human-friendly it gets to conversate with a device rather than type in questions. This is why Google's algorithm for content analysis is not based on keywords only; rather, it is now more focused.
The real-time geographical and continuous accessibility features have made it easier to track where the users are and what they are doing. Several mobile applications now use these smartphone-based data variables to track your activities and show relevant suggestions.
For instance, countless mobile applications are designed to fetch data from the user's smartphones. This data is then used for specific audience targeting. The primary role in between the whole idea of collecting data to further improve the audience targeting process is of IoB.
IoB, much like IoT, tends to collect data of the users to analyze consumer behavior. This analysis further strengthens the visual pattern mapping based on user behavior, generating data patterns that improve the overall advertisement module, generating viable business outcomes.
At the same time, employing technologies like Artificial Intelligence and Augmented Reality in the face, gesture, and voice recognition can also have greater usability in evaluating users' moods and behavioral changes, rather than just sticking to security and systematization.
I also believe that IoB can have immense usability and scope in health, e-commerce, education, and logistics. By analyzing human behavior and preferences in an extensive manner, businesses can undoubtedly connect and collaborate with customers on a higher level.
Summarizing the implications of using and integrating the IoB technology in businesses, I believe that with better performance and revenue-generation aspects, users' data security and privacy are also mandatory.
In such cases, it comes down as a businesses' corporate responsibility to maintain a healthy balance between their data intrusiveness and personalized offers for users to maintain boundaries to respect their user's personal space and safeguard their data to avoid exploitations and mismanagement.
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