Undoubtedly, data has been crucial for businesses since the inception of the internet. However, with the introduction of the Internet of Things, its importance skyrocketed.
What exactly is the Internet of Things? Simply speaking, the Internet of Things is the concept of connecting any device to the Internet and to other connected devices by proxy. The IoT creates a giant network of connected things and people – all of which gather and share data.
Has science gone too far? And what if I tell you that it went even further?
Let’s explore the fascinating world of the Internet of Behaviours!
What Is the Internet of Behaviours
The Internet of Behaviours works as an extension of the Internet of Things (IoT) concept. And all that with a twist. While IoT centres around gathering information and automating the communication of devices connected to the network, IoB focuses on data to search for specific patterns to use them to influence and predict the behaviours of people in the physical world.
What makes the IoB so powerful? The sheer amount and variety of data it collects and uses. From social networking activities and Internet of Things data (sensor readings, cameras, etc.), through purchasing and spending habits, interactions with sales and customer support, user location and the actions that take place at different locations to even biometric data, the IoB makes the most out of data to successfully profile the customers and users.
Internet of Behaviours combines three different areas: technology, data analysis and behavioural science. It captures, analyses, and examines all types of human behaviours to track them and examine specific behavioural patterns.
No wonder that so many organisations recognised it as a business opportunity.
Boost Your Business With The Internet of Behaviours
Data is collected and analysed by businesses for a variety of purposes: to assist them in making educated decisions, customise marketing techniques, develop new products and services, and drive user experience design. The Internet of Things takes these actions to a whole new level.
With a little help from this state-of-the-art technology, organisations of all kinds can track and analyse the behaviour of customers across various platforms to create personalised strategies to keep their clients engaged and ready for more. And that’s only the beginning of potential advantages of IoB!
IoB data can empower businesses of different sizes to improve user experiences in response to behaviour feedback, and consequently increase client satisfaction by reacting to behavioural clues. On top of that, they can use IoB data to analyse the effectiveness of campaigns based on behavioural data, boost sale by observing customer behaviour, and comprehend behaviour patterns
And that’s not all! Companies can even use the collected data to influence the user to modify their behaviour in their favour.
Want some real-life examples? Here you are. Insurance companies have adapted IoB for their car driving tracking programmes (e.g. DriveWise at Allstate). Analysing the driver's activity (driving speed, distances travelled, parking spaces, etc.), the insurer decides whether and in what amount, a given person is entitled to a discount.
Too Good to Be True?
Too good to be true? Well, the Internet of Behaviours is not without drawbacks and the problems that may arise are not of a technical nature but the ethical one. IoB is faced with the adversities of collecting, storing, and using data. Its level of access is difficult to control and that’s why all companies must be aware of the responsibility for using IoB, as this presents a serious legal and security risk to privacy rights.
Unfortunately, irresponsibly collected and stored behavioural data can allow cybercriminals to access sensitive information. Moreover, they could generate more advanced scams, tailored to the habits of individual users to dull their vigilance.
The Internet of Behaviours creates cutting-edge opportunities for marketing products, improving services and influencing user behaviour. This technology is highly useful to organisations as it allows them to optimise the customer relationships depending on the acquired IoB data.
However, behavioural data technology is still developing. However, as new IoT devices are spreading, the dispute over what constitutes critical data and ethical use is just starting.