Gartner’s 2020 strategic prediction announced that the “Internet of Behaviors” (IoB) is something that we will become increasingly aware of, and by 2023 they predict that the individual activities of 40% of the global population will be tracked digitally to influence our behavior.
So, what is the Internet of Behaviors? Let’s dive in.
First you need to understand that the Internet of Things (IoT) is a network of interconnected physical objects that collect and exchange data and information over the Internet.
IoTs are constantly expanding and evolving in the scope of its complexity:
- The way in which devices are interlinked.
- The computations that can be processed by these objects autonomously.
- The data that is stored in the cloud (capturing data to improve internal operations, customer experience, and staff safety)
In simple terms, ‘IoB’ is all about using data that’s been collected by the ‘IoT’ to modify behaviors and ultimately end in an objective being met.
What separates the Internet of Behavior from ‘IoT’?
The Internet of Behavior, just like ‘IoTs’, is comprised of Smart Tech and Data Analytics; the two pillars that make up the foundation for companies to start understanding customer behavior.
Behavioral Science is what takes ‘IoBs’ to the next level. By tracking purchases, facial biometrics and a whole lot more, companies can begin to map and predict behaviors, in turn allowing them to make decisions on influencing their customers, based on factual data.
One such example of this could be in your local Coffee Shop!
If all your customers have to wait in the same queue, this signifies that only one person is being served at a time. Alternatively IoBs would be able to show the number of customers who wait to be served vs. customers who churn after x amount of time. This information could then be used by the shop owners to change the shop floor plan and create additional queueing space.
By having this solution in place, not only are customers now happier about being served quickly, but the customers that previously churned are now willing to wait.
“Think of it as an amalgamation of technology, data analytics, and behavioral science. It is essentially trying to make sense of human behavior through data mining”.
The idea of analyzing data received from consumers for business purposes is not new to Zone24x7. We have researched consumer behavior and habits in the past and with our products SerendibAi and Analytics Center, we now have an automated ecosystem of analytic processes that track, collect, and attempt to interpret the vast amounts of data we generate through our online and physical activities.
With the rise of smart devices over the years it is predicted that more than 50% of the world’s population will be exposed to at least one IoB program. For now, we know for sure that IoBs turn data into information. The real question is whether it can turn this information into wisdom?