While you must be familiar with the term ‘Internet of Things, (IoT), there is a new concept called the Internet of Behaviour that is creating a buzz in the world of ICT. Though different both IOT and ICT are interdependent concepts.
The Internet of Things refers to the billions of physical devices such as computers, mobile phones, tablets, etc. that are connected to the internet and are actively engaged in collecting and sharing information across the network. The Internet of Behaviour goes a step beyond this. This concept aims at understanding the data so collected in a way that benefits the organizations.
Just like the two sides of a coin, the Internet of Behaviour also comes with its own set of advantages and disadvantages. On one hand, it gives valuable information to companies that help them in understanding customers. On the other, there is a threat of unethical use of customer data.
Let’s find out what are the benefits and risks of the “Internet of Behaviour“.
Benefits
1. Converts Data into Valuable Information:
Through Internet, organizations can collect a lot of data regarding customer behaviour. However, until the data is analyzed and effectively put to use, it remains more or less meaningless. The Internet of Behaviour converts these individual units of data into valuable information that can help organizations in improving their business performance by understanding their customers.
2. Understand Customer Behaviour:
The Internet of Behaviour primarily functions on the basis of behavioural psychology. The main purpose of the Internet of Behaviour is to analyse, understand and interpret human behaviours. This is done by tracking how people behave in different circumstances using various technologies. For instance, many companies use facial recognition to analyse customer’s behaviour at a given point in time.
Moreover, the Internet of Behaviour enables data collection through multiple contacts. Hence, companies can oversee the entire journey of a customer from the beginning to the end understanding points of improvement. Thus, the Internet of Behaviour helps business enterprises in getting into the shoes of their customers.
3. Improve Customer Experience
Since the Internet of Behaviour helps companies in understanding customer behaviour, it enables them to deliver exactly what the customers want. If customers face certain issues during their journey, companies can address them and thus, improve the overall experience of the customers. In this way, they can secure customer loyalty for a long time.
4. Effective Marketing
Through the analytical tools that come under the Internet of Behaviour, companies get access to data revealing customer psychology. This information assists them in delivering better performance by gaining insights into what drives their customers. This understanding enables them to give targeted ads and real-time notifications at the point of sale. Furthermore, it provides companies with new means to contact customers at different points of their journeys.
Risks
1. Privacy concerns
When companies collect vast amounts of customer data associated with their moods, their behavior, likes, and dislikes, customers feel a threat to their privacy rights.
2. Cybersecurity
The primary concern with the Internet of Behaviour remains the way data is collected and stored. The Internet of Behaviour provides a huge database for cybercriminals to take advantage of. A lot of confidential data regarding the customers may get compromised if it falls in the hands of unethical users. However, many companies and research organisations have begun addressing this issue. New cybersecurity protocols may come into existence that makes the use of Internet of Behaviour technologies safer.
Nonetheless, the Internet of Behaviour is a revolutionary concept that is expected to change the world of marketing to a great extent.
