As the internet evolves and becomes a larger part of our everyday lives, we are moving into an era of hyper-personalized experiences when looking at the Internet of Behaviors (IoB).
IoB is an emerging field that revolves around meticulous analysis of user data, with a primary focus on behavioral psychology. This dynamic and innovative process systematically gathers digital activities of users where they are analyzed and interpreted to extract valuable insights. Behavioral science, edge analytics and the Internet of Things (IoT) are all facets of IoB which leverages cutting-edge technologies like AI and machine learning (ML) algorithms for capturing, analyzing and responding to user behaviors in real time.
Going forward, IoB will represent a transformative approach that enables businesses to forge deeper connections with customers, tailer their approaches and navigate the evolving landscape of consumer preferences. It is a tool that can be utilized to build business and customer loyalty at the same time.
“The customer experience landscape is rapidly changing and organizations will need to keep pace to exceed customer expectations,” said Jill Kouri, CMO at HCLTech. “Utilizing IoB will help drive an improved customer experience while boosting revenue streams for businesses.”
IoB becoming a disruptive force
Due to IoB’s dynamic nature, it may significantly disrupt various industries by providing new insights into human behavior and enabling new forms of interaction and engagement. In a report conducted by Gartner in 2021, researchers expected 50% of the world’s population will be tracked by IoB devices by 2025.
Organizations adopting IoB are beginning to find relevant use cases today that can give them an edge in the near future. With the rise of big data and AI, finding these use cases for understanding human behavior will be more commonplace.
Overall, the community impact for IoB will be quite significant due to increasing personalization, customization requests coming from end customers and the technology’s potential to analyze vast amounts of data to interpret and extract valuable insights from user’s psychology.
Behavioral Experience Orchestration (BEO) driving customer loyalty
BEO framework enables organizations to deliver personalized customer journeys at scale. It can help improve customer acquisition and drive revenue and has become a necessity for businesses that want to thrive in the competitive landscape of today. Through understanding and orchestrating customer behavior across all touchpoints, BEO empowers businesses to create memorable experiences that drive customer loyalty, advocacy and business growth.
Customers have higher expectations than ever before, demanding personalized and seamless experiences across all channels and touchpoints. BEO works to address this demand by tailoring interactions to individual needs and preferences. Further, customer interaction with brands happens across multiple channels such as websites, mobile applications, social media and physical stores.
Additionally, BEO is seeing wide-scale application across many industries, with businesses of all sizes making attempts at getting onto the bandwagon of BEO frameworks. This, however, is not without challenges. BEO could be used to manipulate individuals into making certain choices, raising concerns about individuals autonomy and the potential for exploitation. BEO could also create echo chambers and filter bubbles by tailoring experiences to individual preferences that could limit exposure to diverse viewpoints and information.
BEO can have a significant impact on profitability and customer experience, thanks to a rise of data-driven customer experiences and evolving customer expectations. Also, proactive personalization of experiences has become increasingly possible with the maturity of AI-ML systems.
BIR establishes new age for human-machine collaboration
Behavioral Intent Recognition, or BIR, is an area of IoB that has a strong impact on community that can make an effective and timely impact, if implemented correctly and ethically. It involves collecting and analyzing vast amounts of data from various sources, such as social media, wearable devices and online transactions to gain insights into people’s preferences, habits and decision-making processes. BIR holds potential for transforming the way organizations understand and respond to user intent. The technology could introduce significant changes in user experience design, marketing strategies or personalized services, but its full impact potential is still unfolding, according to the HCLTech Trends 2024 report.
There are many factors driving adoption of BIR as it’s being used to understand customer behavior and preferences in real-time, which is then being used to personalize marketing messages, product recommendations and customer support interactions. Since BIR is heavily reliant on AI and ML to analyze data and identify patterns, advancements in AI and ML are making BIR technologies more accurate and efficient.
“Emerging technologies like AI and ML, when integrated with IoB frameworks, can help enterprises develop market-ready products and monetize them throughout their lifecycle,” said Hari Sadarahalli, corporate VP for Engineering and R&D services at HCLTech. “IoB goes beyond service and creates an environment where customers feel valued and accommodated.”
Another driving factor for adopting BIR comes from its use in surveillance systems to detect suspicious behavior, identify potential threats and prevent crimes. As concerns about security and surveillance increase, the demand for BIR solutions are following suit.
BIR carries significant business value when it comes to Internet of Behavior processes when used in concert with AI systems. Intent recognition powers AI systems to deliver content tailored to individual user preferences, enhancing engagement and ensuring that users receive information that aligns with their specific interests. It also works to recognize user intent through AI systems that proactively anticipate user needs and streamlining the user journey. This ensures a more intuitive and efficient experience, as the system can predict and fulfill user requirements in advance.
Further business value comes from understanding user intent which enables AI systems to execute tasks seamlessly and interpret user intent accurately, leading to swift and successful task experience. Through intent recognition, natural language processing capabilities can be enhanced which allows AI systems to comprehend user queries and commands in a conversational manner. The natural interaction contributes to a more user-friendly and intuitive experience.
There are many benefits across sectors with IoB, but consumer privacy will be paramount as consumer data will increase substantially. Ensuring users’ personal information is kept secure and user privacy is respected is crucial because without it, users will be reluctant to share personal data and limit the potential benefits of IoB. This tool offers plenty of potential for organizations, but striking a balance between the benefits of IoB and privacy protections will be critical.