Internet of Behaviors: Thinking Out Loud on What to Expect
Hello class, Meet “Internet of Behaviors”
The Internet of Things allows enterprises to access a shocking amount of user data. Their appropriate application can ensure both end-user convenience and business prosperity. It is exactly what IoB does. By considering consumer buying behavior, companies can improve their marketing strategies. Consequently, they can satisfy clients better, sell efficiently, and earn more. Meanwhile, customers can take full advantage of the customized approach and gain a great CX.
Using of IoT to understand Consumer Psychology
IoB is just starting to gain traction. Now businesses are discussing not so much real case studies as dos and don'ts of this technology implementation. Let's consider some of them.
Business agility and new digital service platforms to occur
IoB is about room for business models transformation. The new approach will expand the opportunities for cross-sectoral cooperation, increasing service value and expanding new revenue streams.
Deloitte experts suggest this approach will lead to analytics-as-a-service popularity. They cited real estate developers who can collect sensitive data about facility users and sell it to other companies. Thus, the latter can apply confidential information to boost commercial offers. Meanwhile, the CCPA, GDPR, and other data protection acts make businesses think well about implementing this idea complying with legislation.
Drawbacks & Blockers
As seen, IoB means new opportunities and benefits. The software base has already been laid by the Internet of Things. So just eat the cake, what are you waiting for? But companies are still in no rush to move to the next level. Why?
It's all about cybersecurity issues and the ethical aspect of the Internet of Behaviors usage. Here business collects terabytes of sensitive information. Therefore, to avoid loss of customers and painful lawsuits, management must provide absolute data protection.
Besides, it will be arduous for enterprises to find a middle ground in data usage. To what extent can a company afford to manage its customers' lives? To what measure is this acceptable to both parties - remains a mystery.
Check how XME.digital implements Internet of Things (IoT) solutions.
How The Real Estate Domain Can Benefit From the Upgraded IoT Solutions
The Internet of Behaviors is like Santa on Christmas Eve: it won't leave anyone without a gift. Everyone will get the most of this technology: homeowners, office workers, and real estate developers.
A smart home will independently adjust the environment to your preferences without additional settings. Due to this technology, an office will become a stamping ground even for the most demanding employees.
For developers, IoB means reducing energy consumption, an opportunity to build new customer-centric facilities, and boosting business models. Looks tempting, doesn't it?
You can discover more about the power of the Internet of Behaviors reading our article for The Continental Automated Buildings Association (CABA). Follow the link to begin: Internet of Behaviors: What to Expect in the Real Estate Domain