The rise of the Internet of Things (IoT) has been led by the widespread adoption of internet-connected smart devices such as smart phones, smart home devices, connected industrial equipment, and more. There are currently around 15 billion connected devices worldwide, which is expected to grow to over 29 billion devices by 2025. Indeed, connected devices now outnumber unconnected devices, and this ratio is expected to continue growing dramatically.
The intimate integration of such devices into our lives has provoked concerns about privacy and security, but it has also revealed exciting new ways to provided valued services, such as retail recommendation systems, remote healthcare monitoring, and personalized education solutions, among others. This new, expansive paradigm of remote data collection to analyze, influence, and predict human behavior has been coined the Internet of Behavior (IoB).
A typical IoB ecosystem starts with the necessary sensors or data collection technologies for data collection, such as location sensors (GPS, RFID, and others), motion sensors like the accelerometers and gyroscopes found our cell phones and other wearable devices, or environmental sensors like weather stations or industrial instrumentation. Video feeds, biometric sensors, and voice assistants have also been used as data sources for various purposes. Online activity can also be monitored using commercial and social media analytics tools.
The large quantity of data derived from the IoT is typically fed into cloud storage systems for preprocessing, and processed data can then be fed into machine learning algorithms for pattern recognition and predictive analytics. These algorithms need to integrate insights from behavioral psychology to accurately model human behavior. Additionally, behavioral psychology is crucial for effectively analyzing IoB findings.
Understanding and influencing human behavior using the tools and methods of the IoB has become widespread across companies in a wide range of industries. The data sources and analysis methods are as diverse as the industries in which they are used.
Retail
Remote asset monitoring is currently the most common use case for IoB technology. This technology enables sophisticated, real-time inventory management systems across the supply chain using RFID tags and IoT sensors. The careful tracking and management of drivers and their trucks and workers in warehouse and stores can smooth the full logistical trail.
In-store sensors also enable retailers to track customer activity to optimize store layouts and product placements. This detailed analysis of consumer behavior also enables retailers to predict buying patterns and improve inventory management.
Healthcare
The tools of the IoB have enabled dramatic innovations in patient monitoring and behavioral modification. Medical professionals are now using wearables to monitor their patient’s condition and perform remote diagnoses as part of greatly expanded telehealth services. There are also various apps available today to track physical activity and diet and encourage healthier lifestyles by providing personalized feedback. There are many, many other examples of IoB-enabled medical services, systems, and devices.
Financial Services
The financial services industry has made wide use of ML tools to probe financial data and determine the legitimate behavior of individuals, merchants, and other accounts. This enables them to create baseline profiles of normal behavior and then use supervised learning to screen for fraudulent behavior. Again, this is just one of many examples of the use of the IoB in this field.
At Aditi, we offer a wide array of data and analytics services to create capable IoB tools for your company. Our services include data acquisition and visualization, data governance, machine learning, and predictive analytics, all delivered by our teams of skilled professionals. With our extensive experience and expertise with various data and analytics tools and technologies, Aditi can provide tailored solutions to align with your business objectives. Contact us today to discover how we can help you leverage the power of the IoB.