As technology continues to evolve, it is becoming more important to be aware of new capabilities and what it means for the future of business. Companies that will thrive will be those who are ahead of the curve and understand how to best adapt to the changing environment and anticipate customers' needs.
The arrival of the Internet of Behaviors (IoB) will surely spark conversation (at the very least) about how to best use this technology without violating ethical business considerations. We will examine the potential impact IoB could have on companies, customers, and business growth in the future.
Impact on Companies
The IoB is a powerful tool for companies using the technology. The IoB can provide valuable, targeted, in-depth customer data to companies in real-time. The IoB allows companies to build detailed customer profiles based on past behaviors and to predict (or estimate) future buying decisions and behaviors. The competitive advantages for businesses are clear and the IoB represents a promising glimpse into the future trajectory of emerging technologies.
This level of information is not without its drawbacks. The IoB's great power lends itself to issues of privacy, data collection, and general ethics. Companies have a duty to use and store all customer data responsibly and the IoB presents new challenges in that regard.
Effect on Customers
It is reasonable for customers to be wary of the IoB and all it means for the buying process. The very nature of the IoB can be interpreted as intrusive and the way customer data is collected and shared must be considered. However, there is a strong argument for the IoB as it provides a more tailored and personalized buying experience for customers. Customers are reached at the right time in the buying process to influence their decision and may realize incentives or special benefits such as cost savings.
Gartner estimates that by 2025, more than 50% of the world's population will be exposed to at least one IoB program. Additionally, Gartner estimates that by 2023 individual activities of 40% of the global population will be tracked digitally in order to influence our behavior. The IoB will continue to infiltrate customers' lives whether we like it or not.
The IoB creates untapped potential for many businesses across industries. Outside of increased sales and marketing techniques, businesses stand to grow exponentially as a result of the IoB. There is tremendous opportunity for a business to establish increased service lines and revenue streams. The IoB opens up new ways to sell a product or service to customers and increases the likelihood a business can successfully approach customers with add-on services. The added service lines can also mean the need for additional employees.
Concluding Thoughts on IoB in the Future
The IoB will undoubtedly change how businesses operate and reach new customers, but the true breadth of its impact remains to be seen. A powerful sales and marketing tool, the IoB presents great opportunities for companies and consumers. There are ethical and data privacy considerations to manage, but the IoB's potential is undeniable.
A technology managed services provider can help businesses get a better understanding of how best to harness the power of IoB and realize competitive advantages. Partnering with an MSP can clarify questions around data privacy and collection and help a company advance its IoB strategy. For more information on the IoB and its impact on customers and businesses, call AJTC at 708.942.8200. You may also contact AJTC here or at www.ajtc.net.