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Technology Terms Every Entrepreneur Should Know

Technology Terms Every Entrepreneur Should Know

Are you a struggling business entrepreneur with today’s technology terms? It cannot be denied that technology plays a significant role in the business sector today. With the world advancing every day, business owners need to find a way to adapt to the changes smoothly. Technology has become a part of the business industry, so entrepreneurs have to find how to adapt to it.

Technology Terms Every Entrepreneur Should Know Terms

Technology Terms Every Entrepreneur Should Know Terms

There are some technology terms that entrepreneurs need to know to adapt more quickly to the growing sector. When an entrepreneur is familiar with these technology terms then they would gain a better understand the advancing technology system better and integrate it successfully into their business.

The technology field has its own particular terminologies used to communicate and refer to things. Tech terms can be acronyms, hardware terms, and software references that can be very hard to understand if someone is unfamiliar with them. Hence, entrepreneurs need to get to know these technological terms.

What’s the point of it learning the technology terms?

Most companies use technological equipment for their work. Even if it is just a computer, it is a technological device. Whether a business is tech-based or not, they most likely use technology in one way or another. As an entrepreneur, learning about technology terms will help to broaden your knowledge about the company’s technology tools.

If a business owner has knowledge of technology terms, they would be able to make better decisions regarding new tech-based products. An entrepreneur who knows tech terms will find it easier to understand helpful technology improvements that will be helpful to the business and will know the right questions to ask.

Irrespective of the industry your business is in, there are technology terms that entrepreneurs and business owners should know. Different business sectors have different tech terms. Understanding the tech terms that are commonly used in the sector your business belongs to is very helpful for business owners. Some tech terms used in the business sector are:

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Network and Data Terms

Network and data terms are the tech terms involved with a business data transfer and interaction, as well as the networks used for the process.

VPN

VPN is a tech acronym for Virtual Private Network. The work of a VPN is to grant users access to a private network to provide extra security. A VPN can be used anywhere. For example, small businesses can make use of a VPN connection instead of using a general open Wi-Fi network. This ensures the data security of the users.

API

API is also a tech acronym, and it stands for Application Programming Interface. This interface is handy for technology tools as it enables multiple software components to work seamlessly together as one single unit. Most tech tools make use of an API for their running.

The Application Programming Interface is a very commonly used feature. It helps coordinate multiple software elements to make the resulting software or app easier to use.

Web App

A web app is a tech tool that has similarities in performance and appearance to a mobile app. It is a web page that is made to work exactly like a phone or tablet application.

The navigation and viewing format of a web app is very user-friendly. They are usually more aesthetically pleasing and easier to use than other websites.

Domain Name System

The domain name system is something that is present in every computer that makes use of the internet. A domain name is what people type on the address bar of a browser. The domain name is then translated into numbers known as IP addresses. A domain name system is the directory of the IP address.

Machine Learning

Machine learning, as the name implies, is the process of the growth of a technological tool. It involves using analysed algorithms to improve the performance of a machine. The most common example of machine learning is the Artificial Intelligence system.

AI systems have the ability to learn and improve by using algorithms. Instead of there being a specific algorithm for each action, the system develops a set of rules which it uses to produce estimated solutions.

Tech Stack

A network system contains multiple components. These components are all layered on each other. This layered component is what is known as a technology stack. When the various aspects of a network, such as logins, retention, and data management, are layered, it is known as a tech stack.

For example, LAMP is a commonly used tech stack. The layers are made of Linux operating system, Apache web server, MySQL database, and PHP programming language. When stacked, these components make up a functional website.

Top Five Reasons To Use The Cloud and Four Things for SMBs To Consider

Top Five Reasons To Use The Cloud and Four Things for SMBs To Consider

Cloud Technology Terms

Cloud technology is rapidly becoming a regular part of many businesses. Hence, entrepreneurs need to be familiar with the terms commonly associated with cloud technology. These terms include:

Cloud Hosting

Cloud hosting is a process that gives data storage access to companies that do not practice server leasing for a specific price. Cloud hosting providers allow companies to store data on their servers for a fee.

Software interfaces can access the cloud servers that the cloud hosting provider provides. Only software interfaces specific to the hosting provider are granted access.

Cloud Computing

Cloud computing is a trendy term in the technology world. It is a service that allows companies to store their data and have access to it anywhere in the world through the use of an internet connection.

The company’s data and documents will be stored on remote cloud servers, and they can be accessed by the business administrator anytime, no matter the location. All that is needed is an internet connection.

Cloud computing will eventually replace desktop computers as technology progress over time.

Blockchain

With the creation of NFTs, the blockchain has become a more frequently used term not only in the tech scene. A blockchain is a record of activities and transactions. No matter the transaction or activity that takes place on the blockchain, there will be a permanent record created.

What makes the blockchain well known is the fact that the activity records cannot be tampered with or corrupted. This adds an extra layer of privacy security and serves as quality assurance.

Metaverse

This technology term is closely linked with the blockchain and is also increasingly popular. The metaverse is a digitally made environment that allows people to interact with each other.

All activity that takes place in the metaverse is recorded on the blockchain. At present, there is only one metaverse, but there is a possibility of more springing up later.

Cloud Backup

This term is also commonly used in various sectors today. As the name implies, a cloud backup saves a company’s data for future reference. If the business loses its data, it can be recovered quickly from a cloud backup.

Some cloud backup platforms allow automatic backups, which ensures no data is lost due to unforeseen circumstances. Cloud backups are usually cheap as they don’t require additional hardware such as iCloud for Apple devices or Dropboxfor business online document storage.

Microsoft is one of the biggest cloud providers and offers extensive cloud services for everyone from individuals, SME businesses, corporations and governments.

Cryptocurrency

Cryptocurrency is a commonly used technology term in this present age. One of the first cryptocurrencies known all over the world is Bitcoin. Cryptocurrency is a digital currency used to make various transactions. The blockchain was created to carry out such digital transactions.

Cryptocurrencies are not physical monies. The market system usually sets its value. Presently, there are many cryptocurrencies, and some have even had their value drop to zero. Popular cryptocurrencies today are Etherium, Bitcoin, and Dogecoin.

We have written a blog on how can you buy cryptocurrency.

Augmented Reality

ARs have to do with the display of digital interfaces on physical infrastructure. It is usually carried out by using devices like cell phones and tablets. Augmented reality involves the superimposition of digital elements with real-world elements via vision.

A famous example of an AR system is the widely played game Pokemon GO. The game is famous for the unique way it syncs reality with the game. Or you could consider visiting the world-famous museums or art galleries to view priceless artworks virtually from your home.

Retailers have the potential to use the technology to enhance the users experience with AR e.g. to review the real estate listing in AR or even imagine yourself dressed in a suit you always wanted to try but time-poor to visit the store.

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Why The Mac is Apples Most Exciting Product

Software Terms

Most technologies include software components. The terms commonly used when discussing software include:

Contract Management Software

Many businesses commonly use contract management software. Especially systems that deal with contracts. This software helps keep the contractor and the contractee aware of all the contract conditions. It helps in contract negotiation and regular billings.

Performance Management Software

This term is more frequently used in the human resource department of a business. Performance management software is usually used to evaluate staff performance. Most HR departments use this software to grade their employee productivity levels. The software can handle and process an enormous amount of data quickly.

Custom Software Development

Not all businesses can make use of general software packages. Some enterprises need to have their software specially designed to fit their business functions. This specially designed software is called custom software. Businesses can request the services of software development companies to create custom software for them.

ERP Software

ERP stands for Enterprise Resource Planning. As the name implies, ERP software helps a business manage the various aspects necessary for the running of the business, such as human resources and accounting. This ERP software can be purchased to help the running of the business.

Business Intelligence Software

Business intelligence software help companies store all relevant information about themselves. The information about the business contains a lot of data and needs to be stored properly. A BI software helps a business store this information so it can be easily analyzed in the future.

Conclusion

The business sector is evolving everyday, and with the growth of technology, many businesses are integrating technological devices and software into their business activities. These software and services help with the smooth running of businesses. As most businesses use technology, business owners and entrepreneurs need to know the terms associated with technology.

Tech terms are used everywhere. Getting familiar with these terms helps entrepreneurs have sufficient knowledge about technology and helps them make profitable decisions when it comes to tech products and services. Tech terms commonly used include blockchain, metaverse, contract management software, cloud computing, etc.

 

References

Written by The Original PC Doctor on 30/7/2022.

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