The tech world is ever-expanding with new tools and terms emerging every day. But not all of them are beneficial for an industry or business.
To employ the best and most suitable technologies in your startup, it is crucial to be up-to-date with the latest terminologies. So, here is a list of technology jargon that small businesses, startups and entrepreneurs should know.
Key technology jargon for entrepreneurs
Open source
Codes that are openly available to the public are called ‘open source’ and can be modified or used as desired.
Machine learning
Machine learning is a branch of artificial intelligence and computer science that uses data and algorithms to mimic human learning abilities and improve accuracy. For example, an AI personal assistant uses machine learning to optimise its performance.
Web app
A webpage that functions and looks like an app is called a web app. This software can be viewed from a browser and does not need to be installed, but it has an intuitive interface for navigation and is mobile-friendly. However, web apps require an internet connection.
Cloud computing
Cloud computing is a digital service that allows users to access documents, applications, data, etc stored on remote servers without an internet connection.
Cloud hosting
Storing data on virtual servers is known as cloud hosting, and they are only accessible with an internet connection. Hence, businesses can access applications and websites using the cloud which helps to scale up or down with flexibility.
Blockchain
Blockchain is a decentralised digital ledger that records activities and transactions. These records are permanently stored and can not be tampered with or changed through any medium. The parties involved in a transaction can remain anonymous.
Smart contracts
Smart contracts are an application of blockchain that automatically gets executed once the set conditions are met. A person can program smart contracts with the required terms and they are transparent and immutable.
Metaverse
Metaverse is a three-dimensional virtual space that is powered by artificial intelligence, Augmented Reality, Virtual Reality, AI, and the Internet of Things (IoT) to help users interact in a digital playground. In this space, users can communicate and socialise in this environment.
Augmented Reality (AR)
Augmented Reality is a type of technology that allows users to experience digital content, images and information that can be displayed in a physical environment via smartphones or tablets. Pokemon GO, a game that became insanely popular is an example of AR.
Mixed Reality
Mixed Reality combination of the real-world environment and virtual objects that can interact with each other. This concept allows users in spatial mapping, hand tracking, etc. It is important to note that Augmented Reality is a subset of MR.
Learning management system
Companies utilise learning management systems to train their employees. Generally, this software contains training programs, and key resources, and also assists human resource professionals to track the progress of training.
Managed services
When an organisation outsource daily business operations to an expert to handle thereby reduces costs and boosts efficiency in work. An example would be hiring a third-party managed IT company that offers services such as network monitoring, infrastructure management, disaster recovery, etc.
Minimum viable product (MVP)
A Minimum Viable Product (MVP) is a basic version of a product that can be used to validate the idea and its development. The main purpose of MVP is to get feedback and ensure the final product has the necessary features.
A/B testing
A/B testing is a method for businesses to evaluate two types of apps or content to two different sets of groups and see which one performs the best. This marketing technique is also called split testing or bucket testing. For instance, firms can analyse which variant of their marketing campaign is more effective and engaging.
