In this article, we have defined some of the technical buzzwords which are essential to know if you are running a business of any size. Knowing the basics of these technical terms will help you to decide whether to implement it for your business or not. We, the experts at Leap have gathered the most trending tech terms and are sharing them here.
Blockchain Technology
Blockchain is a distributed database/ledger that stores information in a digital format. It is the process of maintaining a decentralized record of transactions in a business network. The key difference between a typical database and a blockchain is the structure of the data. The data entered here is irreversible.
Blockchain collects information in groups called blocks, which contain sets of information. Blocks have a certain amount of storage, and when they are full they are closed and linked to previously filled blocks, creating a chain of data called a blockchain. Any new information following the newly added block will be compiled into a newly formed block and also added to the chain as it fills.
Industries that make use of blockchain technology are:
- Healthcare
- Retail
- Supply Chain Management
- Telecommunications
- Manufacturing
- Insurance
- Financial Services
- Travel
Chatbot
The chatbot is a software or computer program that stimulates human conversations through text or conversations. This allows users to converse with digital devices as if they were communicating with humans. Chatbots can be used in both B2B and B2C environments, as they can easily handle and virtually assist simple tasks. There are varying levels of complexity in chatbots.
Task-oriented chatbots: Some chatbots approach each conversation and interact with new users. It focuses on performing one function and generates automated, conversational responses to users’ inquiries. These chatbots can handle common queries and do not involve a variety of variables.
Data-driven chatbots: Some analyze previous conversations and frame a new conversation based on the context. These are referred to as digital assistants. Here, the chatbots apply predictive intelligence to enable personalization based on users’ behavior and profile.
Chatbots improve efficiency and bring in cost savings to businesses by offering convenience for customers. This concept here is to reduce human interaction and automate FAQs. Here are a few more chatbot facts:
- Reduces customers’ waiting time
- 24/7 availability
- Automates lead generation and sales
- Improves customer engagement
- Better user experience
Datafication
Datafication is all about collective tools, technologies, and processes used to transform an organization into a data-driven enterprise. This buzzword describes the tendency of organizations to define the key to their core business through their global reliance on data and related infrastructure. Datafication is also referred to as Datafy. An organization that practices digitization is said to be digitized.
Industries where datafication is active,
- Insurance
- Human Resources
- Banking
- Hiring and Recruitment
- Social Science Research
End Point Detection
EDR is a security tool that continuously detects, analyzes, mitigates, and isolates threats on endpoints as they are progressing. It is becoming a requirement for protecting a company from cyber attacks and APT (advanced persistent threats). The tool works beyond traditional security tools, and its importance is to minimize the damage that could be caused by the attack.
For an organization’s cyber security strategy, endpoint security is an essential component. The EDR, with its tools and security analysts feature, can efficiently identify threats to protect your business.
EDR is quite different from traditional security tools in terms of completeness. The advanced security solution logs all the activities performed at the endpoints. Thus, helping with an in-depth understanding of the attack and generating a quick response to eliminate the threats.
The importance of EDR is as follow:
- Provides full visibility regarding the status of the network’s endpoints
- Also, EDR is capable of automating data collection and response activities
- It also allows the security team to perform a rapid investigation of any security incident and take steps to rectify them
- EDR allows threat hunters in identifying and investigating the activities of an existing infection
Gamification
Gamification is the process of adding game mechanics to environments like websites, online communities, learning management systems, or any business intranet. The main objective of gamification is to make consumers, and employees engage, collaborate, and interact. Gamification with its implementation of game mechanics and dynamics would help in the accomplishment of business objectives and goals.
A compelling gamification program would make the participants more interactive as they receive immediate feedback on performance and guide towards new achievements. Gamification is all about driving engagement and the participants would learn the best way to interact with your business, services, and brand. This can also help in gaining some insightful data which could help to influence marketing, campaigns, and more. Every interaction can help in understanding the participant’s behavior and the time they spend on the activities that they are interested in.
Business can improve their results through the concept of gamification, and some of them are:
- Increases problem solving ability
- Increases level of engagement
- Employees will be more productive
- Better performances and strive to reach business goals
- Calculated and rational business decisions
- Social Strengthening
Machine Learning
Machine learning is a type of artificial intelligence that would give computers the ability to learn without explicitly being programmed. It is the ability of a machine to stimulate human behavior. Behind the scenes of chatbots, language translational tools, autonomous vehicles, and machines that diagnose medical conditions is machine learning.
Machine learning is all about data like numbers, images, text, and more. The data could be bank transactions, pictures of people/products, sales reports, and more. Here, the data is collected and prepared to be used as training data. The more data, the better the program.
Functions of machine learning are,
- Descriptive – the data is used to explain what happened
- Predictive – the data is used to predict what will happen
- Prescriptive – the data is used to give suggestions and what needs to be done next
Why implement machine learning?
- Helps in analyzing customers’ behavior and predicting based on their purchase list/browser history
- Guides with predictive maintenance can reduce the risk associated with unexpected failures and expenses
- Eliminates manual entry data
- Neural networks can detect spam and phishing messages
- Used for financial analysis
- Can help with product recommendations for e-commerce business
- Medical diagnosis can help the healthcare industry
- Increases customer satisfaction
MSP
A managed service provider (MSP) is an external business that administers and takes on the accountability of a specified range of daily management services for its clients. Large enterprises, small and medium-sized businesses, non-profit organizations, and governments all use it as a strategic approach of enhancing operations. Many organizations make the strategic decision of outsourcing operational processes, due to the efficiencies and expertise such a program brings.
When engaging with a managed service provider, you can retain overall managerial authority and accountability for the operations being outsourced. Additionally, you have complete control over whatever services you choose to administer internally versus externally.
The MSP will take care of complicated, and time-consuming work that is frequently required. As more businesses begin to understand the advantages of handing over many of their daily operations to a third-party specialist, outsourcing to an MSP is starting to become a more popular trend in business. Some of the popular functions that a managed service provider are:
- Network Security
- IT Support
- Network Administrator
- Data Backup
- Communication
- Human Resources
The benefits of engaging with a managed service provider are,
- Allows employees to focus on the core objectives
- Moreover, businesses can hire the required team at a flat monthly rate
- Maintains a strategic relationship with your solutions for additional savings
- Helps businesses to shift from capital expense model to operational expense model
- Responses to demand in real-time hence, it can easily handle downtime
- Provides expert backup and disaster recovery plan to bring your business back online
- MSPs are 24/7/365 available
- Partners with your legal team to verify whether the maintenance security and compliance regulations
Phishing
Phishing is said to be the most widespread and common cyber security attack. Here, the hackers use a false identity to enter and scheme users to provide confidential and sensitive information, visit malware pages and download malware.
It is a form of social engineering attack where the users are targeted through email, text messages, and social media accounts. Signs of phishing attacks are an odd sense of messaging, and unusual requests for sensitive information.
How to prevent your business from phishing attacks:
- Beware of unusual emails and messages with unusual wording
- Be cautious about the links that you receive through emails and messages
- Incorporate anti-phishing toolbars as it would help in identifying sites with phishing information
- Cloud-based email security providers can also protect you from phishing attacks
Open Source
Open source is generally referred to as Open Source Software. It is the source code that is publicly accessible. Anyone can view, modify, inspect, and distribute the code as they see fit.
Open source software has been developed in a decentralized and collaborative manner, it is quite cheaper, flexible, and has more longevity. These are developed by communities rather than by a single company or author.
Reasons why businesses use open source software:
- Easily accessible
- Allows to check and track all the activities happening in the code
- Very reliable
- Affordable and flexibility
- Open collaboration
VPN
A VPN is a tool that adds protection and privacy by creating secure connections between user devices and servers. Businesses also utilize VPN because it enables a more secure connection to a company’s internal network. When utilizing the internet from a shared connection, offers more privacy and security.
A safe and encrypted internet connection is first established via a VPN. This implies that any data you transmit or receive via a VPN is secure from hackers. Sending a coded message is similar to how encryption operates. Your data is changed from an understandable format to an unintelligible one when you use encryption technology. The only people who can restore the data to its original state are those who have the encryption key, like those logged into the secret network.
Second, your IP address is concealed from the rest of the internet once you’ve connected to a VPN server. When your IP address is concealed, it is much more difficult for malicious users to connect your online behavior to a specific place or device. Tracing your encrypted data back to the source would be impossible, even if it were intercepted and decoded by a third party.
The importance of connecting through a VPN:
- Helps in hiding private information
- Avoid data and bandwidth throttling
- Allows to access region-blocked services
- Provides network stability
- Reduces long-distance phone charges
Our experts hope, this article helps you to understand the latest technical terms that are essential for a business.
Are you looking for expert guidance for implementing the latest technologies for your business? Our expert team at Leap Managed IT can help in identifying the obstacles and create strategies by understanding the pain points.
