As a business owner, it’s essential to be able to delegate and outsource tasks that require specialized skills and knowledge. You never want to be that boss who tries to do everything.
However, you do need to have a general understanding of how the different aspects of your business function. Nowhere is this more important than in the world of IT.
From cyber resilience to low-code automation, here are six of the most important tech terms for business owners to know:
1. Cyber resilience
This is an emerging term that refers to your company’s preparedness for and ability to withstand cyber attacks. If you can quickly adapt to both known and emerging threats and challenges, then you’ve earned the title of being a cyber-resilient organization. Of course, the benefits of cyber resilience extend far beyond mere titles.
Cyber resiliency ensures that you can not only survive but thrive in a world that’s often rocked by unexpected crises like ransomware attacks, market crashes, and pandemics.
2. AR (Augmented Reality)
If you remember the Pokémon GO craze, then you already have a bit of an idea of what augmented reality is. However, it has many more applications than gaming. Fashion brands are utilizing this technology to allow people to virtually try on shoes and accessories. Interior designers use it to show people how different styles and layouts will look. Depending on your industry, AR could be a lucrative investment.
3. IoT (the Internet of Things)
The Internet of Things is exactly what the name suggests – everything from your fridge and thermostat to your door locks and lights can be connected to the web and to your other devices. This means your thermostat can get your home to the perfect temperature just in time for your arrival, and your lighting system can be controlled remotely. However, every connected device you have is also a potential inroad for hackers. While footage of hackers chatting to homeowners through their Amazon Ring cameras can be amusing, it’s also a sobering reminder of how important cyber security is.
4. SaaS (Software as a Service)
Short for Software as a Service, Saas is an important concept for business owners to wrap their heads around. If your IT support team has been pestering you to step away from legacy software, SaaS is likely the alternative they’ve suggested. While it can take a lot of work to make the switch, subscription-based software comes with rolling updates, meaning your company will never be operating on slow and outdated systems.
5. API (Application Programming Interface)
The tech world is clearly built on acronyms, and this one stands for Application Programming Interface. APIs are connectors that allow different programs to interact. For example, when you bypass the need to create an account by simply hitting “sign in with Facebook”, it’s APIs that are making the necessary connections. APIs are also central to the next tech term you need to know.
6. Low-code automation
Many business owners first hear about the wonders of automation in reference to Robotics Process Automation (RPA). The idea of having bots take over the most tedious tasks in your day-to-day operations does sound tempting. However, RPA can be complex to get up and running.
This is where low-code, API-based automation comes in. Low-code platforms offer a more streamlined approach to automation that can be augmented with RPA where needed. So, before you rush out to buy an RPA license that may well go unused, consider taking a hybrid approach to automation that includes low-code platforms.
Add the above tech terms to your vocabulary, and you’ll be well-placed to lead your company into the digitally-driven future.