While the common businessman might find himself overwhelmed and lost in a technical sea of industry jargon, it is important to know and understand the implications of common words in the industry. Take a look at our list below:
Data Processing – the use of electronic devices, machines, software and techniques in terms of organizing, storing and retrieving information for business. Accounting records management systems (ARMS), customer relationship management (CRM), human resource management (HRM) and database administration are all examples of Data processing technologies.
Business Process Management – essentially focuses on improving existing business processes with the goal to improve efficiency while reducing costs. This technology uses networked computer systems to monitor performance levels and make improvements based on collected data. Enterprise Resource Planning (ERP) systems are an example of this type of technology.
Business Intelligence – can be thought of as a subset category that focuses primarily on creating information that’s able to be analyzed and interpreted by business leaders. The data that’s collected is also used as a basis for future decision making.
Business analytics – can include the use of Business Intelligence technology, but this term focuses specifically on utilizing various software applications in order to uncover insights into potential problems that could negatively affect a company. This process often utilizes large sets of structured and unstructured data (i.e., text-based information such as emails, memos, etc.) in order to get the most precise results.
Business Software – when it comes to specific types of technology, there are many different applications built for improving day-to-day operations. ERP systems track inventory levels and make buying recommendations based on projected demand; CRM records all communications between customers and a business so that customer’s preferences can be better understood in terms of future sales; HRM systems collect data on employee productivity, allowing leaders to assess who are the best performers in order to further improve operations.
Business cloud services – also known as “software-as-a-service” or SaaS programs, these applications allow businesses to access software through an internet connection rather than downloading and installing it onto their local machines. This has become popular with companies that don’t have large IT departments since they’re able to keep the base technology easily accessible.
Business communication software – this type of program makes use of videoconferencing; video chat, webinars (which combine live audio with real-time webcams), email, and other methods of communication to keep the conversation flowing between workers in different locations. This type of technology is often used by businesses that have employees spread out across the country or around the globe.
Business Analytics Software – use data analysis tools and reporting dashboards to track key performance indicators (KPIs) for a business or project; these can be internal metrics such as employee productivity levels, or external metrics like customer satisfaction rates. Key Performance Indicators are analyzed over time so that small changes/increases can be noticed before they become larger issues.
Business Content Management Systems (CMSs) – focus on presenting information in an organized way so that visitors to specific websites receive only relevant content when accessing certain pages. CMSs can also be used to update information on websites and disseminate data updates in real-time (i.e., news sites).
Business Collaboration Systems – allow for the sharing of documents or project management between multiple individuals at different locations; this technology has been especially useful for businesses that have employees located in multiple offices around the world but want to make sure ideas are shared properly before they’re brought into production.
In Conclusion, these buzz words will be used to attract more clients to the end client and attract new employees, at this point, it’s up to you on how you are going to implement and use these terms!
Hi! I’m John, the owner of New Vine. Here I post about all things business, finance, and real estate. My aim is to help people learn about all things business!