W1-TechTerms

McKinsey research suggests digital acceleration has picked up the pace of business fourfold. Today’s digital environment – and the associated acronyms and tech terms that go along with it – is evolving so rapidly that it can be challenging to keep up. It's easy to feel you missed the memo when people start talking about the metaverse, NFTs and SaaS.

This weekly series of top tech terms for entrepreneurs will explain many of the common terms bandied about – plus, we will do it in a way you can understand and be in the know.

Blockchain

Blockchain is a secure method for allowing parties to deal directly with each other using a public digital ledger. The ledger of transactions records information in a way that makes it tough to hack or alter. Unique details are encoded in a block of data records that are all linked together using cryptography. Each block is added to a chain of data recording what came before and what comes after. The blocks cannot be deleted or changed.

Cloud Computing

Cloud computing is an umbrella term for IT resources – such as servers, data storage, networking, software – that are accessed in the cloud (the Internet). With cloud computing services, your business is not supporting the infrastructure onsite. Instead, you contract with a provider (such as an MSP) for these support services. Your business enjoys a consistent user experience on cloud-connected devices from wherever they are, with real-time updates happening in the cloud.

CRM

Customer relationship management (CRM) is a technology system that allows businesses both large and small to establish, automate, and synchronize every facet of customer interactions. CRM system examples include customer service and support, marketing, and sales – just to name a few. This online solution records, tracks, and shares customer and prospect contact information in one place which can help identify sales opportunities, record service issues, and manage marketing campaigns.

Cryptocurrency

Cryptocurrency is a digital currency, which is a highly secure alternative form of payment created using encryption processes. You have probably heard of Bitcoin. It's the most common form of Cryptocurrency, but it's not the only one. There are, in fact, thousands of cryptocurrencies used to finance digital transactions. Since no bank or other institution underwrites the currency, the market deems its value.

You too can move at the speed of digital. Fill out the form below to download the cheat sheet today!

Tech Terms for Entrepreneurs Cheat Sheet

Get up to speed on what people are talking about when discussing the digital revolution. This basic cheat sheet can help you to keep up.
  • This field is for validation purposes and should be left unchanged.