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. Here is a new list of top tech terms for entrepreneurs keeping you in the know as we continue our weekly series:
MSP
An MSP (Managed Service Provider) provides comprehensive tech support and services by getting to know your business. These IT experts install software, upgrade hardware, patch systems, and much more. MSPs can also consult on cost savings and help your business be competitive, while allowing your employees to focus their time and energies on driving innovation and generating revenue.
NFT
An NFT (Non-Fungible Token) is a digital asset bought and sold online that represents real-world objects such as art, in-game items, music and videos. Physical money and cryptocurrencies are fungible in that they can be traded or exchanged for one another. NFTs are non-fungible in that each has a digital signature that makes it impossible to be exchanged for or equal to one another. Examples include NFTs of virtual kittens or you can buy an NFT to be the owner of video clips of an athlete making a game-changing play.
RPA
Robotic Process Automation (RPA) is not about letting robots take over the world but it does make people’s lives easier. Any manual, repetitive process can be automated, thereby improving accuracy and freeing up humans for more creative work. Robotic process automation is often mistaken for artificial intelligence (AI), but the two are distinctly different – the critical difference is that RPA is process-driven, whereas AI is data-driven.
SaaS
SaaS (Software as a Service) is a method of licensing and software delivery accessed online with a cloud-based subscription. The odds are good that if you are using Microsoft 365, Slack or MailChimp, HubSpot or Salesforce, you're already using SaaS. Also known as on-demand software, SaaS lets you lower costs and add scalability while improving efficiency and access.
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