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November 30, 2015

5 Technology Terms Every Business Owner Should Know

As a business owner, there are a score of technological terms you should readily grow accustomed to. Most of these terms are things you should think about implementing, and others are merely things to expand your knowledge in order to better understand your market and how best to sell to them. Below are some technology terms that if you’re not yet familiar with, you soon will be.

Cloud Hosting

To store your data, you can either lease servers, or you can pay to have your data stored on virtual servers. These servers are based in the cloud because they can only be accessed with an Internet connection. Businesses can then access their data using a software interface specific to their cloud hosting service provider.

ERP software

Enterprise Resource Planning (ERP) software is an all-encompassing tool that allows your company to manage multiple parts of your business all in one neat package. It can help manage accounting, inventory, sales, and human relations, to name a few. To maximize the potential of the ERP software, companies should purchase enterprise software modules that are relevant to their business and then use the ERP software to fully view all the data collected by these modules. This requires some level of customization. Ask a specialist at Genatec for some advice!

Business intelligence software

Business Intelligence (BI) is the information your business collects about itself. This information can include a very broad array of facts and numbers, therefore BI software is often needed. BI software allows companies to keep their data all in one place, making it easier to access and analyze.

CRM

Customer Relationship Management (CRM) refers to practices, strategies, and technologies that companies use to manage and analyze their customer interactions and data. CRM systems combine all the information on customers across different departments, so it is all consolidated on one platform. Business users can easily access and manage customer information in one place. This improves business relationships, customer retention, and sales growth. 

Social Media Presence

A company’s social media presence is becoming more and more important as technology evolves and new social channels sprout from left and right. A social media presence doesn’t simply involve opening up a Facebook account and posting your holiday hours a few times a year. It means creating engaging content that your followers will be interested in that relate to your business and also to current events. The goal is to interact with your followers, creating a personalized approach. Having a strong social media presence doesn’t necessarily convert into sales right away, but it keeps your company relevant, and allows your business to reach more people. Word of mouth spreads, but virality spreads like wildfire.  

Technology is ever evolving…

…and so should your technological terms repertoire. Always stay informed and keep up to date on the newest gadgets and developments in the IT world. Don’t remain in the Stone Age. Your business will profit from being technologically up to date. Our world is becoming more and more technologically driven. Don’t let yourself get left behind.

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