Welcome to High-Tech Glossary.
With years of experience in the field of deep engineering and building software, we have gathered our extensive knowledge of different industries. Learn more about the key terms that revolutionized and defined the world we live in today alongside general terms related to our services and business.
Artificial intelligence (AI)
Artificial intelligence (AI) is a new age term, which is used to describe a wide variety of modern problem-solving technologies. Artificial intelligence is an advanced computer science that applies advanced analysis, logic-based techniques, machine learning, deep learning, different types of recognition, for example, such as visual, pattern, and voice recognition, to perform tasks, which were previously done by humans only.
Artificial intelligence can be used in different fields, such as software engineering and development, and computing machinery. Artificial intelligence helps us to better understand certain events, automate decision making, detect errors in vast streams of data, the transmission of real-time information, reduce cost, rationalize certain actions, improve results, and so on, depending on which field of your business you would like to improve with the use of AI technology. Artificial intelligence is being increasingly used as an innovative approach in industries such as marketing, banking, healthcare, agriculture, aviation, retail, supply chain, and financial and medical services.
Read more about HTEC's expertise in the field of Artificial intelligence, here.
Augmented Reality (AR)
Augmented Reality (AR) has the ability to integrate virtual enhancements such as computer-generated elements in the form of graphics, text, audio, video, and other types of data words real-world objects. The use of these enhancements of the real-world elements is the biggest difference between augmented reality from virtual reality (VR). Augmented reality with the overlay of real-time information, previously mentioned digital content elements effects and improves the user’s real-world experience and interaction, therefore, adding a huge value to the user, unlike a simulation of virtual reality (VR).
The term augmented reality is most often used and connected to the gaming industry, however, over the last decade augmented reality and the use of AR technology transcended the gaming industry and successfully moved across other industries, such as retail, real estate, tourism, education, architecture, and even healthcare. Augmented reality provides its users with an interactive experience, visualization in context, collaboration across geographies with the use of holographic models, efficient product development, and other imaginative solutions.
Read how HTEC implemented Augmented reality in the retail industry, here.
Big Data Analytics
Big data analytics helps us examine large and/or complex types of data with the use of The main goal of big data analytics is to uncover hidden patterns, correlations, and other important information or insight in order to get answers. Big data analytics uses several types of technology, such as, Machine learning, data management, mining, and others. Big data analytics provides businesses with answers extracted from large quantities of data in a quick and easy manner, making the development of smart solutions more efficient compared to more traditional analysis of data.
Nowadays, most organizations have big data and need to extract proper value from it. Big data analytics leads to positive business outcomes such as new revenue streams, more effective marketing campaigns, better customer service, reduction of cost, faster decision making, development of new products, improved operational efficiency, and bigger competitive advantages over competitors.
Cloud Migration is a process during which databases, applications, services and other business or IT processes are transferred to a cloud computing environment. The main goal of cloud migration is to enable the move from on-premises or legacy infrastructure such as servers or data centers to the cloud, where all databases will be stored or prepared to be moved to another cloud environment.
Cloud migration offers several benefits to businesses, such as business transformations, organizational restructuring, bettering customer experience, enhancing agility, digital transformations, use of advanced technologies, reduction of time for data management, low maintenance of network infrastructure, reduction of costs and more.
Read more about how Cloud Migration will continue post-COVID, here.
Digital banking is a relatively new term that refers to the process of moving traditional banking services, activities, financial and investment transactions, and other banking activities online or to mobile banking applications. Digital banking decreased the number of the physical presence of customers in the bank, as more and more financial services are available to them on the internet.
Digital banking is beneficial to banking and financial business across all areas, from bank’s customers to financial service providers and their bank ecosystem. Digital banking is an asset for customers, which can access their assets at any given time or location. The banking experiences are enhanced with mobile bank applications, personalized experiences, secure financial transactions, reduction of transaction costs, faster turnaround time, customer support at their fingertips 24/7, viewing of savings as well as expenses, and more. Digital banks for financial institutions and banks themselves, help them reduce costs of operation, decrease the number of customers in bank’s branches, form new revenue models and develop innovative services and appealing products.
Read more about the Fintech trends in digital banking of 2021, here.
Data migration is a term that defines the process of moving data from one computer-based storage device or format to another storage system or computing environment. The process of data migration includes selection, preparation, extraction, as well as the transformation of data before permanently transferring it to a different computer storage system.
Data migration has become a key consideration for businesses that decide to implement new storage systems, upgrades, replacement of storage devices, consolidating or decommissioning of data centers. Data migration helps businesses free human resources from tedious tasks, move the workload to the cloud, automate work processes, and use cost-effective applications.
Natural language processing
Natural language processing (NLP) has been a part of our online experience for a long time without us being completely aware of it. Natural language processing falls under the branch of Artificial Intelligence (AI), which uses powerful computing and enhanced algorithms to help computers understand, predict, interpret, measure, manipulate and derive meaning from human languages. Natural language processing helps and focuses on communication exchange between computers and humans.
Natural language processing has faced huge improvements in access to data and computational power, which has helped organizations design voice-based solutions and applications for customer service, digital commerce, sales support and improve their digital presence on social media. Natural language processing algorithms are also responsible for the quicker development of smart mobile devices. The use of natural language processing has been proven to increase employee productivity and satisfaction by automating routine tasks, achieve meaningful results, lower costs, help develop better customer service with chatbots and improve customer satisfaction. Natural language processing is used in areas such as healthcare, media, finance and banking, human resources, product development, among others. In everyday use natural language processing is most often used in a form of spell-check (such as Grammarly and InstaText), autocomplete, voice text messaging, spam filter, search engines (Google, Bing, Yahoo …) and in devices such as Siri, Alexa or Google Assistant.