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Apr 14, 2021

High-Tech Glossary

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. 

A

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 affects 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.

B

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.

Learn more about the business importance of data, here. 

BYOD (Bring Your Own Device)

Bring Your Own Device (BYOD) refers to the practice of giving employees the option of using personal devices for work-related activities. The acronym BYOT (Bring Your Own Technology) refers to the same idea. The growing ubiquity of laptops, smartphones, tablets, personal computers, and the rest means that an increasing number of companies are allowing users and employees to utilise personal technology as opposed to company-issued devices. The practice continues to make inroads into the business world and as many as 75% of employees in developing markets such as Russia use personal technology at work. BYOD is believed to help increase productivity while improving morale, convenience, and employer popularity, while detractors say that allowing staff to work at any time from anywhere and on any device creates avoidable security risks.

C

Cloud Migration

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.

Chatbots

A chatbot is a software application that communicates via spoken or textual means, mainly used to provide customer support to users. Designed to simulate human conversation, chatbots are programmed to interpret the words given to them by a live agent before providing an automated response. The primary function of a chatbot is to answer frequently asked questions but the software can also be used to create sales opportunities and collate information, providing valuable support to customers and companies across a variety of industries. 

The term originated in 1994 when Michael Mauldin used ‘ChatterBot’ to describe a conversational program, but it wasn’t until the 21st century and the rapid development of natural language processing that the applications became ubiquitous. Chatbots are usually accessed via website pop-ups or through virtual assistants and can be classified into a wide range of categories such as commerce, education, health, news and others, and are a vital component of conversational AI. The drive to digitalise customer support has led to a huge increase in the deployment of chatbots, although the continually evolving nature of human conversation means chatbot systems require continuous development and testing.

D

Digital Banking

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

 

Digital Wealth Management 

Digital Wealth Management defines new Fintech financial services, which include digital banking software, platforms, and tools. Digital Wealth Management software uses algorithms based on the user’s data and risk preferences to help customers receive proper digital banking services, as well as financial experiences. These digital wealth management software and platforms provide users with a wide range of services, from financial advisors, portfolio selection, asset allocation, investment risk management, banking aggregation, to digital bank transfers and more. 

Digital wealth management tools help financial businesses and banks increase their transparency, engagement and contribute towards the performance of users’ financial assets. Digital wealth management is transforming fintech and banking across the following industry segments, such as self-service and automation, portfolio recommendations, the establishment of financial goals, access to external information, integrate digital applications with third-party data providers, and providing users with a clear insight into their investments. 

Read more about HTEC’s Digital Wealth Management, here.

Data Migration 

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. 

E

Energy Management

Energy management is exactly what it says on the tin; the process of managing energy consumption through tracking, analysing, and subsequently optimising. This can pertain to everything from on-premises operations to distribution, storage, and design. The major aims are conserving resources, creating a sustainable business model, and reducing costs. By paying close attention to data, organisations can monitor energy use and expenses while accentuating more sustainable approaches to using resources. Increasingly important in an energy-conscious world, energy management now goes beyond traditional monitoring, covering everything from supply chains to product design.

Edge Computing

Edge computing is the term used to describe the practice of shortening the distance between computation and data storage, allowing for a swifter analysis of the data as well as saving on bandwidth and other costs. The term was first used in the late 1990s for content delivery networks and evolved in the early years of the new millennium to cover applications and application components as well as commercial services. Edge computing can be used to describe all computing outside the cloud that is happening at the edge of the network, focused largely on those applications that require real-time processing of data. Where cloud computing works with big data, edge computing is more about instant data.

F

Fraud Detection

Primarily applicable to industries that work in finance, fraud detection is activities and attempts to prevent money or property from being obtained under false pretences, as well as the prevention of stolen finances being used. An increasingly communicative and digital world has led to a wide variety of fraud techniques being employed and devised by criminals, meaning fraud detection methods have had to become more and more complex and efficient. By utilising sophisticated data mining tools, artificial intelligence and improved analytics, potentially fraudulent patterns can be detected and stopped. Fraud is a major issue for governments, institutions, organisations and individuals, making effective fraud detection abilities a must in the modern age.

I

Internet of Things (IoT)

The Internet of Things (IoT) is enabling the biggest digital transformation the world has ever seen. Things or IoT defines a network of connected physical sensors, devices, big data, analytics, artificial intelligence (AI), wireless networks, computing power to the internet. The Internet of Things (IoT) has the power to collect, communicate and share all digital technologies and data mentioned above without human touch. 

The Internet of Things (IoT) helps businesses analyze current conditions in the world in order to predict or prevent failures of devices and equipment. Internet of Things can help businesses to understand how users utilize their products and how they perform overall under different types of uses. With the data that is connected in the embedded Internet of Things, technology companies can create new strategies and business models in order to improve or transform products, which will generate new growth and attract new customers. The number of IoT solutions at HTEC spans several verticals from energy management, smart home, networking, security and surveillance, medical devices, and telemedicine. Consumer or Industrial Internet of Things, predictions say that the number of connected devices is expected to surpass 20 billion by 2022.

Read more about the Internet of Things (IoT), here.

Industry 4.0

Also known as the Fourth Industrial Revolution, Industry 4.0 is the continued automation of industrial practices as well as the evolving ways in which data is used to give manufacturers a stronger analysis of every aspect of a business. Industry 4.0 technologies combine both hardware and software and are focused on advancing communication and connectivity. The fourth era of the revolutionary industry is expected to see great developments in areas such as nanotechnology, 3D printing, autonomous vehicles, artificial intelligence, and more. Industry 4.0 brings together data from people, products, and devices to provide a more concise picture of a business’s processes.

H

Hybrid Cloud

Hybrid Cloud is the name given to any IT infrastructure that connects at least one public cloud and one private, bridging the gap between the two in order to allow a single platform for a company’s workload. By mixing the juxtaposing standards of public and private, the Hybrid Cloud is designed to allow for total malleability and the smooth transfer from one to the other, making it perfect for companies that are looking for the scalability of the public cloud and the security benefits of the private cloud. Hybrid Cloud is a particularly popular cloud option for industries that work with highly sensitive data, such as banking, government, finance, and healthcare.

Human-centred Artificial Intelligence

Human-centred Artificial Intelligence is born out of the appreciation and understanding that how AI works is foreign to the majority of people, thus HC-AI focuses on creating an environment and service that bridges the gap between computer and consumer, between human and machine. Human-centred AI develops and learns through human input and collaboration to understand the complex and varied emotions and responses that humans produce, creating an atmosphere of comfort in the process. Human-centred AI also allows businesses to analyse human data and responses on a new level, personalising the customer experience further.

L

Legacy Core Banking Systems

Legacy core banking systems are the networks that once held banks together but are now largely outdated, mainframe-based infrastructure that helped banks carry out the operations central to their very existence. These included account opening and set-up, transactions and loan processing, closures, and client communication, among many others. Legacy infrastructure can be a hindrance to innovation, which can often be the difference between success and failure. Many establishments are reticent to abandon the old-fashioned formality of legacy core banking systems but are subsequently bogged down in outdated modes of working that are more difficult to manage and frustratingly rigid.

M

Machine Learning

Machine learning is artificial intelligence that leads to a computer improving automatically through statistical techniques of algorithms. Through studying algorithms and analysing data, machines can grow and develop without direct human involvement. The computer thus becomes able to identify patterns and grows accordingly. Automated analytical model building can be hugely beneficial for businesses in a variety of ways, from more accurate and effective output to the reduced need for human intervention. Machine learning is usually divided into four categories; supervised learning, unsupervised learning, semi-supervised learning, and reinforcement learning.

Marketing Technology

First identified as a standalone industry in 2011, marketing technology (often shortened to martech) is a coverall term used for technology that assists marketing teams and strategies. This is largely focused in and around digital marketing although it is also used increasingly in traditional offline marketing channels. Martech allows companies to achieve a wide range of aims around their marketing strategies, namely identifying and embracing customers, personalising those interactions, and analysing the impact of certain campaigns. Marketing technology utilises technology in a variety of ways to enhance and improve marketing strategies and campaigns.

N

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.

Learn more about Natural Learning Process, here. 

Native Cloud 

The concept of native cloud technologies goes beyond the mere running of existing apps on a chosen cloud provider, as it encompasses multi-faceted aspects of software development, including design, implementation, deployment, and app operation. The native cloud approach tackles the processes of building and running applications in such a way that all the benefits of the cloud computing model are reaped in an optimal manner.

Learn more about Native Cloud, here.

O

Online Whiteboard

Increasingly ubiquitous through the many levels of education, online whiteboards are software-based learning tools that allow for all the traditional benefits of an in-room whiteboard with increased accessibility and interactivity. Online whiteboards are free of the limitations of an in-person whiteboard, such as space, scalability, and scope. Online whiteboards are used to create a classroom environment in online situations, allowing presenters and educators to introduce and explain concepts to students and attendees alike, and have proven invaluable to the business and academic organisations across the board. The main benefits of online whiteboards are their universality along with unlimited scalability and increasingly efficient communication.

P

Perishable Data

Perishable data is data that has lost its initial value and must be used soon to provide any benefit to companies. This primarily occurs when operational circumstances are altered to the point that the data in question is no longer of any real use. Usually generated in an Internet of Things edge computing environment, it is difficult to predict perishable data and the impact such changes could have on business. Mastering perishable data has thus become an often overlooked area of digital business.

Q

Quality Management Services

Quality management services (QMS) are processes that focus on meeting the desired requirements of customers. This can be achieved through extensive attention to quality policy and fully executed quality planning and assurance, not to mention constant monitoring and development from A to Z, meaning QMS covers almost all of an organisation’s output. Initial QMS focused more on the outcomes of an industrial production line using statistics and sampling, and this has developed to meet modern demands and approaches as well as sustainability and transparency initiatives. The benefits of effective QMS are obvious, from the standard of the end product through to reduced waste, costs, and a better relationship with customers.

R

Robotic Process Automation (RPA) 

Robotic Process Automation (RPA) is a productivity software tool that helps businesses automate repetitive tasks. Robotic Process Automation (RPA) has the ability to allow a user to configure one or more scripts to activate specific tasks in an automated environment. Robotic Process Automation combines a user interface interaction and different technologies using scripts. 

Robotic Process Automation (RPA) helps companies in order to improve work and operational efficiency, reduce costs, freeing employees of repetitive tasks, improving customer satisfaction, provide clients with accurate and quick responses, and increase the company’s margins. The use of Robotic Process Automation (RPA) in businesses also helps improve the quality of data they gather, reduce fraud and human contact with private, sensitive information. Robotic Process Automation (RPA) overall improves industry compliance and the company’s results. 

S

Smart City

A smart city is an urban area that develops and functions primarily through the analysis of big data. In a smart city, the many public spaces are analysed to make the best use of resources and create a better living environment for its citizens, from public transport to law enforcement and everything in between. By analysing the mass of data that is produced, assets and services can be managed and organised accordingly. The concept of the smart city is constantly growing and what defines a smart city has developed alongside this, but most agree that the term applies to urban areas that utilise information and communications technologies to meet the demands of their citizens.

T

Thick Data

Thick data is qualitative data that provides actionable insights into the everyday emotional lives of consumers both real and potential. Thick data is produced when data scientists and anthropologists come together to clear the fog of massive amounts of data, identifying insights, preferences and potential reasons for behaviours and decisions. This recreates human motion and sense when it comes to data analytics, allowing companies to make better, more informed decisions both externally and internally. Thick data is vital for creating more personalised experiences and services, and the humanising that it helps create is integral to creating an interactive pool of motivated customers.

U

User Experience (UX)

An integral part of any digital business, user experience (UX) monitors how people interact with applications, websites, and more while working towards creating the most enjoyable and efficient online experience. Paying attention to user experience has been proven to increase customer fulfillment and subsequent revenue, through growing customer loyalty and enjoyment. This simple theory brings excellent results, and companies that focus on the direct needs of their customers will almost always benefit from greater interaction from the aforementioned customers. UX can cover an individual’s opinion on utility, ease of use, efficiency, aesthetics, and more. Negative user experience is also directly linked to the diminished use of products and applications.

V

Virtual Reality (VR)

Virtual reality (VR) is a computer-simulated 3D experience that includes a blend of scenes from the physical world and cyber world equipped with surround sounds and video, which enables users to interact with them in a non-physical reality. Users can feel immersed in a computer-generated environment with virtual reality (VR). Virtual reality (VR) has the ability to showcase a variety of products, environments, places, and more. 

Virtual reality (VR) is used in business can provide the company with several benefits. Virtual reality used in the field of retail can help drive sales by providing a unique and personalized shopping experience. Virtual reality has proven itself as a revenue-generating service. With the implementation of virtual reality, businesses can reduce the time and cost of repairs, increase productivity and generate more realistic and effective training and visualization of both employees and the company’s customers. In the field of interior design and architecture, virtual reality technology can help customers see their future homes in an immersive virtual experience with a head-mounted display.  

 

More insights on our knowledge, here.

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