The rate of development and advancement in the technology space is rapid, and it is continuing to accelerate daily. The sedate pace of life from fifty years ago is very different now and every day it seems as though new industries are spawned; new language is created, and better and faster solutions are found for problems that were not even conceivable a decade ago. What does it all mean? And how is it possible to keep up with the change? We compiled a little list of terms and phrases to help you understand some of the latest industry lingoes.
No longer rainmakers
The word cloud is something that is bandied about a lot. If you have ever sat in a meeting with techies, then you will almost certainly have heard them banding around phrases like ‘in the cloud’ or ‘enterprise cloud’ or something that refers to a cloud. Quite clearly, they are not talking about the things that bring rain. But there are many similarities between those clouds and what they are referring to now. Nebulous and not really there, cloud computing means that instead of having an actual server or servers to run your systems, you make use of servers through the internet. In days gone by those servers would have been in a server farm or server rack at the office and the ability to scale was not there. Now though it is easy, because cloud solutions are able to offer you what you need, when you need it. It is a great way to operate, cost-effective, secure and user-friendly.
This is another phrase that is coming up more and more. It relates to internet advertising and how the transactions between the brand and the publisher are done. Once upon a time, not so long ago, the process was managed by people. Deals were agreed in face-to-face meetings and insertion orders were signed. Now it is all done in seconds between computers in an automated buying and selling process. In short, a publisher sets a floor price (a price that they won’t go below) and a brand sets a ceiling price (a price they won’t go above), this is all loaded into an advertising platform that matches the best bids with each other. And just like that, in the time it takes you to open a web page, an advertisement will be picked and placed for you to see.
This is the buzzword of the moment, the big focus right in front of all the technology giants. It stands for artificial intelligence and huge amounts of cash are being spent on it. It is a very broad term, but it covers everything from self-driving cars to machine learning, bot technology, content creation, and video or music recommendations. Generally speaking, it is about computers processing huge amounts of data, spotting patterns and drawing conclusions from them. Some people are fearful that the advancement of AI will leave people unemployed or without jobs, but many others feel that the advancement in the field will create more opportunities for humans. We will have to wait and see where it goes.