Top 12 Technology Buzzwords Every Small Business Should Know

Technology is moving fast; it seems like just yesterday AI was something of science fiction.

We're surrounded by technologies that were once the stuff of dreams – and they're not just cool gadgets, they're reshaping our world at lightning speed.

How do you keep up with all the advances and new buzzwords? We have your back!

We are breaking down what the top buzzwords, why they matter, and how they are already impacting everything from your workday to your home life. Get ready to see how these technologies aren't just buzzwords, but the building blocks of the future.

Let's jump in!

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1. Artificial Intelligence

Artificial intelligence (AI) refers to the computer’s ability to mimic human intelligence. This can include things like learning, problem-solving, decision-making, and even creativity. We see AI being used to summarize emails and documents, writing code, and assisting with research.  

There are many different types of AI, and they are used in a variety of ways.

Some common examples include:

• Machine learning: This is a type of AI that allows computers to learn from data without being explicitly programmed.
• Deep learning: This is a subset of machine learning that uses artificial neural networks to learn from data.
• Natural language processing: This is a type of AI that allows computers to understand and generate human language.

AI is rapidly evolving and its impact on business is growing. Just as the internet's potential was initially underestimated, ignoring AI today could mean missing a crucial competitive advantage tomorrow. Learning to leverage AI now will position you for success as the technology advances.

More Reading: Navigating AI with Confidence

2. Anywhere Operations

Anywhere Operations is a strategic IT-driven model that empowers businesses to function productively from any location. It is built on several key pillars:

• Seamless Experiences: It prioritizes consistent and efficient interactions for both employees and customers, regardless of their physical location. ‍
• Secure Remote Access and Collaboration: It provides the necessary tools and infrastructure for teams to work effectively and securely from anywhere, fostering collaboration despite geographical distance. ‍
• Customer-Centricity: It integrates customers into the operational framework, enabling them to interact with the business and achieve their objectives from anywhere.

Anywhere Operations is a comprehensive approach that leverages technology to create a flexible, resilient, and customer-focused business environment, moving beyond the simple concept of remote work to embrace a truly location-independent operational model.

More Reading: Top 7 Benefits of Anywhere Operations  

3. CapEX/OpEX

Small and medium-sized businesses (SMBs) differentiate between operating expenses (OpEx) and capital expenses (CapEx) in their accounting.

• CapEx: Investments in acquiring, upgrading, or maintaining physical assets like property, buildings, and IT equipment. This often requires significant upfront costs. ‍
• OpEx: Day-to-day operational costs, including service agreements, supplies, utilities, rent, and salaries.

Traditionally, IT investments were made through CapEx, demanding large initial outlays. However, the OpEx model for IT involves leasing and bundling services. This approach can allow SMBs to access a wider range of technology services and support.

Shifting to OpEx for IT can provide several benefits:

• Cost Minimization: Reduces the burden of substantial upfront investments. ‍
• Predictable Spending: Offers consistent and manageable IT costs. ‍
• Reduced Maintenance: Lessens the need for ongoing maintenance and upgrades. ‍
• No Asset Depreciation: Eliminates the financial impact of asset depreciation. ‍
• Increased Flexibility: Allows for quicker adaptation to market changes.

Outsourcing IT further empowers SMBs by providing expert support, management, and infrastructure that would otherwise be beyond their reach.

More Reading: Why Businesses Are Switching from CapEx to OpEx for their IT Investment

4. Compliance

IT compliance encompasses an organization's adherence to relevant laws, regulations, and cybersecurity guidelines concerning its IT environment. Companies with compliance requirements must meet standards established by regulatory bodies; their IT systems and processes meet specific standards established by regulatory bodies. Examples include data protection laws like GDPR, financial regulations like PCI DSS, and industry-specific regulations like HIPAA. The core focus is managing systems and user data to fulfill legal and regulatory obligations.

Navigating business IT compliance often requires external expertise. You will likely need vendors and advisors to help you upgrade IT systems and policies according to a detailed plan. Net Friends specializes in providing this essential support.

A critical subset of IT compliance is IT security compliance is a this focuses specifically on the security measures implemented to protect an organization's assets and sensitive information from threats. It involves adhering to security protocols, standards, and frameworks.

The goal is to safeguard data and IT infrastructure through measures that ensure operational functionality and reliability, identify and address vulnerabilities, and prevent unauthorized access.

A positive outcome for many small businesses when they work to meet their specific regulatory requirements is that they improve their overall IT governance.  It is an ongoing process that requires organizations to regular assessments and updates of IT systems and policies to stay compliant with evolving regulations and standards.

More Reading: Why Security Awareness Training Is Important for Compliance

5. Cloud Computing

Cloud computing is the on-demand delivery of IT resources, including everything from applications to data centers, over the Internet. Instead of keeping files or software on a local computer, they are stored and accessed online. Cloud providers offer various services, including storage, software, and processing power, and resources can be easily scaled up or down as needed.  

Cloud computing offers key advantages like scalability to meet business demands and accessibility from any location. Unlike on-premises servers and software, cloud data access enables work continuity even during office power outages, supporting remote operations

More Reading: Solving the Cloud Transition & Security Challenge

6. Cyber Insurance

Cybercrime is a booming $10.5 trillion industry, ranking as the world's third-largest economy. 41% of small businesses fell victim to cyberattacks in 2023. This escalating threat makes cyber insurance essential for every small business owner. Cyber insurance offers financial protection in the event of a breach. However, securing this coverage requires a robust cybersecurity posture. While obtaining cyber insurance may seem daunting, partnering with a skilled IT provider can streamline the process and strengthen your overall security.

Cyber insurance is a vital tool for organizations facing the ever-growing threat of cyberattacks, but it's crucial to understand its key aspects:

• Cyber insurance designed to complement, not replace, strong cybersecurity practices.  
• Policies vary significantly in coverage and exclusions, so careful review is essential.  
• Premiums are based on factors like the organization's size, industry, security posture, and data sensitivity.  
• It helps organizations transfer some of the financial risk associated with cyber threats.

Essentially, cyber insurance acts as a financial safety net in the event of a cyber incident, helping small businesses recover and minimize the impact of these increasingly common and costly events.

More Reading: Transferring Risks with Managed Services and Cyber Insurance

7. Digital Transformation

Digital transformation is the strategic integration of digital technologies into all areas of a business, fundamentally changing how you operate and deliver value to customers. It is more than just implementing new software. It is a complete rethinking of processes, organizational culture, and customer experiences. We define it as a holistic approach that leverages technology to improve efficiency, drive innovation, and create new revenue streams.  

This involves modernizing IT infrastructure, optimizing workflows, and empowering employees to embrace digital tools. Ultimately, digital transformation enables businesses to adapt quickly to evolving market demands, enhance customer engagement, and gain a significant competitive advantage.  

More Reading: Pro-Tips for the SMB's Digital Transformation Journey

8. Domain Name System (DNS)

DNS serves as the internet's directory, bridging the gap between website names and the numerical addresses computers use. It is the internet’s phonebook – remember those big books?  

Rather than memorizing and typing in lengthy strings of numbers, we can simply type in familiar domain names like netfriends.com. When a user enters a domain name into a web browser, a request is sent to a DNS server. This server's primary function is to translate that human-readable domain name into its corresponding IP address, the unique numerical identifier of the website's server. Once the DNS server locates the correct IP address, it relays this information back to the user's computer. This allows the computer to establish a connection with the website's server, enabling the browser to load the requested webpage.  

The DNS system is structured hierarchically, meaning it's organized in a layered manner, and it is also distributed across a network of servers around the world. This distributed architecture contributes to the internet's robustness and efficiency, ensuring that website access remains reliable even in the face of network disruptions.  

DNS simplifies internet navigation, making it possible for users to access online resources with ease and convenience.

More Reading: A Business Owner's Guide to DNS & SSL Certificates

9. Multi-Factor Authentication (MFA)

MFA is a security system that requires more than one method of authentication from independent categories of credentials to verify the user's identity for a login or other transaction.  

Think of it like having multiple locks on your front door. A single key (your password) might be easy for a thief to find or pick. But if you also need a keycode (something you have) and a fingerprint scan (something you are), it becomes much harder for them to break in.  

MFA uses a combination of factors:

• Something you know: This could be a password, PIN, or security questions. ‍
• Something you have: This is often a physical device like a smartphone, security token, or smart card. It might also be an app that generates time-sensitive codes. ‍
• Something you are: This refers to biometrics like fingerprints, facial recognition, or voice recognition.

MFA makes it much more difficult for unauthorized individuals to access your accounts, even if they manage to steal or guess your password. Microsoft says the MFA stops 99% of all password-based breaches. It is a crucial security measure in today's digital world.  

10. Technology Stack

A well-defined technology stack helps to safeguard your business's intellectual property. A "stack" is a cohesive set of technologies, frameworks, and tools designed for a unified solution, ensuring the availability of your equipment, data, and workflows. Your business likely has several risks of disruption or suboptimal performance if your technology stack has not been intentionally reviewed and optimized.

Businesses that require any of the following should prioritize an annual review of their technology stack: reliance on reliable internet, secure data storage, seamless communication, and controlled data access. Unlike ad-hoc technology purchases made in response to crises, a technology stack offers integrated, managed solutions, preventing the "mishmash" of incompatible systems that lead to diminished productivity. Businesses often accumulate disparate technologies, leading to conflicts and underperforming systems.

Implementing a cohesive technology stack breaks this cycle. It provides a stable, integrated foundation, enhancing productivity and scalability, often at a lower cost than managing a patchwork of solutions.  

More Reading: Prioritize Multi-Factor Authentication for Your Small Business

11. X-as-a-Service

X-as-a-Service (XaaS) is a broad term for a computing service delivery model where anything can be provided to customers as a service over a network, typically the Internet. It encompasses a wide range of services, including:

• Software as a Service (SaaS): Applications are hosted by a provider and made available to customers over the Internet. Examples include SharePoint, Teams, Office 365, etc.
• ‍Platform as a Service (PaaS): Provides a platform for developers to build, deploy, and manage applications. Such as Microsoft Azure and Google Cloud Platform. ‍
• Device as a Service (DaaS): Provides hardware and complete device lifecycle management, including on/off boarding and ongoing support. Examples include NetCore Elements. ‍
• Infrastructure as a Service (IaaS): Provides access to computing resources such as servers, storage, and networks. Examples include Google Compute Engine and Microsoft Azure Virtual Machines.

These solutions reduce costs by removing the need for initial investments in hardware and software. Businesses gain flexibility with easy scaling of usage as needed. Furthermore, XaaS enhances agility, enabling quick deployment of new applications and services. Its growing popularity reflects the increasing importance for businesses to reduce costs, improve agility, and concentrate on core business function

12. Zero Trust

Zero Trust is a security framework based on the principle of "never trust, always verify." Instead of assuming trust within a network, Zero Trust requires verification for every user, device, and application attempting to access any resource, regardless of location. It operates on the premise that no user or device should be inherently trusted, even within the network perimeter. Zero Trust emphasizes micro-segmentation, least privilege access, and continuous monitoring to limit the impact of a potential breach. It shifts security focus from network perimeters to individual users and resources, ensuring that only authorized access is granted, and that security is enforced at every level.

More Reading: Zero Cost Security Improvements to Protect Your Business

Transform Tech Buzzwords into IT Success

Do you have questions about how you upgrade and secure your technology? Net Friends is here to help you leverage the best IT solutions for your organization with a higher ROI to help grow your company. Contact us today to start reaping the rewards of these and other technology trends.

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