As a business owner, you are likely to come across hundreds of quirky acronyms. Professionals use these acronyms because they’re often quicker to type and easier to say. However, they’re only useful if you know what they mean.
One area of business where you’ll stumble across lots of acronyms is the tech sector. Whether you’re doing some digital marketing or choosing business software or upgrading your hardware, you can be certain to come across several of the following acronyms. This guide defines exactly what each of them mean so that you’re not left in the dark.
AI
AI (Artificial Intelligence) is any type of program that is able to interpret data and automatically learn from it. Right now we are witnessing an AI revolution – AI programs can provide automated product recommendations, create real-time budgets, write emails/blog posts, create artwork, edit photos in seconds and even provide support to customers via an online chat box. All of this automation can reduce manual work for you. AI features are well worth looking into when choosing any new software.
BYOD
BYOD stands for ‘Bring Your Own Devices’. It is often used by companies in job ads to refer to jobs where employees must supply their own phone and laptop. Certain courses and training events may similarly use this acronym to notify you that computers aren’t provided.
CMS
A CMS (Content Management System) is a program used to manage content such as blog posts, YouTube videos or social media posts. An example of a CMS is WordPress, through which users can build a website and publish blog posts. CMS is a term that could be useful to know when communicating with marketing agencies or when choosing a website builder platform.
CRM
CRM stands for ‘Customer Relationship Management’. When people talk about ‘a CRM’, they usually refer to software that is used to manage customers and maintain relationships. For example, a field service CRM may be used by electricians to maintain a schedule of customers, send texts/emails to them, process invoices and write a report of each appointment. All in all, they can help to keep all of your individual customers organised.
ERP
ERP stands for ‘Enterprise Resource Planning’. It is another type of software that is used to manage all the resources of a business – which could include supplies, utilities, finance and employees. ERPs are essentially used to manage every part of your business by centralising information all in one place. Some ERPs may also provide the functions of a CRM and CMS.
PPC
PPC (Pay Per Click) is a type of online advertising model in which you pay an advert to display until a certain number of users have clicked on it. Most adverts that you see online – including images, videos and promoted search engine listings – are PPC. The term PPC is most likely to be used by marketers and could be useful to know when exploring digital marketing strategies.
SaaS
You may see some software described as SaaS (Software as a Service). This is any type of cloud-based software that you have to pay a subscription fee to use. This fee covers ongoing cloud storage costs and software maintenance. Most business applications nowadays are SaaS.
SEO
SEO stands for ‘Search Engine Optimization’. It is a marketing strategy that is used to improve the presence of websites on search engines – including increasing their search listing rankings and using the right tags and meta descriptions. Every company needs to invest in SEO to help attract visitors to their website. This usually involves hiring an SEO agency or using a website developer that provides SEO as an additional service. It is not recommended that businesses do their own SEO.
VoIP
VoIP (Voice over Internet Protocol) is a type of voice call communication that involves using the internet instead of a landline or mobile reception. VoIP phone systems are becoming increasingly popular among businesses because they allow you to easily track digital data on every call, as well as allowing you to receive calls from practically any device in any location with internet access.
VPN
Finally, it’s worth being familiar with the term VPN (Virtual Private Network). A VPN is a way of encrypting your connection between a device and a network. When using a device on a public network, a VPN can keep your connection secure by preventing hackers from accessing private information. VPNs are worth using when working remotely from a cafe or a hotel or somewhere else where you may not trust the connection.