Empower your Business Vocabulary: 7 Essential Technology Terms you Need to Know
Introduction
The business world is changing rapidly, and technology plays a significant role in that change. Technology has opened new opportunities for entrepreneurs and businesses to get their products or services out into the world – and sometimes even create their own markets. But as more people adopt new ways of doing things, it can be hard to keep up with all the terminology related to these technologies, especially if you are not a coder or an engineer. That is why we have compiled this handy list of ten everyday tech terms that will be essential to any business dictionary!
Immersive marketing
Immersive marketing is an emerging form of experiential marketing that uses virtual and augmented reality to engage customers. In immersive marketing, you can use technology such as telepresence robots, digital twins holograms, and drones to bring products or services to life in the physical world.
Immersive marketing is a great way to educate customers about your brand or service offerings, create brand awareness and increase sales opportunities by engaging them in an experience with your product or service. Immersive technology also helps build customer loyalty by providing personalised experiences that meet their needs and interests.
Immersive technology
Immersive technology is a term used to describe virtual reality, augmented reality, and mixed reality. These technologies are changing how we engage with our business and personal lives. As more people use these technologies, they will become essential to your business vocabulary.
What is immersive technology?
Immersive technology uses computer-generated environments created from real-world images or animations to create virtual worlds for users to explore. The user interacts with these worlds using their hands or body movements; this gives them an experience, unlike anything they have seen before! Examples include Oculus Rift, PlayStation VR, and Google Cardboard.
Customer engagement
Customer engagement is actively listening to customers, understanding their needs and wants, and engaging them in a conversation about how to best meet them. A business that employs customers has a better chance of retaining them than one that does not.
Customer engagement is not just about getting customers to buy your product or service but about maintaining quality relationships with them over time. This ensures that you keep up with trends or provide the information they need (like new features) so they can get more out of working with you than they could elsewhere.
Web 3.0
Web 3.0 is the next version of the internet. It is a decentralised internet that could be built on blockchain technology, peer-to-peer networks, and computers’ hard drives. It is an open protocol for people to work on their own terms with others with similar interests or goals.
Virtual reality (VR)
Virtual reality (VR) is an immersive technology comprising a simulated 3D space with which users can explore and interact.
Virtual reality is used in business to help employees better understand how products work, connect with customers, and improve employee training. It can also be used in marketing to allow consumers to explore a product before they buy it.
VR is also being used in education, medical care, and travel. For example, students can experience what it is like to fly an aeroplane or perform surgery with VR training software that mimics real-life scenarios. VR could also help pharmaceutical companies create new drugs by allowing them to test their compounds on virtual humans before trying them on real people.
Augmented reality (AR)
Augmented reality (AR) is a technology that superimposes a computer-generated image on a user’s view of the natural world, thus providing a composite view.
In AR, computer-generated elements are overlaid on the field of view of live video from cameras connected to an electronic device. The virtual objects may be any shape or colour and can appear to possess solidity and texture like those found in the real world.
AR has a broad array of applications, notably in entertainment and gaming. The mobile gaming phenomenon Pokémon GO enabled players to view animated characters overlaid onto their real-world view captured from their phone camera. The technology is also being used in marketing in industries such as fashion and e-commerce.
Virtual worlds
Virtual worlds are a form of virtual reality, but they differ in that you can share your experience with others who have access to the same technology. Virtual world creators use this technology to create a new world and bring it to life. In the case of Second Life, users can create their own avatars and engage with other avatars in an immersive environment.
Closing thoughts
Technology is not confined to technical support and R&D departments– it is an integral part of any business these days. In fact, companies would be hard-pressed to succeed without it.
We can use immersive technologies to engage with customers in exciting ways or even help them solve problems they did not know they had.
The key takeaway is that technology is changing the way we do business, and businesses need to understand these new concepts.
But before you dive into these technologies, make sure you clearly understand what they are and how they work!
