Digital Buzzwords You Should Know In 2020

In a conversation about digitization and new technologies, words come up that are completely unknown to you. You may have heard other words, but you don’t know the exact meaning. So that you always have a clear view of the topic of digitization, we explain 11 buzzwords that you should definitely know by 2020!

Working Methods and Digital Technology

Machine learning

Data structures Buzzword Machine Learning means an artificial system that acquires knowledge from experience. The system collects data and builds a model from algorithms. This allows the system not only to memorize the information but can also assess and classify previously unknown data. To explain it a little easier: A computer is constantly being fed with data. From this previous information, he can generate calculations and recognize repeatable decisions and events. In everyday life, we ​​often encounter machine learning. Recommendations from Amazon, Zalando, or Netflix are based on this system. You record previously viewed series or products and use them to calculate what might be of interest to the user. More and more companies are using this technology.make it more customer-centric.

Agile work

The word “agile” actually comes from the Latin and means something like “agile”. And that’s exactly what it’s about. Agile work describes the ability of a company or team to adapt to an ever-changing environment. The team grows and always changes according to the environment. It is important to always have a fixed goal in mind. Because even with the changes that digitization brings, the goal must not be lost sight of. If a team manages to adapt to new circumstances, such as a much more digital environment, and still pursue the same goal, it can lead to competitive advantages.

Crowdfunding

This is about getting projects, products, companies, real estate, or much more financed by a large number of people. A person turns to the public and asks them to fund money in the person’s project. What the donors get in return can always be different. Perhaps people can take a percentage stake in companies, get the money back with interest at some point, or much more. However, investors do not have to receive anything in return. It can also be simply investors who want to do something good or find the project interesting. There are no limits to the system here.

New work

Man with laptop at the garden table with coffee work means new ways of working in the new and digital age. The point here is that our previous work system is simply too outdated and that a more modern, flexible, and creative work model is required. These are also the core values ​​of New Work together with independence and freedom. Employees can and should always act more freely and can determine and decide much more themselves. New Work wants to differentiate itself from the established concept of work and to develop a new way of working. In 2020, more and more employees will go in a new direction and work as freelancers. This way of working is a good example of New Work. The freedom of the workers is much greater. Working hours, projects, and places of work can be freely decided. More and more people are taking this step and are moving into a new and more modern working world. This also means a change for companies, they will have to plan their employees more flexibly for projects in the future and work more with external specialists.

Customer centricity

Advertising does not always have to be aimed at the product. Customer centricity is about aligning a marketing concept with the customer. It is about the needs, interests, and desires of each customer. Digitization and networking with the customer make it easy to find out what the customer wants. A marketing strategy is then developed based on these factors. For example, the customer can provide the company with certain data, which they then work with and with which the appropriate marketing is developed for them. An attempt is made to create added value for the customer with marketing and not simply to advertise the customer.

Digital twin

This involves creating digital copies of real objects so that they can be tested for different purposes. For example, if a company wants to launch a new product, a digital twin is created beforehand. This means that the product is virtually replicated. The product can then be put through its paces in this simulation. In this way, weak points or susceptibility to errors can be discovered before the product is fully developed or produced. This is of course very practical in the production of technical products such as cars or various machines. Because if the object is produced in large quantities and errors are only noticed then it can become very expensive. To avoid such problems, the digital twins are created.

Edge computing

Edge computing is the exact opposite of cloud computing. Here, the data transfer does not work purely via a cloud or via the Internet. Edge computing, as the name suggests, is on the edge of a network. Computer applications are moved to the very edge of a network. The data is processed directly on the end device and does not have to be transferred to a cloud-first. One advantage of this is that it saves resources. There is a shorter transmission path, shorter transmission times, and lower costs. The quality of the transmissions also improves.

Social media

The social media area has grown incredibly strongly in recent years. Many companies only focus on marketing in this area. In this very diverse area, there are of course some terms that are not known to everyone. We are now listing four terms so that you are even more familiar with the area!

Omni-channel

Social media There are numerous platforms that can be used for customer contact and marketing. If not just one channel, but several channels are used directly, this is called “omnichannel management”. So it’s about connecting different sales channels and using them professionally. It’s about the interaction between channels, brands, and customers. But this doesn’t just have to include social platforms. TV, radio, and print products can also be included. The term is broad and affects all ways of getting in touch with customers. Since the customer places increasing value on quick and direct contact, this is of course very practical for the customer.

Influencer marketing

In order to explain this term, it should first be explained what influencers are. Influencers are people who influence people through social media. They are people who have a large number of followers, get in touch with them, inform them about various things, and can thus influence their opinion. Influencers are often hired by companies to advertise for them. They publish pictures, videos or texts on products, advertise them, and try to bring them closer to their followers. There are also influencers who only focus on one particular company and only advertise for them. However, it is normal for influencers to advertise different products and companies. Initially, a small market Influencer marketing has become an established marketing tool. However, influencers are now not only moving on their social media, but they are also increasingly being seen on television or even in the cinema. So if you want to market a new product and have the right change ready, you shouldn’t neglect the option of influencer marketing.

Retargeting

Users on the Internet show their interest in products by liking certain things or by following companies that offer this product. This information is used in retargeting. Because here, users are given advertising based on previous contacts with companies or products. For example, You often like pictures on Instagram with specific shoes. Then you will suddenly see advertisements where you can buy this shoe. Previous interests are used to personalize the advertisements for you.

Geotargeting

geo targetingGeotargeting is also about advertisements. However, this is not about previous interests, but about the location of the user. Appropriate advertisements for companies that are in the vicinity are created via the user’s IP address, which is used for the location.