IT Terms Every SME Should Know

Technology affects every business irrespective of the size of the company. To survive in this tech savy environment every business owner should know the basic IT terms. This will not only enhance a person’s knowledge but prove to be beneficial for the business.

Here is a list of crucial Tech terms a small business should know:

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1. Cloud Hosting
Untill the last few years, many companies paid relatively large fees to lease a server so that they can store relevant files safely in a central location, making them available to any employee in the company. Cloud hosting serves the same purpose, but instead of storing all your files locally, all your data and documents are stored in a secure server located on the Internet. These documents can be accessed by you and your employees from anywhere, at any time. Moreover cloud hosting is significantly cheaper than leasing a server.

2. Hybrid Clouds
Private, public and hybrid are the three types of cloud. Private clouds come with a high amount of customization and privacy, but are often expensive for small businesses as compared to Public clouds. Whereas, Hybrid clouds combine the best qualities of private and public. They might be as cheap as public clouds, but still offer your business high privacy.

3. E-Invoicing
E-invoicing is a system wherein all invoices are collected into a central location and made accessible to parties on both the sides of a transaction. It automates many of the intermediary invoicing processes between a vendor and customer which reduces the effort required of your accounts payable department. It also saves money you would spend on administrating paper invoicing.

IT_Terms

4. Customer Resource Management (CRM)
CRM solutions are developed to take away a lot of pressure off your sales and marketing teams by managing interactions with clients and potential customers. CRM has been in the market for more than a decade now. It centralizes your data of each customer and automates certain processes according to individual need. Also it reduces the errors that can ruin a relationship at a scale far beyond the normal capabilities of a small business sales force.

5. Enterprise Resource Planning (ERP)
ERP plays a crucial role in small business with sizable amounts of data, along with large enterprises. Business owners can use an ERP system to view and centralize department data including human relations and marketing. This data updates automatically in real-time. While making crucial decisions, a good ERP system shows you how your choice will affect each department in your company. ERP software makes it easier to keep your company agile, as it shows every department what the others are doing, and it encourages fluidity rather than rigid structure.

Technology today offers the best opportunities to scale your business. Take time to educate yourself on latest trends and implement what makes the most sense for your business to stay ahead of your competitors. Visit Nevpro today.

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