Cybersecurity, SaaS, and more. A business guide to technology
Get a breakdown of the core and emerging technologies that are being used to grow and thrive in your business.
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Technology forms the backbone of a strong business and plays a vital role in everything from trading to customer support to marketing. Everything from how consumers find and purchase products and services to how businesses sell and ship their goods is being impacted by new technologies. Technology-based industries and businesses provide tremendous growth and opportunity to the U.S. economy and are essential to competing in an interconnected world.
Business technology is a rapidly changing field, with new products and services appearing almost every month. But understanding long-term trends in cybersecurity, data privacy, and software and hardware innovations is critical to business success. Here are some important core business technologies and concepts every business owner should know.
Cybersecurity and data privacy
Cyberattacks are a constant threat to businesses around the world. Ransomware is an increasingly popular tool used by hackers to infiltrate systems and demand information for ransom.
2021 saw a number of high-profile instances of ransomware attacks shutting down businesses across America. Multinational meat maker JBS S.A. was targeted by hackers in June, while a San Diego hospital and Colonial Pipeline fell victim to ransomware attacks in May. Some experts estimate 65,000 successful intrusions in 2020.
Ransomware is far from the only cybersecurity priority. Addressing the growing cyber threats to U.S. and global corporations is a top priority for C-suite executives and boards of major U.S. companies. This is a global challenge that transcends borders and requires effective cooperation between governments and businesses at the operational level.
There are many ways to reduce ransomware risk, such as keeping software up to date, conducting awareness training, and requiring multi-factor authentication at user login.
Although the terms “cybersecurity” and “data privacy” are often used interchangeably, they are different areas when it comes to protecting information. “Data privacy” refers to how personal data is collected, used and shared. Most sophisticated companies inform consumers about their privacy practices and rights. Businesses typically collect and store a variety of customer data such as credit card numbers, addresses, and phone numbers. It's up to businesses to protect this data with identity and access management tools, collect only the data they need, and use tools to scan for vulnerabilities and security weaknesses.
Various technologies are necessary for a business to function normally. Modern business technologies include POS (or mobile POS), webcams and headsets for remote workers, digital menus for restaurants, and business phone services such as auto attendant and Mobile Twins. Also, instead of investing in VoIP, some companies are outsourcing their IT, working with third-party vendors to store data offsite or run call centers.
Cloud technology is a major innovation in business software. Cloud technology refers to tools, platforms, and storage services hosted on remote servers and accessed over the Internet. They are typically maintained and operated by a third party. Slack, Google Drive, and Microsoft OneDrive are all examples of cloud-based products.
SaaS (Software as a Service) is one of the three subcategories of cloud computing and is also very popular. SaaS is a method of licensing and distributing software that allows users to access their data from any device with an internet connection. The right SaaS technology can eliminate manual work and realize long-term cost savings.
Finally, digital platforms such as Facebook and Instagram are proving to be crucial to a company's business style. According to a survey of companies in one country, the use of digital platforms by companies is ubiquitous.
Not surprisingly, big companies are embracing digital marketing as well, if not more. In addition, some companies are implementing blockchain technology
Blockchain is one of the newest technologies on the market today. Blockchain technology has been around for over a decade now, but it's getting more attention from companies of all sizes.
The most basic form of blockchain technology is to act as a distributed digital ledger. Since each ledger acts as a sort of permanent record, some companies have adopted this as a way of showing how their products were sourced. Blockchain technology tracks goods so customers can trust that the goods are genuine.
Blockchains, of course, also host cryptocurrencies. Big companies like AT&T, Microsoft, Overstock, and Tesla have started accepting Bitcoin and other digital currencies as payments.
Technology is changing rapidly and the pandemic has already brought new innovations. Many in the tech community are already using big data analytics, machine learning, and artificial intelligence (AI) to help mitigate the impact of the pandemic. For example, AI is already enabling remote delivery of goods and helping companies with a variety of uses, such as tracing contracts as employees return home. Some of the technologies companies have used to adapt and pivot to remote work and e-commerce will remain relevant long after the recovery period is over.
For the latest technology and cybersecurity news, visit our Technology, Security and Resilience page.
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