Every year people continue to find new ways to communicate simple ideas and as technology and business continue to overlap and blur there will be only an increase of these technical buzzwords in the space being more frequently used. Here are a few of the most talked about terms at their base value.
Internet of Things (IoT) – The Internet of Things (IoT) is the ever-increasing network of devices that have their own IP address; think about your phone, smartwatch, GPS, tablets, Google Glass etc. Devices that were once standalone such as the thermostat, vehicle sensors, medical implants, alarm systems, and garage doors can now all be networked to the internet.
Data Lake – A data lake can be a shared or private environment where you host multiple of your repeat clients and custodians. This way you can access previous data without extensive review and production costs.
Machine Learning – Machine learning is a type of artificial intelligence which evolved from the study of pattern recognition. Through the construction of algorithms, machines can make predictions on data versus following pre-programmed commands. What’s more, these algorithms can make independent decisions when new data is applied. As computer processing power improves, this technology can be applied to much larger data sets for reliable, repeatable results.
Cloud Hosting – A few of the reasons for cloud hosting include the enhanced level of encryption that is available both in transit / at rest and early access to emerging technologies and practices. Gartner Projects Cloud Services Industry to Grow Exponentially Through 2022, they predict that by the end of 2019, more than 30 percent of technology providers’ new software investments will shift from cloud-first to cloud-only.
Predictive Coding – Through automating the document review process reviewers use computer-categorizing software that classifies documents according to how they match concepts in sample documents. This goes hand in hand with machine learning and can help reduce the amount of data you have to work with tremendously.