4 Software Terms Every Media Business Needs To Know About

Estimated reading time: 3 minutes

If it seems to you as if technology is becoming more advanced by the minute, then you’re right. As a media business, it’s essential to keep on top of all of the latest technology terms and buzzwords, since you’re likely to be dealing with these topics in meetings, emails, and with clients.

All staff should have a basic understanding of software terms in order to get the job done as efficiently as possible. To help everybody increase their knowledge, here are 4 software terms that every media business needs to know about:

General Data Protection Regulation (GDPR)

You’re probably well aware of the general definition behind this one since many companies were required to make some changes back in 2018 in order to comply with the rules. GDPR was introduced in May 2018 and consists of a set of rules surrounding data and privacy protection laws across 31 countries.

The new EU regulations allow residents the right to access their personal data, remedy incomplete or inaccurate data, restrict the processing of their data, and the right to be forgotten. Businesses are now obliged to respond to individual requests about data within 30 days and make EU data protection agencies aware of a data breach within 72 hours.

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OTT Platforms

OTT platforms are hugely popular today, particularly since the COVID-19 pandemic and subsequent lockdowns. Put simply, these platforms are designed to efficiently stream content “Over the Top” of other media platforms, allowing you to launch a destination for your viewers with your own branded broadcast-quality streaming service.

If you’re still asking yourself “What is OTT?” then it’s worth checking out a media service that designs OTT platforms, such as Red Bee Media. Red Bee will build your very own OTT platform, providing you with a great way to monetize your content through either advertising or the option for paid subscriptions. Since many people are still furloughed from work, streaming services are at an all-time high, so there’s never been a better time to implement the use of an OTT Platform.

Business Intelligence

Business Intelligence is an umbrella term that refers to the access and analysis of information and data in a business in order to optimize and improve performance. Specific terms included within business intelligence include:

Data Analytics: Simply the action of analyzing raw data to look for trends, with the purpose of drawing a conclusion from the information.

Descriptive Analytics: A more in-depth look at data, examining any conclusions that have been drawn and questioning why that outcome was reached.

Predictive Analytics: Looking into the future to predict what a certain outcome could be and how to best prepare for it. This is a useful task to do before making any big changes within your company.

Prescriptive Analytics: This is a relatively new type of data examination and focuses on not just one, but multiple different potential future outcomes. This allows your business to really consider the “what should we do?” in any situation, ensuring that you’re adequately prepared.

SEE ALSO: How to Use Google Analytics for First-Time Users

Artificial Intelligence (AI)

This is another buzzword that you’ve probably heard floating around a lot since there’s no denying that AI is one of the most exciting things to come out of modern technology. AI is machine or software technology that has been designed to mimic human intelligence.

You can program your machine to learn and recognize speech, solve problems, construct plans, and become more intelligent as time goes on. Virtual assistants like the Google Home Mini, which can understand and carry out requests, are a great example of today’s level of artificial intelligence.