In the business world, there is a constant need to create new words or blend two words used to name emerging technologies, ideas and concepts that existing words cannot convey. An excellent example is iGaming, a combination of ‘i’ for internet and the word gaming, to refer to online gambling on platforms such as online casino CA sites.
The technology sector is packed with these buzzwords that seem to pop up every other day. The most popular instances are where ‘tech,’ short for ‘technology’, is used as a suffix and is combined with a word or an acronym from a different trade or industry. Today, we take a look at a few of the most common modern-day neologisms and what they mean so that you never have to feel confused when you bump into them.
The name is a blend between advertising and technology. Adtech comprises the use of various digital tools and analytics by publishers, ad agencies and advertisers to measure their return on investment, reach their target market, gather customer insights and monitor their digital advertising input.
Some of the tools used in adtech include programmatic or omnichannel advertising. In programmatic advertising, advertisers use automated technology to buy advertising space to reach a target market instead of time slots and hoping the right audience is watching. Additionally, omnichannel advertising enables consumers to interact with a brand online or offline across channels, creating a dependable brand experience. The information presented to the buyer is based on their past brand interactions and their specific interests.
Popular adtech platforms include PubMatic, TubeMogul, SmartyAds, MediaMath and Simpli.fi.
Edtech is the name coinage from education and technology. It refers to the software and hardware created to improve classroom learning. An excellent example is software where the teacher is a facilitator and customizes the curriculum based on a student’s learning ability or talents, enhancing their academic outcome. Currently, the two main ways that learning institutions or platforms approach edtech are:
- From a technological perspective, edtech is an academic discipline that analyses and solves problems during teaching, learning and social interactions in schools.
- Edtech software paves the way for learning or teaching using AI, social media or mobile apps.
Popular edtech companies include Udacity, Dreambox Learning, Civitas Learning and Coursera.
Cleantech is a combination of the words clean and technology. It involves using business models and tech solutions to push for environmentally friendly practices, products and services in companies to mitigate global warming. It is done through recycling, green chemistry, resource efficiency, green transportation and alternative use of renewable energy, including the sun, wind or wave power.
Popular cleantech companies include Tokamak Energy, Arrival, Oxford Photovoltaics and YASA motors.
Femtech is a category of diagnostics, software, products and services that use technology to look at female health and hygiene products. These products include period-tracking apps, reproductive system health care, pregnancy and nursing care, fertility solutions and women’s sexual wellness. The standard medical tools are internet-connected medical devices, wearables and mobile apps.
Additionally, femtech also includes companies fighting to eradicate the gender gap in the tech world and advocate for more women to join the STEM (Science, Technology, Engineering and Mathematics) careers.
Popular femtech companies that provide female health products include Ava, Flo, Bloomlife and Kindbody. Feminist internet, another femtech trendsetter, is an NGO founded by Charlotte Webb to tackle technological and internet space inequalities.
Proptech, a merger of property and tech, is an innovative approach to use technology to improve how people buy, sell, rent, design, manage and construct the commercial and residential property. For example, blockchain-based buying and selling tools and virtual and augmented reality technologies help clients find homes. Proptech startups are focused on making the real estate industry mainly in densely populated areas better, easy to navigate and more efficient.
Popular proptech companies Zumper, Reonomy, ManageCasa, OpenDoor, Guesty and HoloBuilder.
People in the public relations industry use analytics, workflow apps and media monitoring tools to process data quicker, hence coining PRtech from PR and tech. Although businesses spend a lot of money on public relations, most don’t have metrics used to monitor if the PR activities align with their business goals and if they are helping the business’ net income. It will provide deep insights into the company and help them make better decisions.
Some of the practical tools PR experts can use to manage the reputation of a business, individual or person include:
- Monitoring social media – In the past, PR firms used to monitor information through newspapers, tv and radio programs; however, now businesses rely on social media impressions and data science.
- Following performance results – SEO (Search Engine Optimization) tools and website traffic trackers have become valuable in tracking business performance, using conversions, leads and web traffic.
- Working with influencers – In this social media era, where influencers run the show, PR firms can work with them to improve a brand’s reputation and visibility.
- Crisis control – PR firms can quickly mitigate crises, using social media management when things get out of hand.
Popular PRtech companies include PIABO, Tonka, Goldsmiths Communications and Mercy Global Partners.
This is Just the Beginning
Language is the soul of our culture. As the world changes through revolution and innovations, so will the language. Therefore, with the evolution of different sectors of the economy due to the fast advancement of technology, we should expect more neologisms to pop up. What popular tech sector neologism do you think we’ve left out? Let us know right here in the comments section!