Technology has changed the game and every industry and sphere of life has been affected. Even our language has been forced to make room for new words and terms that describe the digital world we now live in.
To understand our world and prepare for the future we need to know the ideas and concepts that are shaping our current reality.
Here are 7 key phrases and definitions that will help you stay relevant:
1. 4th Industrial Revolution
This term refers to the fundamental changes technology makes to the way we live and work. It represents the next era in human existence and development and points to technological disruptions within sectors such as healthcare, finance and education.
2. Gig Economy
The Gig Economy is growing as more people exchange permanent employment options for short term 'gigs'. Freelancing and temporary work has become a viable career choice as a result of digital platforms and networks which has transformed the nature of work.
3. Sharing Economy
The Sharing Economy refers to the decentralisation of services and products where ordinary citizens can make their assets available for a fee. These private resources are marketed through digital apps for the benefit of the public.
Short for financial technology, Fintech incorporates all digital innovation that simplifies and enhances financial services to the public. For example Bitcoin and Block Chain are two of the leading Fintech solutions being used to improve financial transactions around the world.
5. Virtual Reality
VR is a real world simulation that is purely experienced through sight. The term Augmented Reality is closely linked, however it offers a deeper experience as participants are able to interact with the simulated world they see.
6. Big Data
Big Data refers to the mass scale gathering and analysing of information using machines. The results gathered from Big Data generates new awareness of the world in all spheres of society. This information can be used to improve services, products and customer experience.
7. Artificial Intelligence
More commonly known as AI, Artificial Intelligence is the programmed response of a machine to perform human tasks and processes. This type of machine programming is also known as automation.