What HR needs to know about the buzzwords of Goldman Sachs

Economists and analysts from Goldman Sachs compile an annual list of buzzwords that they think are new or emerging words and phrases that are important to know in today's economy

Goldman Sachs' third annual list of buzzwords include phrases likes-

OLED: Organic light emitting diode – the latest display technology in electronics and lighting. “We expect over the next decade-plus [OLED] could become the ubiquitous display technology across many…applications, similar to what LCD displays did over the past decade.”  said Brian Lee,  clean energy equity research analyst, Goldman Sachs Research.

Machine vision: Computer vision created from using 3D sensors, cameras and image processing software that is better than human's vision.

“A machine vision system can work alongside humans to manually test items on the factory line, to read barcodes, to ensure that parts are where they need to be on the factory floor, and to also help guide industrial robots in industrial assembly.” saod Joe Ritchie, multi-industry equity research analyst, Goldman Sachs Research

Craft products: Products perceived to be of higher quality and manufacture.  “Established brands are looking to grow within craft by acquiring brands of their own or even developing their own craft brands organically.” said Judy Hong, beverage and tobacco research analyst, Goldman Sachs Research.

You can hear to economists and analysts from the investment bank explains these terms to you in a series of videos.

Goldman says these terms aren’t just fun words — they’re “thematically important, with investment implications, good and bad.” In other words, they will affect the bottom line of major companies and could have implications for your portfolio.

The Fiscal Times has highlighted some of the buzzwords and here are a few that HR professionals need to know to thrive in today's workplace.

1. Bots

A bot, otherwise known as a chatbot, is a type of software designed to automate tasks over the internet that are ordinarily handled by humans. They often operate in conjunction with instant-messaging platforms, and got a huge boost this year when Facebook opened up Facebook Messenger to third-party bot development.

2.. Mobots

Mobots are robots capable of changing positions autonomously.  They are a combination of an automated guided vehicle and a collaborative robot with sensing abilities that can work alongside humans. Demand for mobots is expected to increase in manufacturing, military, services, logistics fields and in hospitals.

In May this year, Pizza Hut unveiled Pepper, its first robot server in its outlets in Asia.

3. 5G

5G is the next generation of wireless technology expected to be mainstream in 2020. Currently more than 12 billion devices are already connected to the Internet of Things—and by 2020, that number could surge to 30 billion.  "Once you connect those to the Internet, you can really find a way to share the use of those assets, and extract an incredible amount of productivity," said Simona Jankowski of Goldman Sachs Research.

4 . V2V / V2X / V2I

Vehicle-to-vehicle (V2V) or vehicle-to-infrastructure (V2I) technology allows cars to communicate with other road users, infrastructure and even pedestrians and cyclists. It could be used by both human-driven and autonomous vehicles, and could allow for wireless toll and parking payments.

5. Basic Income

The concept of basic income is about introducing a universal benefit that everyone receives, regardless of income or employment status as a measure to reduce income inequality. In Switzerland, voters rejected the idea in a referendum in June this year, but it remains one of the most heavily debated social and economic issue.

6 . Internet of Energy

It refers to the process of upgrading, digitizing and automating electricity infrastructure, leveraging advanced hardware and software.

7. Immersion

Immersion, or immersive storytelling, is the idea of allowing virtual reality technology to mimic being physically present in an alternative environment. The technology is changing video games, live events, journalism, video entertainment and educational experiences.

8. Synthetic biology

This branch of science allows genetic engineers to develop apples that don’t brown when bruised or breed salmon that grows faster than normal. Despite the technological advances, consumer remain sceptical of  these products which has not proven to be safe.

ALSO READ: Goldman Sachs’ list of what NOT to say in an email

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