What is a bit in tech?

Excuse me, could you clarify for me what exactly a "bit" refers to in the context of technology? I understand it's often mentioned in discussions about data storage and processing, but I'm not entirely sure of its precise definition or significance. Is it a unit of measurement for something? And how does it relate to the workings of computers and digital systems? I'd appreciate it if you could provide a concise explanation that helps me grasp the concept better.