The digital transformation has brought many technologies for the industries that help enhance organizations’ performance, transparency, and security levels. Blockchain is one of these inventions.
It was introduced over a decade ago, and now it is not only used for cryptocurrency platforms, but it has also evolved into something more significant with the powers to change the rules and introduce new ways for cooperation.
As a result, enterprises seem to be more interested than ever in blockchain technology and demonstrate this by implementing it as part of their ordinary course of business. The pharmaceutical industry is not an exception.
According to Statista estimations, general international spendings on blockchain solutions is expected to rise to $5.9 billion by 2023.
In addition, Deloitte has provided a survey on the use of this innovation, and 83% of respondents said their businesses would lose their competitive advantage if they don’t adopt blockchain.
At the same time, 90% of the survey respondents agree that this digital asset will play a meaningful role in their enterprise.
In the meantime, the system is mainly associated with cryptocurrency, but pharmaceutical companies start investing in this asset, as the solutions will bring numerous advantages in the long run.
What is Blockchain? Key Advantages
A blockchain is a distinct type of database that stores collected data in blocks that are then chained together. When new data fills the block, it is chained onto the previous block.
Thus, the data is stored chronologically. What is more, data entered into blocks cannot be changed, which makes the solution irrevocable.
It allows for the secure management of a shared ledger, where operations are verified and stored on a system without a central governing authority.
The solution can come in different configurations, ranging from public, open-source systems to private ones that require explicit permission to read or write.
Blockchain technology has several significant advantages:
Security: data added to the section cannot be changed. All the financial operations are encrypted and linked to the previous block. Thus, it becomes easier to trace back the operations and eliminates attempts of fraud.
Transparency: The database operation ledge is open to public viewing, making the systems that run on blockchain technology transparently. There is no need to request evaluation or verification of the information from third parties.
Traceability: it makes it easier to trace where the goods come from.
Efficiency and Speed: the platform facilitates and makes financial operations faster. Its scattered nature removes the need for third parties when it comes to payments.
Automation: operations can be automated by “smart contracts” that reduce human interventions and reliance on third parties to verify whether all the participants follow the contract terms.
The benefits of the solution speak for themselves. The pharma industry is one of the fields that work with loads of data, whether it is drug development, research, and testing, or distribution to pharmacies.
Therefore, the advantages of the solution can help the industry overcome some of the most crucial challenges in the field.
How Is Blockchain Used in the Pharmaceutical Industry?
The pharma industry faces several challenges that require solutions in the nearest future, as the global pandemic has revealed how disrupting these challenges are for the smooth performance of the organizations engaged in the process.
Blockchain in pharma has a broad scope of application based on the number of advantages the solution has.
There are several potential uses of blockchain technology in the industry: it can facilitate access to the medical records for physicians, patients, etc.; enhance the supply chain, clinical trial data reporting, vendor credentialing, drug pricing strategy tracking, etc.
Companies have started to work on these challenges, and this how the solution can help transform their businesses.
Supply Chain Enhancement
The enhancement of the supply chain within the field is one of the main concerns for companies. The solution is beneficial in this case as it can ensure fast and secure transactions/operations across the globe.
In addition, companies can use this asset to establish auditable trials and medicine origins along the supply chain. It means that everyone from manufacturers to clients could verify the source of the drug, its development process, quality, and delivery conditions in a safe environment.
The supply chain under consideration is complex and involves numerous parties. The technology allows creating a safe environment that can be managed with one piece of software.
In addition, the solution promotes transparency and security, as this type of database is distributed. The parties involved in the supply chain should all follow the established protocol of the system, so they will be able to review, share, and update data and be sure that the information is up-to-date and provided on time.
The platform usage will help companies reduce the number of frauds found on the market, as the parties could control the process of medicine development from end to end.
As the surveys show, one out of ten drugs that are presented on the market is fake. The number is even more significant in third-world countries.
Create high-end software solutions for your company with Intellectsoft
Thus, the implementation of distributed systems will help humanity on the global level by enhancing the performance of the enterprises and the quality of their products. In the future, it would result in better medical treatments and a reduction of fatal cases. Also, it will result in enforced trust and transparency.
Clinical Trials
The solution has the potential to enhance the performance of clinical trials. The platform’s nature is unchangeable, ensuring that clinical trials and protocols are strictly maintained and followed.
The platform is a secure environment that cannot be hacked. Therefore, it can give people participating in trials more confidence, and they will be more enthusiastic about participating in studies of the new drugs.
As the system is distributed across various parties, and it is almost impossible to decode the block’s hash, the system stays secure. Even if a part of the architecture is hacked, the information will not disappear, as other parties contain it.
Therefore, it can assure privacy and accuracy of clinical trial data. In addition to this, stakeholders can create public registries to access the results of clinical trials.
Patient Data Management
In the future, it is expected that systems based on the technology will be able to facilitate the patients’ data management and distribution across different providers, from insurance organizations to research ones.
Patients will have the right to control access to their personal data and share only relevant inputs from their accounts.
What is more, a platform will serve as a database to track and store patients’ information, so organizations across the whole healthcare system could use a single identifier to see needed information.
Inventory Management
The proper integration of the technology into the supply chain will give businesses better control and management of their inventory. For example, it can be automated to send out requests for more drug products in demand.
R&D Application
The technology can also help to over hurdles in the R&D cycle. It has the potential to improve the drug discovery and development process, as it facilitates collaboration between organizations in the industry and academic ones, as well as philanthropic groups.
For instance, “smart contracts” will reduce the time to market the new medicine, as businesses will not need additional resources to participate in the process (banks, lawyers, etc.).
Combining the technology with AI, ML, and NLP will result in better data mining and analysis of the existing literature or patent applications.
In addition to this, the security provided by the technology has advantages for intellectual property protection, ensuring that new research data and findings cannot be hacked.
Blockchain and pharmaceuticals can go together, as the solution proves to be beneficial for the industry, and the implementation of the solutions is only at its early changes. Therefore, there is much more to discover and investigate in this field.
Things to Consider When Implementing Blockchain in Pharmaceuticals
Businesses in pharma and other industries should know why they need to use the solution for their organization and how blockchain development will evaluate their performance.
There are several things that enterprises should consider before they start the implementation process.
Analyze opportunities: investigate the existing options of the technology implementation, including other fields like banking or insurance. You should know how effective are the current use cases and choose the most suitable one for your company.
Evaluate resources: the development and implementation processes are not easy ones. They require professional knowledge and experience. Thus, if your company lacks needed resources, consider hiring external teams with experience developing platforms of this type. Numerous vendors offer their services, and you can hire them offshore. But in this case, the main requirements to the vendors should be reliability, availability of the resources, previous portfolios, and references from previous customers. Do not fall for low prices, as you can get a low-quality product that will not cover your needs.
Identify the areas of enhancement: know which part of the organization needs improvement. This stage requires analyzing your needs and organizing them for the technology. Identify your own use case, and it will help you clarify the goals you want to achieve and then build the next steps around it.
Develop PoC: it is essential to determine whether it is feasible and functional to execute the task at this stage. PoC will guide you through the rest stages of the implementation process, as it is a sketch or outline of how the solution can be successfully implemented in your organization’s environment.
Choose the right platform: nowadays, there are several networks where you can start adopting the technology, including Ethereum, Corda, Hyperledger, etc.
Build and Test the Solution: it is crucial to test the solution fully and see how it works in the real world.
Deployment: the next step is to deploy the solution on the network.
The implementation of blockchain in pharmaceuticals has only started, and still, there is a lot to investigate. However, a developed platform can change how organizations communicate and work with each other and how they deliver the services to the customers.
Therefore, companies should consider this solution and start to analyze how it can improve their workflow. Vendors that provide healthcare IT solutions and software services know how to develop and implement solutions to enhance enterprise performance over the industry.
We, at Intellectsoft, empower hospitality companies and their workforces with innovative solutions and approaches. Are you and your organization looking for some?
Get in touch with our experts and learn about the topic in detail. Our team will guide you through the process, so you know how your business can profit from the solution.
The hospitality industry depends a lot on keeping customers happy, but it’s getting harder to attract and keep them. The pandemic hit this industry hard, and now market competition is tougher than ever, with competitive offerings swaying customers. Hospitality businesses are willing to spend big to win customers back. The main questions for many are: how can we stay ahead of the competition, keep our customers, and increase revenue? Keep reading—we’ve got some answers.
Customers today have so many options that getting their attention is a real challenge. It’s not easy to make them choose your business over others. What worked 10 years ago doesn’t work the same way now. Back then, people often chose businesses based on reputation. But with new types of businesses (boutique hotels, craft cafes) popping up or big enterprises getting a new strategy, expectations have changed. The good news is these businesses have shown what works: great customer service. They focus on personalizing the experience, making things easy for customers, offering loyalty programs, and using smart technology.
In this article, we’ll explore these tech strategies and show you how they can help your business grow, and double the revenue. Keep reading to learn more!
The Importance of Customer Satisfaction in the Hospitality Industry
Customer satisfaction, which equals exceptional customer experience, is the backbone of the hospitality industry. It plays a central role in driving revenue and loyalty, as satisfied customers are more likely to return and recommend a hotel, restaurant, or other hospitality business to others. In fact, a study by the Harvard Business Review found that a 1% increase in customer satisfaction can lead to a 0.5% increase in revenue. Moreover, loyal customers are more likely to forgive mistakes and continue doing business with a company, even if they experience a negative encounter.
Let's quickly review the challenges the hospitality industry is facing right now so we can move on to the solutions and our case studies.
Challenges in Hospitality
As businesses navigate the changes in the hospitality industry, there are some key areas where a little improvement can go a long way. From improving customer service to embracing digital transformation and tackling labor shortages, we’ll take a closer look at today’s biggest challenges—and, more importantly, how technology can step in to help. Let’s get started!
Poor Customer Service
Even with strong and high-quality business offerings, poor customer service can drive potential customers and existing customers away. Common issues include:
Long wait times in customer service queues (it is worth remembering that our attention spans 8 seconds, and we live in a very busy world, so quick and efficient responses are more important than ever.)
Poorly trained customer service representatives
Lack of follow-up
Services not being done properly or quickly
Recall issues that require multiple service calls
These problems can frustrate customers. But, at Intellectsoft, we believe that the right approach, combined with technology, can address them effectively.
Digital Transformation Gaps
Approximately 50% of hotels are adopting new technologies, with 43% automating repetitive tasks and 39% upgrading existing systems. Source: workstaff.app
While many businesses are adopting digital solutions, some still struggle with outdated systems and fragmented data. Legacy companies often face chaos when trying to manage their data and create new systems or add features.
Some of the recent examples include clients coming to us to create AI solutions for their services while their data simply was not ready for the advanced tasks. We advise stepping back, communicating with a company objective, and working on keeping the data clean (centralized, structured, and segmented).
When we’re asked to create advanced systems using AI, we always emphasize the importance of organized data. To train AI and build such complicated systems that truly work, you need to start from the very beginning—collecting, storing, centralizing, and organizing it. We encourage our clients to align all departments to work internally on the data so we can create a unified digital system that delivers personalized experiences.
If you’re unsure where to start with your data, we can help. Collecting feedback at various touchpoints along the customer journey is crucial for gaining insights into customer satisfaction and loyalty. Book an IT consultation with us, and our experts will guide you in mapping out a path to get more from your data and build a system that works for your business and team.
Reskilling Staff
The pandemic hit hard in early 2020, especially for the hospitality and travel industries. Even five years later, many businesses are still feeling the impact. Recruiting and retaining skilled staff has become a major challenge post-pandemic.
Reskilling to address technology’s impact is of utmost importance, as about 40% of hotel General Managers place it among their top three workforce challenges.
We strongly believe that adopting the right technology can help. For example, creating an app to train your staff not only saves time but also ensures consistency in learning. AI assistants can also work alongside your team, helping with tasks like recruitment (providing industry insights, crafting emails) and staff training. Imagine having an app dedicated to making your team’s work easier and more efficient!
How Technology Tackles These Challenges and Supports a Customer-Centric Hospitality Culture
Automation, AI, and similar technologies may threaten many. However, the debate about replacing humans isn’t about that—it’s about cooperation and working hand in hand with technology to achieve the highest standards and establish brand-new “golden standards.” Technology is here to assist staff in listening to and collecting customer insights from data.
Let’s review some of our cases to see examples of how technology helps improve customer experience and supports customer service.
Examples of Intellectsoft projects
Property management systems (PMS)
We created a web platform and mobile app that makes managing daily tasks easier and offers extra services to improve residents’ experience. It gives a clear overview of daily activities and helps with managing units and users. Residents can easily book amenities, submit service requests, and report incidents. The platform also includes features for equipment management, key instructions, workflows, and custom permissions. This makes it easier for staff to stay on top of equipment and ensure residents have all the information they need. Plus, tools like announcements, quick votes, a forum, and a community calendar help build a connected and engaged community.
Guest Experience Management App
Our next app helped our client improve their guest experience by replacing printed marketing materials and the need for phone calls with a smart solution. Now, guests can easily order in-room dining, make reservations, and interact with staff— through a simple tablet in their room. The solution includes three parts: a custom in-room tablet with a variety of services, an admin panel for hotel staff and service providers, and a backend system that connects everything together. This approach makes things easier for guests and staff, improving both convenience and efficiency.
Existing Customers First: Building Loyalty with Personalized Touchpoints
Keeping existing customers is not just a strategy; it’s well-known that retaining existing customers is more cost-effective than acquiring new ones. In fact, research shows that it costs five times more to acquire a new customer than to retain an existing one. KPMG named customer retention as the number one revenue driver for the company.
Moreover, a 5% increase in customer retention can lead to a 25% to 95% increase in profits, showing the significant impact loyal customers can have on a business’s bottom line. Retention strategies, like personalized experiences and loyalty programs, can foster long-term relationships and generate recurring revenue, ultimately making them an invaluable part of any business model.
Personalization: How Technology Can Help?
Everyone loves to feel special—it’s part of being human. In hospitality, personalization has evolved from being a luxury to an essential standard. With the right technology to manage your data effectively, you can deliver those “wow” moments that guests won’t forget.
More than half of hotel chains are already using personalization features on their websites, booking platforms, and apps, and another 39% are planning to follow suit soon. They’re tailoring experiences to fit guest preferences perfectly.
Source: Deloitte
How does technology make it happen?
CRM Systems: They help you keep track of guest preferences, booking history, and special requests so you can offer services tailored just for them.
Loyalty Programs: Personalized rewards and offers show your guests that you value them, keeping them coming back for more.
AI Personalization: AI analyzes guest data to predict what they’ll love (from room upgrades to local recommendations) before they even ask.
IoT Gadgets: Smart room features like voice-activated assistants, or temperature controls adjust to your guests’ preferences, making their stay more comfortable.
With tech-powered personalization, you’re building loyalty and maximizing the lifetime value of every customer.
Our Case Study: Smart Hotel Management & Loyalty Program
For one of our clients, we created a smart room solution, complete with a custom IoT system. Guests can use a mobile app to control services, explore amenities, and find resort information-- with a special touch to their suite type. For the client’s entertainment business, we improved their legacy software by running a full IT and code check, fixing issues, and making the system better for customers.
Along with that, we developed a mobile app for the loyalty program, allowing businesses to effortlessly reward their customers and keep them engaged with exclusive benefits.
Our solutions not only helped the client with special experiences for guests; it also improved operations, cutting costs by eliminating inefficiencies. Here's what our experts shared:
"We transitioned away from ESB (Enterprise Service Bus) systems, which previously cost millions, and replaced them with more efficient, self-managed solutions. Similarly, we’ve implemented Device Farms that improved operations and saved resources."
Leveraging Software to Increase Upsell Opportunities
Here are some examples of tech tactics that will help your team sell more and introduce new offerings to existing customers, improve overall efficiency leaving your team grateful:
Dynamic Pricing Algorithms
For finance and marketing teams, manually calculating pricing by segment to introduce your clients can be incredibly challenging. AI-powered tools can strongly optimize these strategies by analyzing your database in detail.
Upselling via Apps
Boosting revenue in the hospitality business often comes down to personalized experiences. Imagine this: a guest books a room, and then your app suggests a spa package or a room upgrade at just the right moment. Later, it nudges them to book a dinner reservation or a guided tour designed to their preferences. With apps offering these personalized recommendations during and after bookings, you’re not just increasing your revenue per guest but also skyrocketing their experience. And you do it in a sustainable way, not by speculating, but by offering what your customers desire based on their previous experiences. It’s a win-win: seamless, helpful, and far from pushy.
Inventory and Resource Management Software
Making every resource count in your hospitality business is key. Inventory and resource management software allows you to effortlessly track everything from linens to room availability, ensuring nothing goes to waste. Having real-time insights to reduce overstock, avoid shortages, and optimize operations assists sustainably keep everything under control and know what you need to focus more. It helps maximize room occupancy by aligning bookings with available resources, ensuring every room and item is used effectively. This approach leads to smarter management, better guest experiences, and a noticeable boost to your bottom line.
Adopting these strategies not only optimizes your operations but also drives business growth. Ready to discover how technology can elevate your goals? We’re here to create a tailored solution for you.
Steps For Implementing a Customer Service Technology Solution
Improving customer service in hospitality doesn’t have to be a daunting task. With the right technology, you can smooth the path of your operations, speed up response times, and elevate the overall guest experience. Here’s where you can make it happen:
1. Understand Your Needs
Start by identifying the challenges your business is facing. Are you struggling to manage high volumes of inquiries, track customer feedback, or personalize the guest experience? Pinpointing your needs will guide you to the best solutions.
2. Pick the Right Tools
Choose technology that aligns with your goals. Look for solutions that are scalable, easy to use, and integrate effortlessly with your current systems. Options like CRM software, live chat tools, or a guest experience app can make a difference.
3. Equip Your Team
Technology is only as effective as the people using it. Train your staff to make the most of the new tools, so they can deliver exceptional service and resolve issues quickly. Confident, well-equipped staff creates happy, loyal customers.
4. Keep Improving
Once implemented, monitor how well the solution works. Are response times improving? Are customers more satisfied? Regular evaluations will help you fine-tune your approach and keep things running harmoniously.
Some Tech Ideas for Hospitality Businesses
CRM Software: Manage customer interactions and preferences.
Guest Experience Apps: Delight guests with personalized experiences right at their fingertips.
Amenity Management Systems: Simplify operations for everything from room service to facility bookings.
Live Chat Tools: Offer instant support and answers.
Social Media Management Tools: Keep customer interactions engaging and organized.
Integrating these strategies will not only improve your customer service but also deliver unforgettable customer satisfaction, loyalty, and, ultimately, your bottom line. Ready to take the next step? Book a consultation with our experts.
Conclusion
To wrap up everything we've discussed, customer satisfaction and experience are at the heart of hospitality. Retaining customers is more than just keeping them around—building strong, long-lasting relationships and consistently meeting their evolving needs. By understanding their pain points and offering personalized solutions, you can inspire loyalty and drive progress. With the right technology and continuous improvement, your business can stay ahead, let go of what no longer serves you, and keep growing.
At Intellectsoft, with over 17 years of experience in software development, our expert team is ready to help. We create everything from mobile apps to full-fledged portals and systems, leveraging the latest technologies like AI, Cloud, and Machine Learning. With deep experience in the hospitality industry, we’re here to craft personalized solutions that bring your business unforgettable customer experience and retain your valuable clients.
Ready to double your revenue and level up your customer retention strategy with personalized technology? Contact our experts, and we look forward to working hand in hand with you to build or revitalize the perfect app or system for you.
We have sent an email to acknowledge receipt of your request. In the event that you have not received our email, we kindly suggest checking your spam folder or alternatively, contacting us directly at info@intellectsoft.net
We will send a short email notifying you that we successfully received your request and started working on it.
Our solution advisor analyzes your requirements and will reach back to you within 3 business days.
We may sign an optional mutual NDA within 1-2 business days to make sure you get the highest confidentiality level.
Our business development manager presents you an initial project estimation, ballpark figures, or our project recommendations within approximately 3-5 days.
Request a Free Quote
4.9
Our rating on Clutch
5
Our rating on Business of Apps
We have offices in:
San FranciscoOsloNew YorkLondon
Contact usRequest a Free Quote
Thank you for your message!
We will get in touch with you regarding your request within one business day.
