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Smart Tech and the Hospitality Sector

22 July, 2021

More and more organizations are realizing the potential of smart tech. But what is smart tech exactly? Netlingo provides the following definition:

The term “SMART” is originally an acronym that stands for “Self-Monitoring, Analysis and Reporting Technology” but has become widely known as “smart” because of the notion of allowing previously inanimate objects—from cars to basketballs to clothes—to talk back to us and even guide our behavior.

Companies in different sectors apply smart tech in their processes differently, and some join the party later than others. The concept of IoT (Internet of things) started to gain some popularity around 2010, and in the following years, the manufacturing sector started widely implementing sensors and automation for speeding up processes and allowing more time and space for increased capacities. Modern organizations use smart technologies for planning, supply chain logistics, or marketing. AI and Machine Learning are now widely used by supermarket chains to manage their inventory smartly, and fashion retail to study shopping trends and better cater to their customers. But is smart technology still just for franchises and corporations?

The truth is, like with any innovation that occurs, smart tech continues to evolve and become increasingly accessible and adaptable to all kinds of enterprises. For example, if you look at technology over long timescales, you can see the way computers went from being used exclusively by scientists to being accessible to the general public. Owning a mobile phone, which was a luxury a few decades ago, has now become an everyday item for anyone.

In the same way, smart tech begins to penetrate the general business world, with almost every small business looking into SaaS solutions to save more time and money and overcome the ever-intensifying competition. The hospitality industry is no different: those who innovate have seen positive results for their businesses and were able to increase their market share.

It has become crucial for organizations to explore the capabilities of technology and innovation with the intensified competition in the hospitality sector. They should do it not only to optimize existing processes but also to encourage the creation of more meaningful and personalized services and experiences.

Smart technology is on the rise – more and more consumers are using smart tech that makes their lives easier every day. Here are three tips you can use when making decisions about investing in technology for your hospitality business.

  • An investment that saves you time is valued above an investment that only saves you money. Technology can sky-rocket your productivity and sometimes do the whole job for you, increasing your capacities. You can use your time to make money, but you can’t use money to purchase more time!
  • Stand out from the crowd! In such a competitive world, make sure you are investing in the latest cutting-edge technology, instead of following in everybody’s footsteps and choosing the most popular option. Beware that even the biggest providers in your sector might not be as innovative and progressive as some startups and scaleups. Take a moment to find out what you really need, and make an informed decision.
  • Look for interactive solutions that improve your customers’ experiences. Be there for your customers at all times, and when you can’t – let your digital assistants help you with that. From AI chatbots to kiosk-assistants, to auto-personalized letters, and knowing exactly how to please your guests thanks to analytics – you don’t need to form new departments and hire a team of developers to enhance your client care.

The best way to predict the future is to create it.

– Alan Kay, Computer Scientist

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