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The way businesses interact with customers is rapidly changing due to the emergence of remote work, a trend that is forecast to continue well into 2023.

Remote work opens many opportunities for growth for organizations. But this requires the adoption of technology. Technology has been found to benefit organizations by providing more efficient communication, increased flexibility, automation capabilities, insights from big data, and improved security measures. All of this leads to improved remote customer relationships.

In this article, we will explore five ways in which this trend is transforming customer service and why it is vital for business owners to take these changes into account when planning for 2023. Read on to learn more about how remote work impacts customer interactions and how your business can benefit. 

1. More Efficient Communication

Remote work has enabled businesses to take advantage of numerous communication tools, such as video conferencing and instant messaging, that make it easier to contact customers quickly and effectively. This can help businesses respond faster to customer inquiries and provide better service than before.

2. Increased Flexibility

Traditional customer relationships often involve a lot of back-and-forth between the customer and the business. With remote work, organizations can benefit from increased flexibility to cater to the needs of their customers without having to be physically present at all times.

3. Automation Capabilities

Due to technological advances, many tasks performed during customer interactions can now be automated or semi-automated. This can reduce the time spent on mundane tasks and free up more resources for other critical studies.

4. Insights from Big Data

Remote interactions often involve a lot of data that can be used to generate powerful insights about customer behavior and preferences. This information can then be used to optimize customer service strategies and processes, resulting in improved customer satisfaction levels.

5. Improved Security Measures

With remote interactions conducted over the internet, organizations must ensure that their customer’s data is always secure.

Businesses can protect their customers’ privacy while ensuring smooth transactions by implementing robust security measures such as encryption, authentication protocols, and access control systems.

Leveraging CRM systems

Business owners who adopt these strategies now will be better prepared for the future of customer service in 2023. And with businesses increasingly turning to remote teams to manage customer relationships, they must have access to the right tools and technologies to make this transition successful.

By leveraging CRM systems, organizations can ensure their customer interactions remain seamless even when working remotely. In recent years, more and more companies have started shifting towards a remote model for managing customer relationships to save on costs, increase employee satisfaction, or provide better service.

However, this shift presents its own set of challenges that need to be addressed if businesses are going to succeed in the long run. That’s where customer relationship management (CRM) systems come in.

Improve your remote customer relationships now

A CRM can be invaluable for businesses looking to make the most of their remote customer relationships. A CRM system can ensure that customer interactions remain smooth and efficient remotely by providing real-time customer data updates and automated workflows.

It can provide real-time data updates which are critical in a remote setting, as they allow businesses to respond quickly to customer behavior or needs changes. They also allow you to adopt automated workflows, which help in streamlining processes such as lead generation and segmentation so that teams can focus on more important tasks instead of spending unnecessary time on mundane tasks. 

Want to learn more about these features? Book a FREE demo below.

Sustainability has become a buzzword across many industries, including retail. In the UAE, where the retail sector is booming, sustainability is no longer an option but a necessity for retailers.

In this article, we argue that sustainability is critical to the future of retail in the UAE. We’ll also provide tips for retailers on how to improve their environmental impact.

Wby sustainability is key to UAE retailers

Here are the following reasons why sustainability is an important component to UAE retailers’ business models:

It meets the demands of modern-day consumers

Firstly, sustainability is critical to meeting the demands of the modern-day consumer. Consumers are more aware and concerned about the impact of their purchasing decisions on the environment and society.

As a result, they actively seek products and services from environmentally responsible and socially conscious companies. Retailers that need to incorporate sustainable practices risk losing customers to competitors more committed to sustainability.

It saves costs for retailers in the long run

Secondly, sustainability can lead to cost savings for retailers in the long run. Energy-efficient lighting, reducing waste, and utilizing recyclable materials can all help retailers reduce operating costs.

By implementing sustainable practices, retailers can improve their brand image and reputation, increasing customer loyalty and sales.

It aligns with governmental interests

Thirdly, the UAE government has promoted sustainability across all sectors, including retail. The government has introduced several initiatives, such as the UAE National Program for Green Growth and the Dubai Integrated Energy Strategy, which aim to reduce the carbon footprint and promote sustainable practices.

Retailers that incorporate sustainable practices align themselves with the government’s objectives, which can lead to regulatory benefits and incentives.

It is critical to protecting the environment and future generations

Finally, sustainability is critical to preserving the environment and the well-being of future generations. The UAE already faces significant environmental challenges such as water scarcity, desertification, and rising temperatures due to climate change.

Retailers must recognize their role in contributing to these challenges and take action by implementing sustainable practices to mitigate their impact.

Sustainability is no longer an option but a necessity for retailers in the UAE. By incorporating sustainable practices, retailers can meet the demands of the modern-day consumer, lead to cost savings, align with the government’s objectives, and preserve the environment for future generations. 

How to improve sustainability as a retailer

It is time for retailers in the UAE to recognize the importance of sustainability and take proactive steps to make their businesses more sustainable.

Here are ten steps retailers can take to reduce their environmental impact and create a more sustainable shopping experience for customers:

1. Optimize Packaging: Minimizing single-use packaging materials like plastic bags and bubble wrap wherever possible will help reduce the waste a store produces. Retailers should swap out single-use materials with reusable or recyclable alternatives when possible.

2. Reduce Water Usage: Retailers should look into reducing water consumption in their stores, such as installing low-flow faucets and toilets or using waterless car wash systems for vehicle cleaning services. This helps to conserve precious resources and save money in the long run.

3. Invest in Energy Efficiency Measures: Installing energy-efficient lighting, appliances, and air conditioning units can help a store reduce energy consumption while decreasing costs. Additionally, retailers can consider investing in renewable energy sources like solar panels to power their stores.

4. Encourage Recycling Programs: Retailers can introduce recycling programs encouraging customers to recycle items after use or donate used products instead of throwing them away. This helps to reduce waste and encourages customers to think more consciously about their consumption habits.

5. Utilize Eco-friendly Suppliers: Retailers should look for suppliers committed to sustainable practices such as using recycled materials or eco-friendly production methods. By partnering with the right vendors, retailers can help to minimize their environmental impact even further.

6. Move Towards Zero Waste: Stores should strive to create a zero-waste environment by properly disposing of hazardous materials in an environmentally friendly manner and recycling what they can’t sell.

7. Donate Excess Inventory: Instead of throwing away excess inventory, retailers can donate products that would otherwise go unused or be thrown away, helping those in need and reducing the amount of waste produced.

8. Employ Sustainable Practices: Employee education and training are vital in helping a store transition to more sustainable practices. Retail can provide employees with information on their actions affect the environment and demonstrate how they can help reduce their impact.

9. Educate Consumers: Retailers should also make sure they’re educating consumers about sustainability so that customers become aware of the environmental impact of their purchases and how they can make better choices when shopping.

10. Use CRM Systems to Track Metrics and Engage Customers: Utilizing customer relationship management (CRM) systems is an excellent way for retailers to track sustainability metrics such as energy consumption and waste reduction. This can help retailers identify areas where they need to make improvements and find opportunities to engage customers in sustainability initiatives.

Conclusion

Retailers must have the tools to track and report on sustainability metrics and engage customers in sustainability initiatives. Using CRM systems, retailers can monitor their environmental impact, identify areas for improvement, and make data-driven decisions.

Moreover, retailers can leverage their CRM systems to engage customers in sustainability initiatives, such as promoting sustainable products, providing information on eco-friendly practices, and offering incentives to customers who make sustainable choices.

With the growing importance of sustainability in the retail industry, leveraging CRM systems to promote sustainability initiatives can provide a competitive advantage and strengthen customer loyalty.

Learn more about tools and features to track business activities. Book a FREE demo below.

The advent of globalization has transformed the landscape of business-to-business (B2B) supply chains, creating both opportunities and challenges for companies operating in this space. As businesses expand into new markets and source products and services worldwide, supply chains become increasingly complex and globalized.

This has made it more challenging for companies to manage their inventory, logistics, and supplier relationships, leading to a growing demand for innovative solutions that enable companies to gain visibility of the entire supply chain process and optimize operations. 

In this context, B2B companies need to understand the impact of globalization on their supply chains and implement effective strategies to remain competitive in today’s digital landscape. As businesses expand into new markets, they need systems to gain visibility of the entire supply chain process and optimize operations.

An example of this is the customer relationship management (CRM) system, which provides a unified platform for capturing data and insights across the supply chain to streamline processes and improve performance.

Here are ten ways B2B companies can use a CRM system to get the most out of their supply chain operations:

1. Track orders in real-time

Monitor order status through a single dashboard view that includes order fulfillment and delivery times, enabling faster turnaround and improved customer satisfaction.

2. Manage inventory

Automate inventory management with visibility into stock levels across multiple warehouses. This allows for better forecasting of demand and more efficient ordering processes.

3. Set up automated reordering rules

A CRM system can identify when stock needs replenishment, triggering automatic reorders based on predefined parameters such as time intervals or minimum stock thresholds.

4. Monitor supplier performance

Leverage a CRM’s supplier scorecard feature to monitor the performance of suppliers against critical metrics such as quality, price, or delivery times.

5. Track shipments

Companies can track shipments in real-time using GPS tracking capabilities which can be integrated into CRM systems. This helps provide visibility into shipment location and estimated arrival times.

6. Automate demand forecasting

Use a CRM’s machine learning capabilities to automate demand forecasting, allowing companies to predict customer purchase patterns better and optimize inventory levels.

7. Streamline workflows

Create automated workflows that link together different departments in the supply chain, such as sales and logistics, providing real-time insights into progress throughout the process.

8. Manage billing processes

Track invoices, payments, refunds, and other financial transactions associated with supplier relationships through a single platform. 

9. Generate actionable insights

Generate reports on key performance indicators (KPIs) across the supply chain to gain actionable insights.

10. Optimize operations

Leverage a CRM’s machine learning capabilities to optimize inventory levels and order times and improve supplier performance through automated scorecards.

Conclusion

B2B companies can significantly benefit from using a CRM system to manage their supply chain operations by implementing the tips mentioned above and leveraging advanced systems like Saphyte. 

With real-time tracking, automated inventory management, supplier scorecards, and demand forecasting, companies can gain valuable insights into their supply chain operations, streamline workflows, and optimize operations.

By investing in a CRM system, B2B companies can improve the efficiency of their supply chain operations, reduce costs, and remain competitive in today’s fast-paced business environment.

Learn more about the use cases of CRM for B2B companies. Book a FREE demo below.

The healthcare industry in the UAE is a rapidly changing sector, and providing exceptional patient experiences has become more essential than ever. With the introduction of digital technology, patients expect improved customer service from their healthcare providers.

This means that healthcare providers must ensure they are meeting the expectations of their customers by creating a positive patient experience. 

Here are some tips to provide an effective and efficient patient experience:

1. Explore available technologies

Technology has opened up many opportunities for healthcare providers to improve the patient experience.

By utilizing modern technologies, such as AI-driven chatbots or personalized email campaigns, healthcare providers can reduce wait times, simplify complex processes, and make it easier for patients to access information quickly and easily.

2. Improve communication

Poor communication can significantly deter patients looking for quality healthcare services. Healthcare providers should communicate clearly, consistently, and timely with their patients throughout their journey.

This includes providing regular follow-up appointments and staying in touch via phone or email to ensure that all medical needs are met promptly.

3. Collect feedback

Feedback from patients is invaluable in understanding how their experience can be improved.

Utilizing tools such as surveys, patient satisfaction ratings, and online reviews allows hospital administrators to receive valuable insights into what they’re doing right and where they could improve the patient experience.

4. Use predictive analytics

With predictive analytics, healthcare providers can leverage data to anticipate patient needs and create personalized treatment plans accurately.

By analyzing the current trends in a patient’s medical history, healthcare providers can tailor their care strategies to meet each patient’s needs. This allows for more efficient care delivery and improved overall satisfaction rates.

5. Take advantage of sentiment analysis

Sentiment analysis is a powerful tool that helps healthcare providers measure how patients feel about their experiences with them. By analyzing customer reviews or survey feedback, sentiment analysis provides valuable insights into both positive and negative aspects of a patient’s experience.

This allows healthcare providers to identify areas where they excel and areas that need improvement to deliver the best possible service.

6. Implement real-time feedback collection

This is another critical tool in providing personalized care and improving patient satisfaction. By collecting real-time patient data, healthcare providers can assess their experience promptly and make necessary changes to improve their care quality.

This helps to ensure that any problems are addressed quickly and efficiently, which leads to improved patient experiences overall.

Conclusion

By utilizing these features, healthcare providers are better equipped to provide personalized care, improve patient satisfaction ratings, and maximize customer loyalty.

Explore Saphyte’s features and custom solutions for healthcare practitioners now. Book a FREE demo below.

AI technologies are revolutionizing the customer experience in retail stores across the UAE. From chatbots to recommendation engines and computer vision, retailers can use AI to create highly personalized shopping experiences for customers effortlessly.

Here are insights into how retailers can leverage AI technologies using CRMs to provide a personalized shopping experience to customers:

Customer Segmentation

Retailers can use CRM systems to segment customers based on their buying behavior, preferences, and demographics. This data can create personalized marketing campaigns and promotions more likely to resonate with individual customers.

By leveraging AI, retailers can also analyze this data to identify patterns and trends in customer behavior and preferences, enabling them to adjust their marketing strategies in real-time.

Chatbots and Virtual Assistants

Another form of technology that retailers can use to provide personalized shopping experiences to their customers is chatbots. Chatbots can be integrated into the CRM system and used to provide a seamless customer service experience.

With chatbots, customers can ask questions and receive timely answers without waiting for customer service representatives. Chatbots can also collect customer feedback, which can be used to improve the customer journey and identify areas where there is room for improvement.

Among the common functions of chatbots are answering customer queries, suggesting products, and making recommendations based on customer preferences and previous purchases. By integrating these tools with a CRM system, retailers can capture valuable customer data and insights, which can be used to improve future interactions and personalization efforts.

Recommendation Engines

Another AI technology that retailers can leverage is recommendation engines. By integrating a recommendation engine into their CRM system, retailers can display relevant product recommendations based on past purchases, browsing behavior, and other customer data collected from the CRM.

This helps provide a more personalized shopping experience for customers who are more likely to purchase products tailored to their interests and preferences.

Computer Vision Technology

Retailers can use computer vision technology as part of their CRM system to provide customers with additional product information without relying on customer service representatives. Computer vision technology uses cameras and sensors to detect and interpret visual data.

Retailers can use computer vision technology to display product reviews, videos, or images when customers hover over a product tag with their smartphone or tablet.

This technology provides customers with additional product information. It helps retailers gather more data about customer preferences, which can be used to improve their CRM system and offer a more personalized shopping experience.

Predictive Analytics

Retailers can use AI-powered predictive analytics to anticipate customer needs and preferences. Retailers can gain insights into what customers will likely buy by analyzing purchase history, product reviews, and social media interactions.

This data can then create personalized product recommendations and targeted marketing campaigns. By integrating predictive analytics with a CRM system, retailers can also track the success of these efforts and make adjustments as needed.

Conclusion

By leveraging AI technologies and integrating them with CRM systems, retailers can provide personalized shopping experiences that improve customer satisfaction and loyalty.

Using insights into customer behavior and preferences, retailers can create targeted marketing campaigns and customized product recommendations that are more likely to drive sales and build long-term customer relationships.

Want to know more about CRM technologies? Book a FREE demo below.

The United Arab Emirates is one of the Middle East’s leading economies. Its success has been built on diverse industries such as tech, tourism, banking and finance, automotive, and construction, among others.

With its robust business environment and strategic location, the country is well-positioned to become one of the most prosperous nations in the world. By investing in these industries, entrepreneurs can capitalize on this potential and ensure that their companies remain competitive in an ever-changing market.

However, there are unique challenges faced by each sector. In this article, we’re going to discuss what these challenges are and how tech can address these challenges. With that in mind, here are the top five highest-performing industries in the UAE for 2023:

1. Technology

As technology continues to evolve and become increasingly important in business, it is no surprise that this sector will play a vital role in the UAE’s overall economic performance.

From cloud computing to artificial intelligence and robotics, tech companies invest heavily in new technologies to keep them competitive. Many international players have established their headquarters in the UAE to capitalize on their forward-thinking attitude toward technological advancement.

Challenge: Access to local talent and resources often challenges the technology industry in the UAE.

Solution: A CRM could help address this issue by providing businesses with the tools they need to effectively manage their interactions with customers, partners, and stakeholders worldwide.

By streamlining processes such as tracking customer queries, managing sales pipelines, and automating recurring tasks, businesses can ensure that they deliver quality products and services without investing heavily in on-site personnel.

Additionally, a CRM system can provide valuable insights into customers’ behavior so that companies can identify opportunities for growth and tailor their offerings to meet local needs better. Implementing a CRM system can help tech companies in the UAE remain competitive while maximizing their access to global resources.

2. Tourism

Tourism has long been essential to the UAE’s economy. As the country continues to attract more visitors, it will remain a significant source of income. From iconic landmarks such as Burj Khalifa and the world’s biggest mall to luxury beach resorts, there is something for everyone in this vibrant desert nation.

As demand for tourism grows, new attractions are constantly being added to cater to different interests and budgets.

Challenge: The tourism industry in the UAE is often faced with the challenge of keeping up with a rapidly changing landscape. With so many tourist attractions opening, closing, and reinventing themselves each day, it cannot be easy to keep track of customer expectations and needs.

Solution: A CRM system could address this issue by providing businesses with insights into their customers’ behavior, enabling them to identify trends and better tailor their offerings to local markets.

Automation tools would allow tourist companies in the UAE to respond to customer queries quickly, send targeted campaigns, and segment audiences effectively. This will ensure that customers receive high-quality services, increasing satisfaction levels and creating more opportunities for revenue growth. Implementing a CRM system could help the tourism industry in the UAE remain competitive and ensure its sustainability in the long run.

3. Banking and Finance

Abu Dhabi is the financial hub of the Middle East, home to some of the world’s largest banks, with over $2 trillion in assets managed through its institutions. This sector is vital in driving economic growth by providing funding and resources to businesses looking to expand their operations or enter investment opportunities.

Challenge: The banking and finance industry in the UAE is often challenged by a need for more access to accurate customer data, making it difficult to manage customer relationships effectively.

Solution: A CRM system could address this issue by providing businesses with the tools they need to collect and store customer data, automate reporting processes and integrate multiple systems.

This would enable banks and other financial institutions in the UAE to better understand their customers’ needs while ensuring that all information is up-to-date. The banking and finance industry can also use automation tools to streamline processes such as credit card applications, loan approvals, or account management tasks.

These companies can improve their efficiency by taking advantage of these capabilities, leading to higher customer satisfaction levels and more growth opportunities.

4. Automotive

The automotive industry is booming in the UAE, with vehicles being exported to more than 150 countries around the world. As well as manufacturing cars, there is a thriving second-hand and rental market that helps employ many people within the country.

With its strategic location providing easy access to Europe and Asia, the UAE has established itself as a significant hub for vehicle sales and distribution.

Challenge: The automotive industry in the UAE is often faced with a need for more visibility into customer preferences and trends.

Solution: A CRM system could address this issue by providing businesses with the tools to track customer interactions, monitor customer feedback, and identify potential growth opportunities.

Automation tools can also streamline processes such as scheduling maintenance appointments or delivering targeted campaigns, helping companies save time while increasing customer satisfaction.

Additionally, a CRM system can provide valuable insights into sales performance so that automotive businesses in the UAE can make more informed decisions about their offerings and better compete in the marketplace. Implementing a CRM system could be an invaluable asset for automotive companies looking to remain competitive in 2023 and beyond.

5. Construction

This sector contributes significantly to the UAE’s economy, thanks to its growing population and increasing demand for housing and infrastructure projects.

From residential complexes such as Palm Jumeirah to skyscrapers like Burj Khalifa and iconic landmarks like Dubai Marina, construction companies are responsible for developing these projects and many others that span across the seven emirates.

Challenge: A need for more communication between different stakeholders often challenges the construction industry in the UAE.

Solution: A CRM system could address this issue by providing businesses with the tools to coordinate projects and keep track of customer feedback. Automation tools can also streamline processes such as document sharing, time tracking, or project management tasks, helping companies save time while increasing satisfaction levels.

Additionally, a CRM system can provide valuable insights into customer analytics so that construction companies in the UAE can better understand their target audience and tailor their services accordingly. Implementing a CRM system could be an invaluable asset for construction businesses looking to remain competitive in 2023 and beyond.

Conclusion

These industries face challenges such as managing customer relationships and streamlining processes. A customizable CRM software can help to address these issues by providing businesses with the tools they need to effectively manage customer relations, automate recurring tasks, and integrate data across multiple systems.

This ensures that all customer information is up-to-date and easily accessible from anywhere worldwide, allowing businesses to respond quickly to customer requests or inquiries. A CRM system can also provide valuable insights into customers’ behavior so that companies can identify growth opportunities.

Want to know how we can solve your industry challenges? Get started here.

Find out what’s in store for the pharmaceutical industry in 2023, after the world recovers from the COVID-19 pandemic.

As the world slowly recovers from the COVID-19 pandemic, many opportunities are starting to open up for the pharmaceutical industry. According to research, the global pharmaceutical industry will be worth US$1.57 trillion by 2023. However, these opportunities come with challenges as well.

Policy changes, evolving consumer behavior, and a rising inflation rate across the world continue to put pressure on pharma companies.

Find out what’s in store for the pharma industry in 2023 and what trends to look out for to stay ahead of the competition.

1. Increasing verticalization of the healthcare industry

With verticalization, patient care is no longer exclusively provided in hospitals and doctor’s clinics. 

Some non-traditional institutions such as retail chains (e..g Walmart, Walgreens, etc.) may become part of the business of patient care and this will sooner become more normal than you think.

Verticalization also results in organizations creating alliances to improve product and service delivery. This results in an increase in patient services, access to care, and more importantly, lower costs of delivery.

With the pandemic prompting pharmaceutical companies to reexamine their supply chain, verticalization has proven beneficial to some companies, which will unsurprisingly become increasingly adopted in the industry.

2. More demand for personalization

The pandemic has also increased the demand for personalization among patients in the industry. Medical records need to be quickly available and retrievable in a centralized database for pharma and insurance companies. More patients are demanding quicker and more targeted services.

Pharma companies have also observed the demand for personalized content that is relevant to the needs and preferences of patients. Otherwise, patients have higher chances of switching to competitors for better services.

3. Challenges of cost control policies

Research also points to the increased adoption of cost-control policies in 2023. This may be combined with governments tightening rules in key pharmaceutical markets, which may impact the growth aspect of these industries.

Pharma companies’ research and development (R&D) spending may be decreased due to the hampering of growth across pharma companies globally in recent years. The generics pharma market, in particular, has been facing a decreasing return on investment. 

4. Digital transformation continues

The pandemic has also accelerated the trend of digital transformation adoption in the pharma industry. Digital solutions are expected to continue in 2023 across key business areas such as sales, marketing, advertising and customer support.

Those that have adopted digital transformation have been observed to radically alter the competitive landscape. 

More customers are seen to prefer companies that are able to provide more responsive care and service, changing customer expectations and buying patterns. 

Those that refuse to adopt digital transformation have been largely seen to lag behind, in terms of customer acquisition and profitability.

5. More adoption of agile workflows

The pandemic has also forced pharma companies to come up with and/or adopt more agile workflows. This led to the rapid development and approval of vaccines, and workflows dealing with patient care despite mobility and contact restrictions.

Today, the pharma market has a more heterogeneous and digitally-enabled customer base. The evolving patient demands and preferences have proven time and time again how the adoption of agile workflows is no longer an option, but a necessity.

Some of the ways agile workflows exemplified are through Interactive data flow and remote monitoring. Patient data is recorded in a centralized database for faster retrieval, eliminating unnecessary and repetitive workflows. 

More accurate, timely, and comprehensive services have been observed from more agile workflows, thus improving patient experience.

Better data and patient care through digital ecosystem

Learn how critical pharmaceutical workflows can be made easier with a digital ecosystem. Find out how you can gather, store, and retrieve patient data and provide more responsive services now. Book a demo with our experts at Saphyte.

Clients will have distinct preferences this year and onto the next. Learn more about how value, reliability, and authenticity can help you get a headstart in the consulting industry in 2023.

With market conditions becoming difficult to grasp and predict, clients are becoming more specific about their requests than ever before. Consulting firms need to step up and provide better value than competitors. 

Find out what trends you need to watch out for in 2023 to get a headstart:

1. Increased need for digitization as consumer demand evolves

The pandemic has caused consumers across industries to have different needs, preferences, and priorities— changing buying patterns and making the factors that go into the buying decision unpredictable.

Digitization has become needed more than ever before. Only through digitization can businesses quickly gather data to understand their customers better and provide more personalized service.

Overall, this helps provide more value that is needed to establish customer loyalty and differentiate the brand from competitors.

2. Rise in adoption of cloud technology for changing workflows

The shift to remote working is expected to continue even until 2023. This is why the demand for cloud services remains— which applies not only to consulting firms but also to clients. 

Popular consulting firms like Accenture and Deloitte have already made moves to invest in cloud infrastructure. AI-enabled analytics solutions were also integrated into the system to enhance the way consulting firms operate. 

3. Expansion of workforce to global levels

Markets all over the world are expected to continuously recover after the pandemic, with businesses across industries scrambling to learn more about the market conditions and business environments. Consulting services will continue to be in demand. 

In fact, by 2025, the industry has a projected growth at a CAGR of 9.9%, reaching US$91.38 billion.

4. Retention strategies explored

The surge in demand for consultants sparked competition among consulting firms, especially when it comes to specialists. Retention strategies need to be re-examined and explored to learn more ways to retain top talent.

For example, firms like Deloitte and PwC announced a new flexible working arrangement for their employees. Other long-term policies for staff retention, such as retirement and health packages need to be re-examined and explored as well.

5. More adoption of Environmental, Social, and Governance (ESG) measures

Environmental, Social, and Governance (ESG) measures are those set of standards used to measure a company’s ability to sustainably and ethically operate, taking into consideration, its environmental, social, and political impact.

These standards have been increasing in popularity in recent years, especially with the rising pressure from the consumers themselves for companies to protect the environment or to address existing social issues. 

How to Get a Headstart as a Consulting Firm

With these identified trends coming for 2023, there are three things that consulting firms need to prioritize:

• Gather as much market data as possible
• Improve value and impact on customers by providing personalized services
• Use technologies to improve employee experience, engagement, and retention

Learn more about using technologies designed for consulting firms with our experts at Saphyte. Get started by booking a demo here.

The real estate market is one of the fastest-growing industries this year. Find out what spurs its growth and what’s in store for 2023.

Market research conclusions for real estate are conflicting. Some research forecasts real estate growth for 2023, while others are not so positive about it. 

Some research predicts that the housing market will continue to perform better than in the pre-pandemic periods. While others expect that the rising inflation rate will continue to dampen the demand.

What’s the future for real estate in 2023? Here are 5 real estate trends to watch out for:

1. Rise In Demand Continues

If there’s one thing that the pandemic taught people all over the world, it’s the importance of having a home. The home is the new office. And many workers globally prefer to work at home than go to their offices.

Health and safety concerns may also contribute to this rise in demand. However, increasing prices of construction materials may lead to more unaffordable homes— a challenge that real estate companies need to address.

2. Increase In Investments

With the increase in demand for homes comes an expected increase in investments. The pandemic-induced home purchases are likely to continue in 2023. In the US, housing that generates a steady cash flow (such as multifamily housing) remains popular, with almost 15% of housing stock in the US made up of multifamily housing.

3. Rise In Prices Will Slow Down

Although the prices for housing will continue to increase, they’re expected to slow down in 2023. According to a poll by Reuters, home price rises were predicted to slow to 6.5% in 2022 and 3.0% in 2023, compared to the 7.5% and 4.5% increase rates in previous estimates.

Experts explain that although the demand for residential properties is high in 2022, this trend could change next year due to rising costs of living and increasing mortgage rates.

4. Soaring Interest Rates

You may already see a pattern here. Everything seems to be rising and that includes interest rates. The increase in interest rates may, however, vary depending on the location.

In the US, mortgage rates recently jumped above 6%, their highest point since late 2008. According to experts in real estate in Dubai, interest rates in the region may continue to rise with monthly mortgage payments skyrocketing up to 50% higher than in the same period last year.

5. Increased demand for luxury properties

Despite the pandemic, the global wealth was reported to grow during the past two years, leading to an increase in High-Net-Worth (HNW) individuals worth over $30 million by 10%.

Last year, global luxury home markets continued to soar. Now, with the restrictions on mobility easing and the property market starting to look positive, the ultra-wealthy have been keen on investing in luxury properties. 

In Dubai, the demand for luxury villas has grown exponentially in recent years. This led to an increase in prices for luxury properties such as the Palm Jumeirah and the Dubai Residence complex with reported price increases of up to 30% over the past year.

Upgrade Your Real Estate Team

Engage your target market effectively. Send content effortlessly. Gather data and learn more about your customers. 

With Saphyte, you can have all the tools you need to run your sales and marketing workflows efficiently in one centralized platform. Discover how Saphyte can help you grow your business. Book a demo with our experts now.

Check out all the pharmaceuticals UAE statistics in 2022 you need listed down below.

Summary:

In 2020, the UAE pharmaceutical market size was valued at $3.5 billion.

Its medical devices market size was valued at $2.4 billion, expected to grow at a CAGR of more than 3% during 2022-2027.

From 2016 to 2025, its health expenditure is expected to rise to US$27.78 billion, with a CAGR of 6.1%.

By 2025, the government’s total health expenditure will fall to 60.7% of the market share.

The UAE has one of the most advanced healthcare infrastructures in the world. Its hospitals and clinics have top-notch medical instruments and equipment often sourced from US corporations. During the COVID-19 pandemic, the government’s response has been lauded as swift, decisive, and among the best in the world in handling the crisis.

Below, we list statistics that give you insight into where the industry is now and where it’s headed.

Current Value of UAE Pharmaceutical Market

The UAE pharmaceutical market size was valued at $3.5 billion in 2020. In 2021, its medical devices market size was valued at $2.4 billion, expected to grow at a CAGR of more than 3% during 2022-2027.

Pharmaceutical Expenditure and Revenues in 2022

The UAE’s revenue from “human health and social work activities” is forecast to go up to US$5.9 billion by 2024.

During the years 2016 to 2025, health expenditure is expected to rise to AED 101.94bn (US$27.78 billion), with a CAGR of 6.1%.

The private sector will also have an increased market share by 2025 with the government’s encouragement of private sector investment. Because of this, the government’s total health expenditure will fall from 71.3% (2015) to 60.7% (2025).

Major private healthcare companies in the UAE include Al-Noor Medical Company, VPS Healthcare, Tumbay group, Al-Zahra Group, Belhoul Lifecare, Emirates Healthcare, Mediclinic Middle East, Aster DM Healthcare, Gulf Healthcare International, Gulf Medical Projects Company, Zulekha Hospital, Saudi German Hospital Group, and Aster DM Healthcare.

Government Initiatives by 2030

The government of the UAE will transform the pharmaceutical industry. With the Dubai Industrial Strategy 2030 and the Abu Dhabi Vision 2030 in sight, the pharmaceutical industry will experience disruptions, especially technological, over time.

In 2022, 8.4% or around US$1.33 billion of the UAE government’s federal budget amounting to US$15.8 billion (AED 58.931 billion) is dedicated to healthcare.

Technological Adoption

The UAE’s pharmaceutical and healthcare industry is one of the fastest in the world in terms of embracing technological advancement.

With the private sector competing for market share, technological adoption helps some companies make an impact and set themselves apart.

In 2022, McKinsey surveyed KSA and UAE consumers and found that they have high levels of interest and awareness in digital-health service technologies.

Transform Your Pharmaceutical Company

Because pharmaceutical and healthcare companies deal with cases of an emergency nature, they need to run on workflows that allow them to operate efficiently.

With proper software, your company can implement a system that lets you automatically collect and organize patient records. The system can also display previous patients’ health history and records, so your staff won’t have to repetitively ask questions.

Discover how you can transform your company. Book a free demo with us here at Saphyte.