Since the beginning of the coronavirus pandemic, many software companies have had to quickly adapt to new operational guidelines as the emergence of the low touch economy caused the way we live our lives to change dramatically.
With innovation and technological enhancements poised to provide strength for growth through the so-called “new normal”, we take a look at how those operating within the software industry can benefit.
What is the low touch economy?
The term “low touch economy” was originally coined by Strategy & Business Design firm, The Board of Innovation, referring to the economic and behavioural shifts caused by the pandemic. Essentially, it largely represents the tasks or roles that were previously expected to focus on customer interaction which are now performed remotely or with significantly reduced contact.
Even now, 18 months on with vaccines in play and restrictions easing, it’s highly unlikely that we’ll be back to life as we used to know it any time soon.
How are software companies adapting?
For software companies, the low touch economy presented a unique opportunity to embrace technology as a way of reducing physical human contact for both themselves and their customers. Those who were forward-thinking will have made the necessary changes and even identified gaps in which they could expand their offering.
One of our own software companies, Cunninghams EPOS Group, was just one who made highly effective changes during the pandemic. Through the introduction of their Preoday solution, clients in a wide range of sectors, including retail and hospitality, were able to not only continue operations but also streamline and enhance the customer experience.
How did it work?
Integrating the Preoday software with Quantum, their enterprise-level EPOS solution, Cunninghams were able to offer clients a range of new features, including:
Online and mobile ordering apps – fully customisable with logos and product images
‘Order to Table’ – no need to queue or wait for the bill
Click and Collect – preorder and collect in store
Delivery and curbside delivery – organise deliveries to homes, offices, holiday homes or curbside
How is it in practice?
The Running Fox, who own three artisan bakeries and cafés in Northumberland, have been a client of Cunninghams for a number of years. They contacted Cunninghams in April 2020 with a view to explore alternative methods of generating income and serving their community during the pandemic.
Within 48 hours, the Click & Collect feature by Preoday had been deployed at their café in Felton, with the system integrating seamlessly with their existing Quantum EPOS software. As a result, The Running Fox were able to easily sell their products online, including essential food packages, as well as goods from other local suppliers. Following the successful implementation, the solution was later introduced at their café in Longframlington.
The Running Fox is just one of many of Cunninghams’ clients who have benefited from the introduction of online ordering and Click & Collect solutions. By welcoming the opportunities presented by the low touch economy, these businesses have been able to adapt to change and maximise revenues at a time of particular uncertainty.
How can other companies achieve the same?
We detailed in a recent blog how the pandemic has changed the technology landscape and what software companies should be looking towards if they wish to succeed well into the future. It was clear that greater digital adoption has to be top of the agenda, alongside using technology as a way to drive innovation, increase automation and improve cybersecurity. Together, these solutions will put software companies on the road to optimising both employee and customer experiences for many years to come.