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“Low touch economy” may seem like a fairly recent term, but in the technology industry and especially in internal processes it was already seen as a trend.
With the worsening of covid-19, the various measures of distance and social isolation, deeply affected the production process, especially the commercial sector that needed to adapt and conduct its business independently of face-to-face contact. Companies needed to implement a safe environment for internal and mainly commercial management, popularizing the use of low touch economy.
Understanding what low touch economy is
As its name implies, this new economic model emphasizes little or no direct physical contact between the parties involved. The ideal scenario for this implementation has been created with technological development, especially in relation to the increasing number of people with good quality access to the internet.
With work being done from home, there has been an increase in the search for remote management of business processes, so that the management and development of companies can be monitored regardless of their physical location.
In business terms, the little physical contact generates increased productivity and savings in financial resources. Repetitive tasks can be replaced by automated processes, turning the focus on customer needs and on how to customize products and services to meet these needs. This process autonomy also reduces the loss of deadlines and information since everything is tied to the system. The applicability of this economic model is quite variable, but it is widely used in the sales process.
The sale or technical service without a person accompanying the process causes customers to have more interaction in the virtual space of the companies, offering more personal information and needs to be met. Consequently, the experience that this customer will have is an extremely relevant factor for the agreement to be sealed.
Possibly you may have already been, at some point, a consumer acquiring this type of economy. Think about whether, inside your company, you have ever had to authorize or wait for the authorization of your manager to continue a process. Or if, in your personal life, you have ordered food through a delivery app while watching a new release on your streaming service. The low touch economy is already inserted in your day to day life.
Low touch economy and commercial management
The capitalist world is bustling with commercial interactions, and the low-contact economy has the function of refining and improving traditional selling. There will still be customers who need daily and less automatic contact, but those more adept to digital formats prefer to make their purchases without much interference.
The model to satisfy both parties is to create a more humanized sale by running automated operations, with complete digital platforms that contain as much information as possible so that the sale can be done almost my itself. The sales team acts as a facilitator of the process, acting in those that have a higher level of complexity.
Despite being virtual, there is still a relationship between people, and it is necessary to humanize it. To do so, it is necessary to offer intuitive and accessible platforms, in addition to training internal professionals to offer quality support whenever required.
These user-friendly platforms go beyond the sales process. It is necessary to have user-friendly management software so that internal and external professionals can use it with ease.
One of the biggest advantages of this sales model is the reduction in the client’s acquisition cost, which favors market expansion.
Automating processes with low touch economy
The migration to the digital universe is a one-way ticket, which requires companies to provide their professionals with adequate tools to perform their work. At a commercial level, a fundamental investment in sales automation are CRM platforms, facilitators for management, especially when it comes to the observation of new opportunities and communication among team members.
Low touch economy is only really efficient when implemented without execution errors. Ensuring efficiency in the automation of a process starts with understanding how this process occurs. First it is necessary to conduct internal research, identifying within the routines what can be considered a process, which activities are linked, which human errors can be reduced, to subsequently design the process and proceed to the implementation of automation. It is essential to diagnose which tasks are more routine and can be performed remotely.
Some ECM and EDM software is fundamental for a low touch economy as it offers electronic document management, allowing employees to simplify receiving, storing, archiving, sharing, validating, and searching documents, increasing productivity, optimizing workflow, reducing costs, improving security, and saving physical space.
These software systems are the main tools of the low touch economy since they favor the execution of tasks in an automated way, transforming data into information – iBPM is an alternative that facilitates management because it has a cloud version, which can be accessed even from mobile devices, with the mobile versions. In other words, it is possible to perform the activities and tasks regardless of where people are.
Is low touch economy for your company?
Low touch economy is a natural evolution and a beneficial trend that is here to stay. To be implemented it requires a cultural change, understanding that people should be used as intellectual capital and not as a tool that only performs repetitive tasks.
Among the advantages of acquiring a software (such as Fusion Platform, which is able to automate your company) is the process management, developing flow for an easy autonomy work, the management and digitalization with the GED that will provide the debureaucratization in relation to documents that can be accessed and modified digitally. Another positive point, especially in the work-from-home era, is the organization of working hours, internal collaboration between sectors of the company, task central to access pendencies and permissions, and the analysis of indicators.
Thus, the conclusion is that low touch economy is for companies of different sizes that are looking to improve and enhance their management.
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