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Driving Growth Through Transformation
Driving Growth Through Transformation
- Human Capital Consulting
- Process Management
- Customer Strategy
Since its inception in 1961, Yew Kee Collective has grown from operating within a small duck rice food stall to managing a diverse portfolio of eight food establishments under its umbrella. The brand, coined by combining the patriarch’s Chinese name, You” (“友”) and “Ji” (“記”) has become synonymous with serving quality food to people from all walks of life.
The Singapore economy is into its fourth year of restructuring, and small and medium enterprises (SMEs) are feeling the brunt of government policy on tightening the inflow of foreign labour. SMEs have been struggling not only to attract human capital, but to retain them as well. Yee Kee is no exception.
Furthermore, the F&B industry in Singapore has undergone various changes in the last few years, with the COVID-19 pandemic impacting the industry’s growth and trends. In 2023, the F&B services in Singapore is expected to experience several trends that will shape the future of the sector.
These trends reflect changing customer preferences, new technologies, and emerging business models. To succeed, Yew Kee needs to innovate continually and adapt to changing trends. More to the point, it needs to identify its digital needs and take a phased approach in its digitalisation efforts— a challenge for it and other SMEs.
Human Capital Consulting
1. Enhancing Employee Value Proposition
- Involved taking stock of the Group’s current HR policies and practices.
- Encompassed making changes to retention, recruiting, and general management policy practices.
- Proposed talent attraction initiatives (employee referral program, learning & development opportunities, cross training, incentives & perks e.g. staff discounts)
2. Job redesign to attract and retain local workers
3. Strategies for effective part-time workforce e.g. to consider extending incentives to part-time workers based on a metric of dimensions such as work commitment, skill sets, job evaluation, etc.
Process Management
1. Backend process streamlining opportunities:
- Post-trade POS Reconciliation Process: This involves eliminating the manual tasks of checking POS sales records with bank processing statements and cash on hand. In addition, disparities such as incorrectly entered charges and cash mishandling are also eliminated.
- Centralised Purchasing for Increased Visibility and Control: With an overview of the company’s procurement activities, the purchasing team can conduct comprehensive spend analysis. The purchasing team can monitor how funds are being spent, consolidate purchase records, and identify saving opportunities. This helps streamline inventory and order management processes and optimise inventory levels.
Customer Strategy
1. To consider an omni-channel loyalty scheme that enables customers to order online, receive points, and then redeem them when they visit the outlets.
2. Use Customer Loyalty Programme to leverage customer data and create more personalised experience for customers.
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Employee retention improved by 5%.
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Post-trade reconciliation turnaround time improved by 30%.
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Raw material costs are reduced by 10% by identifying negotiation and alternate sources.
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Customer retention improved by 5%.
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Average order value improved by 10%.