In a conversation with Tham Lih Chung, CEO of Incite Innovations Group as he shares more about the adoption of digitalization and what the Incite Innovations Group can offer to SMEs.
A little bit introduction about Incite Innovations Group and Alevate BOS.
Incite Innovations Group is a driving force behind business growth and efficiency, offering a versatile suite of services tailored to the retail and food and beverage (F&B) sectors. After acquiring Eatcosys (recognized by KPMG and HSBC as an emerging giant in Malaysia), we operate based on three core verticals – Fintech, Retail Management, and Lifestyle Ventures – underscoring our ability to harness modern technology and strategic insights. We specialize in creating people-centric solutions that meet the evolving needs of the contemporary business ecosystem.
In the third quarter of 2023, we proudly launched Alevate BOS, a one-of-a-kind integrated retail tech solution in ASEAN. Specifically designed to address SMEs' challenges, this solution provides streamlined procurement, enhanced outlet management, improved customer engagement and loyalty, and reliable access to capital. As of the end of the fourth quarter of 2023, over 500 merchants have already begun benefiting from the comprehensive features of Alevate BOS.
Can you share more about what are some of the challenges / pain points faced by SMEs?
Based on our experiences and database, here are a few key pain points suffered by SMEs:
- Supply Chain Challenges: SMEs find it challenging to source supplies efficiently and lack a streamlined digital ordering process.
- Outlet Management: Retail-focused SMEs, such as restaurants, groceries, and pharmacies, struggle with effective outlet management in the absence of a user-friendly, cloud-based point-of-sale system.
- Customer Engagement and Loyalty: SMEs face difficulties in enhancing customer engagement and fostering loyalty due to the absence of a customizable loyalty platform integrated across all POS systems.
- Access to Capital: Many SMEs encounter challenges in obtaining swift access to micro loans and business funding to fulfill their financial needs.
How does Alevate BOS tackle the mentioned challenges?
Alevate BOS addresses the challenges through:
- Alevate Procure (Supply Chain): Centralizes supply sourcing with a digital process, offering competitive credit options for simplified procurement, optimized cash flow, and enhanced focus on core operations.
- Alevate POS (Retail): Cloud-based point-of-sale system for retailers, enhancing outlet management with a seamless experience and comprehensive sales reporting.
- Alevate CX (Customer Experience): Mobile loyalty platform rewarding customers across all systems, seamlessly integrating with businesses for enhanced engagement and loyalty.
- Alevate Capital (Finance): Reliable source of capital for Malaysian SMEs, providing swift access to micro loans and funding, addressing financial needs, and supporting growth and sustainability.
Given the widespread discussions on digital adoption by SMEs in recent years, how do you envision Alevate BOS playing a pivotal role in this context?
Let’s acknowledge the reality that despite being the backbone of Malaysia’s business environment, SMEs are trailing behind in digitalization. The recent report, ‘The World Bank’s 24th Malaysia Economic Monitor: Weathering the Surge’ unveils a significant digital divide among businesses in Malaysia, indicating that SMEs in the country face productivity challenges and exhibit lower rates of technology adoption compared to their global counterparts.
At Incite, our journey began as an SME, initially focusing on the F&B industry. Recognizing the future landscape, we understood the pivotal role of digital adoption. Developing in-house tech solutions implemented in our operations, we successfully navigated challenges and expanded our presence locally and globally. Progressing over time, our services extended to large enterprises, local listed companies, and MNCs. It became apparent that some of our offerings could be tailored and extended to benefit SMEs, aiding them in scaling further.
Hence, we introduced Alevate BOS, an all-in-one platform integrating supply chain, retail management, customer experience, and finance to elevate businesses. Our solutions streamline processes, provide valuable customer insights, and drive growth. This ensures that SMEs adeptly adapt to technological changes, strategically leveraging advancements for sustainable success. Our unwavering commitment to user-friendly interfaces and data-driven support empowers local SMEs, enabling them to maximize digital transformation for long-term growth.
How does Alevate BOS facilitate SMEs in adapting and expanding into diverse market areas, especially within the varied ASEAN landscape?
Amid the current landscape, our primary focus is on the local market. Nevertheless, the inherent diversity across ASEAN markets, encompassing Malaysia, Singapore, Indonesia, Thailand,
Vietnam, and the Philippines, prompts a strategic reevaluation of how our solution can effectively address the distinctive features of each region.
Considering that SMEs make up a significant 97.4% of establishments in Malaysia, it is imperative to move beyond a one-size-fits-all approach. Our solution goes beyond being a mere product; it is a recognition of the nuanced challenges and opportunities within the diverse ASEAN landscape.
The modular architecture of our solution allows for a high degree of customization that aligns with the specific nuances of each regional market. This adaptability serves as a crucial asset for
SMEs, providing the flexibility needed to seamlessly expand into new territories. This flexibility is a testament to our commitment to equipping SMEs with the tools not just to survive but to thrive in the diverse economic ecosystems of Southeast Asia.
Can you share success stories or case studies illustrating how Alevate BOS has played a pivotal role in SMEs growth?
Success Story 1
Alevate BOS proved to be a pivotal partner in the success story of a Dairy Products Producer, which embarked on its mission to support local dairy farmers in 2016. Initially focusing on fresh goat’s milk, the Company expanded its offerings to include various dairy products and raw wild honey, with a commitment to delivering superior produce to the community.
A couple of Alevate BOS’s solutions, Alevate Procure and Alevate Capital, played a transformative role. Leveraging Alevate Procure, the Company efficiently distributed its products to a broad range of F&B clients within the procurement system and sourced essential packaging supplies.
Impressed by the system’s reliability, the Company seamlessly transitioned to Alevate Capital, securing alternative financing that empowered them to enhance working capital, optimize operations, and solidify their presence in the market.
Alevate BOS’s integrated approach became the catalyst for our SME’s remarkable growth journey, elevating the Company’s capabilities and impact in the local market.
Success Story 2
In the success story of our Cloud Kitchen Operator, a culinary haven established in 2020, Alevate BOS played a pivotal role in transforming both procurement and customer experience. With 12 unique local and international brands housed in conveniently located spaces, the Company sought efficiency from sourcing produce to customer engagement. Alevate Procure seamlessly facilitated the sourcing of high-quality ingredients through its procurement system, streamlining the supply chain.
Recognizing the substantial user base of Incite’s Customer Engagement app, the Company became a listed client on the platform, broadening its reach. The integration of Alevate CX, specifically through the IF App, enabled the Company to not only increase revenue but also enhance brand awareness through strategically placed Promotional Vouchers on the platform. Alevate BOS, with its holistic approach, propelled our Cloud Kitchen Operator into a success story where streamlined operations and enhanced customer engagement converged for unparalleled growth.
Addressing the critical challenge of limited access to finance for SMEs, how does Alevate BOS tackle these issues through Alevate Capital?
Access to capital poses a significant obstacle for many SMEs. These businesses often grapple with the complexities of obtaining swift access to microloans and essential business funding, crucial for meeting diverse financial needs. Rapid access to necessary capital is essential for SMEs to navigate operational expenses, invest in growth opportunities, and ensure the sustainability of their operations. The intricacies of traditional lending processes and stringent financial requirements compound these challenges, underscoring the critical importance of addressing access to capital as a primary concern for SMEs in their pursuit of success and expansion.
Recognizing the pervasive financial hurdles faced by SMEs, including constrained access to capital and challenges in cash flow management, our tailored financing solutions aim to serve as a crucial support system for these businesses. SMEs frequently encounter difficulties securing funds for day-to-day operations or embarking on strategic projects, hindering their ability to navigate uncertainties and capitalize on growth opportunities.
Our approach goes beyond traditional lending by providing strategic financial support, empowering SMEs to overcome these challenges. By acting as a versatile financial ally, we aim to address the specific needs of SMEs, fostering resilience and enabling them to thrive in the ever-evolving business landscape. This commitment to addressing the genuine financial challenges SMEs face reflects our dedication to being a comprehensive partner in their journey to success.
In your view, what sets Alevate BOS apart from other integrated solutions in the market, and how does it continually exceed industry expectations?
Alevate BOS stands out as a unique offering in the ASEAN region. Its key differentiator lies in seamlessly integrating technology solutions with operational business solutions. While technology serves as an enabler, our Unique Selling Proposition (USP) extends beyond by providing clients with a suite of business solutions.
These encompass revenue enhancement, cost reduction, client acquisition, and marketing solutions. This distinctive approach positions Alevate BOS as a comprehensive solution that not only incorporates advanced technology but also offers a range of business strategies, ensuring it stays ahead of industry expectations.
Regarding pricing, SMEs can benefit from attractive deals. Currently, Alevate Procure is priced at RM1,800 per year, Alevate POS at RM1,200 per year, and Alevate CX at RM1,200 per year.
In your view, what role do strategic solutions like Alevate BOS play in reshaping the competitive landscape for SMEs in the ASEAN region?
From my perspective, our commitment to innovation and excellence is exemplified through solutions like Alevate BOS. These integrated solutions play a crucial role, not only in enhancing the operational efficiency and seamlessness of SMEs but also in actively supporting the broader national agenda of embracing digitalization.
Aligned with a comprehensive national agenda, our integrated solutions play a vital role in educating SMEs about the substantial benefits of adopting advanced processes. This strategic approach not only positions SMEs as leaders in their respective industries but also makes significant contributions to the overall economic growth and technological prowess of the nation. Our solutions become integral to a collective initiative aimed at uplifting and fortifying the SME sector, establishing them as key contributors to the nation’s progress.
In the context of innovation, what are some upcoming features or developments within Alevate BOS that SMEs can anticipate as they plan for their future growth? Certainly!
At Incite, our focus is on addressing the pain-points of SMEs through innovative features that align with their evolving needs. Looking ahead, we are working on enhancing AI capabilities within Alevate BOS, facilitating seamless integration with emerging technologies, and providing customization options based on user preferences.
These upcoming developments aim to equip SMEs with essential tools, enabling them to effectively tackle future challenges and capitalize on growth opportunities in a constantly changing business landscape.