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Truegenics Pte Ltd named Team of the Year at the SBR Management Excellence Awards

Amidst two restructurings, the company managed to achieve growth and operational efficiency.

Recognising Truegenics Pte Ltd's outstanding achievements in rebounding robustly from financial losses and transforming into a profitable entity following a strategic restructuring in 2020, the group was awarded the Team of the Year - Consumer Products - Non-Durables award at the recently concluded SBR Management Excellence Awards 2023. 

Since the completion of two restructuring phases in 2020, Truegenics has showcased unwavering resilience, turning the tide from financial losses in 2019 and 2020 to sustained profitability since August 2020. The team's performance over the past 24 months has been nothing short of robust, underscoring their strength and determination in overcoming challenges.

There were several key factors that led to the group’s remarkable turnaround. First is its amplified product innovation.

Under the leadership of Alvin Huang and Kayti Doolittle, Truegenics revitalised its product innovation strategy. Within a year post-restructuring in 2021, the team launched an impressive twelve new products, showcasing a stark contrast to the two products introduced in the prior 18 months. Notably, the introduction of 'VivaSlim' alone contributed to 11% of the company's total revenue, highlighting the success of its product innovation strategy.

The company’s effort to enhance operational efficiency paid off, with a 32% reduction in operating costs through the leadership of CTO Jeremy Wong. His implementation of improvements, including automation and smart dashboards, doubled productivity, showcasing the team's commitment to operational excellence. The leaner team outperformed prior formations, delivering more in terms of products, innovation, and revenue.

Truegenics also embraced AI across various aspects of operations, from drafting HR policies to computer-generated voice-overs, graphic designs, and coding. AI played a pivotal role, driving cost reductions of over 90% in some areas. The integration of AI with the database for a custom customer service bot exemplifies the team's technological evolution and adaptability.

Meanwhile, the team embraced diversification by exploring new revenue streams. Leveraging Amazon's platform and successful forays into native advertising are projected to increase annual revenue by 7.6%, with the launch of a fourth e-commerce brand on the horizon.

Truegenics' deserving win is a testament to its journey from overcoming challenges to achieving unprecedented success. 

The team's unwavering leadership, consistent product innovation, improved operational efficiency, strategic use of AI, and successful ventures into new revenue channels form the pillars of this remarkable transformation. The accolade not only validates their achievements but also serves as motivation to continue on the path of excellence.

With over 30 active products in the market, two-thirds of which were launched in the last two years, and featuring custom in-house apps boosting productivity by 40%, Truegenics exemplifies a commitment to innovation and efficiency in the consumer products sector.

The SBR Management Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's employee engagements and management initiatives, please contact Julie Anne Nuñez at [email protected].

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