MANAGING SUPERMARKET FOOD WASTE DIGITALLY
Established as a cornerstone of Singapore's retail landscape, FairPrice Group has emerged as a trailblazer in the realm of retail excellence and sustainability. With a rich legacy spanning decades, FairPrice Group has redefined the retail experience by seamlessly blending consumer needs with a steadfast commitment to social responsibility and environmental stewardship.
At the heart of FairPrice Group's ethos lies a dedication to providing quality products and exceptional service to its diverse customer base. From humble beginnings to its current stature as a retail leader, FairPrice Group's unwavering focus on customer satisfaction has garnered a loyal following that transcends generations.
Yet, FairPrice Group's influence extends far beyond retail transactions. With an acute awareness of the global challenges faced by communities and ecosystems, FairPrice Group has taken significant strides towards sustainable practices and positive societal impact. By championing initiatives that span food waste reduction, community engagement, and environmental conservation, FairPrice Group embodies a holistic approach to business that resonates with modern sensibilities and global imperatives.
A collaborative effort between SMU and FairPrice Group (FPG) has yielded a groundbreaking solution in the fight against food waste. Through the SMU-X initiative, students from SMU’s School of Accountancy and Lee Kong Chian School of Business joined hands with FPG to develop a Food Waste Management Monitoring Dashboard. This innovative tool employs predictive analysis and visualization to enhance food waste management strategies within the supermarket chain.
Over a span of four months, the project team harnessed the power of Tableau dashboarding and Python predictive analytics to identify areas of concern. The dashboard highlights outlets with the highest write-offs and pinpoints the products contributing most significantly to waste.
Following exhaustive consultations and data analysis, the outcome manifested as a comprehensive dashboard. FairPrice Group can now meticulously monitor and analyse food wastage across various categories and timeframes. This micro-level breakdown enables FPG to identify specific areas for waste reduction, even extending to individual items. This granularity empowers FPG to optimize inventory levels across essentials, groceries, snacks, and beverages.
The partnership between SMU and FPG has borne fruit in multiple collaborations, spanning Internal Audit and Finance. With FPG's sustainability reporting endeavors and SMU's commitment to cultivating graduates skilled in sustainable business practices, this collaboration aligns with their shared objectives for a more sustainable future.
The FairPrice project now stands proudly within SMU School of Accountancy’s Capstone showcase, symbolizing a triumph in collaborative sustainability efforts. For more details, please visit this website.
“In the course of working on this project, my group members and I went through the grueling process of building dashboards and predictive analysis models from scratch over a period of 13 weeks. Seeing them come to fruition is a huge milestone for me. The journey was challenging but rewarding as I was able to put to the test various analytical skills which I had learnt from courses such as Data Modelling and Visualisation, Statistical Programming and Introduction to Programming. Through this experience, I also learnt the importance of embracing uncertainty and communicating effectively with stakeholders and peers. As we live in a volatile world where change is the only constant, it is important to be adaptable to thrive in the face of uncertainty. Being able to communicate effectively will also reduce the likelihood of errors and ensure that tasks are completed efficiently." - Jolin Goh, Year 4 Student from the SMU School of Accountancy
"We are grateful to the FairPrice group for giving us the opportunity to work on this Food Waste Management Project. Our students had two key takeaways – stakeholder management and reflections with an inquisitive mind. Stakeholder management is vital so that we can better manage our client’s expectations and cater to their needs, thus achieving a high level of client satisfaction and enabling them to achieve their targets. Also, by continuously reflecting on whether we are on the right track and if there are any areas where improvements can be made, we can exceed expectations and deliver a project that encompasses all the needs that the clients may want. These skills and lessons learnt will certainly be valuable as we take on more projects, be it in school or in our careers.” - Benjamin Lee, Lecturer of Accounting and Director (Student Matters), SMU SOA, Project Lead