The term EMI may relate to as any Loan installment or sound as “Equal monthly installment” but there is another meaningful meaning of EMI platform in corporate sense is EMI = Expense Management Initiative – a platform of GROWTH. YES Isn’t it interesting?
Let us understand this term better
As you all know that in any organization almost every department/unit does projects, process reengineering, cost rationalization projects, etc. Every new project or process reengineering ultimately boils down to either cost savings or man-hours save & process improvements.
Although each business unit head/process owner appoints a project champion/leader/team to execute various such projects to achieve the desired results but I am going to tell you a unique way of executing such projects that would not only bring value on the table in terms of cost-saving, man-hours save, process improvements, etc but also people development especially who are little Introvert employees & hesitant in leading such projects.
Let us take an example of FACILITY MANAGEMENT team of a private bank;-
Suppose one facility management team comprises of overall 20 employees. The hierarchy is as follows:
The facility management team is the IInd highest spend unit after Human resource in any organization, so they are always on their toes to look out an opportunity to either rationalize the OPEX or simply cut the cost as per mandate.
Say you as a core team member of your department takes the initiative. You can be at any level i.e. at the Regional head level or at a Team member level or at BUH level. You have identified a few projects. Now you may look at the below chronology;
List out the projects: Identify the activities that are either troubling you or having a scope of improvements in terms of cost, efficiency, timeline, impact, etc. Try & include even non-routine activities that are directly or indirectly affecting your departmental goals.
Form a team: Since you (as a project champion) have to collaborate with too many cross-functional units such as Finance, Operations, Human resource, Sales, legal & compliance, etc thus it is utmost important to pick up people from these units whom you have to work very closely. Try & have a mix of people i.e. HIGH performers & LOW performers same ways as per your unit hierarchy, the other units may have the same set of hierarchy. Most importantly have more of LOW performers whom you can develop & make them drive the project to its end.
So you would become the Process champion, your BUH becomes the process owner & subsequently your team members become the process associates. While owning of any project, the respective team member would become the process manager & follows the hierarchy level as agreed.
Have a meeting/call: During this, you may assign the respective project to a specific associate. You & the associate may collaborate with other units as per their need & form their own team. Important: The achievements will be shared in equal proportion or as per the % grid prepared by you. During this meeting/call, the following actionable to be performed to achieve the desired results i.e.
- Name this EMI platform with some realistic name
- Discuss on each project & brainstorm to set its working/process flow
- Share the benefits of this platform
- Decide on the next meeting/call to evaluate the ongoing performance of the project. Discuss with each process manager & encourage other participants to provide their inputs.
- Form a closed group to conclude the project details. You may invite one each member from all related units to make it transparent to all.
Reporting: Make a habit of regular reporting of the projects to respective groups/authorities
- Publish a report to all stakeholders highlighting the project details along with its tentative outcome
- Inform all the relevant BUH’s about the participation of people from their units & request them for their end to end assistance
- Projects performance
Ongoing assistance provided to all the process managers:
- You may require to counsel them one to one as per their understanding/comfort zone
- Be a good listener
- Help them collaborate with other BUH’s in terms of data collation, seeking approvals etc
- Coach & guide as per the need etc
Lastly, have a closure meeting/call & summarize the status of the project. Remember before publishing a report,
- Get the project savings duly vetted & verified by finance team for its authentication
- Let the process manager publish the report to gain more confidence
- Any process improvements were done to be vetted & verified by respective BUH
- Submit your report to process owner & obtain his approval
I am highly confident that while driving such an important exercise, the following benefits tend to be achieved;
- Most importantly the self-confidence will be strengthened of all the LOW performers
- It will help them to justify their appraisal towards shareholders, customers & employees
- Proven cost save & fruitful process reengineering
- Bring new LEADERS & people managers on the table
- Exposing hidden talent
- Your own contribution towards employee growth, personal development & achieving organizational goals
- Sharpen the Core competencies such as:- Driving result skills, collaborative & influencing skills, Innovation & change management, Relationship building, etc
- Equal opportunities
- Setting benchmarks
- Overcome Diversity & Inclusion at workplace
At the END, do not forget to prepare one “PROCESS MANUAL” of all the EMI projects to be used as a ready reference for everybody & make it a LIVE book for any ongoing changes.
We hope you have enough insight into this critical aspect.
For any clarification, counseling session, Professional Services Solutions or getting an insight on EXPENSE MANAGEMENT, you may connect with us at 011-42440037, E-Mail us at firstname.lastname@example.org or you may even raise your requirement/query at https://collarsconnect.com/corporate-query. We shall be happy to assist you.