Great end user experience, ease of use, an end to end digitization and speed, along with process driven controls and exception management are some of the ruling trends in the risk management industry. While keeping pace with these trends and providing the best risk management services possible, Empronc Solutions focuses on the importance of automation of the Governance, Risk, Compliance in the accounts payable and in operational procurement processes.
When it comes to risk management, the advantage lies in the building of spend discipline, capturing spending data accurately, building high levels of governance, risk, compliance and process audit ability. Empronc handles risk mitigation through its flagship product BAZ while dealing with empanelled vendors, GST /withholding tax compliances, control of board approved approval authority and limits, correct nature of reporting for the accuracy of financial statements and processes that detect and prevent fraudulent use of company resources.
Experts Working on Risk Management
CXO team members face challenges that lie in controlling large geographies centrally while reducing the maverick nature of spending, reporting, consistency of data for analysis and controls for governance. Category experts’ sourcing strategies help companies to buy well and contract efficiently. Operational procurement helps in the process post sourcing ensuring it is efficiently and accurately managed for ordering, receiving, eliminating duplicity in payments, adherence to buying processes and payments as per PO and agreement terms. Empronc has great competencies in the operational procurement and payment processes (both related to vendors and employee spend). The company’s flagship product BAZ, which addresses the needs of an enterprise with respect to operations, processes, compliances, and workflows. It brings to the table the best practices and a center of competence approach to Internal Financial Controls, Risk Management, and Compliance to spend process management with a minimal amount of efforts.
Different than Others
Empronc stands out differently in the risk management sector on the basis of its deep automation domain knowledge of the processes. It also helps to establish strong internal financial controls backed by a robust software solution that complements, reduces costs and increases the effectiveness of both ERP and non-ERP enterprises.
Leaders, Simplifying the Technology
It was Manish and Shalini Bazari, Founders of Empronc Solutions, who saw this dream of conceptualizing a solution for Internal Financial Controls, Risk Management, and Compliance.
Having a Master’s of Science in Applied Mathematics Statistics (with Finance options) from Rochester Institute of Technology and a Bachelor of Science in Computer Engineering from Rochester Institute of Technology, Rochester, NY, USA, Manish is the Founding Director, Principal Consultant and Product Architect of Empronc. He has 25 years of working experience. His strength lies in conceptualization, simplification and marrying technology solution to business productivity gains. Manish spent the last 11 years in the development and promotion of the BAZ product. Patience, focus, and perseverance are strong attributes. Under his leadership, Empronc has partnered with customers, delivering great value based on customer service, cost, efficiencies, and trust.
Having a Bachelor’s degree in Business from Mumbai University and Advanced Diploma in Computer Science from Aptech, Shalini is the Founding Director and Chief Product Architect at Empronc with 25 years of working experience. She is the Chief Product Architect and manages the BAZ product. Shalini’s strength lies in conceptualization, design, development, re-usability, and simplification of technology. She has spent the last 11 years in the development of the BAZ product.
Focus with attention to details and responsiveness to the voice of customers have been her strong attributes. Under Shalini’s leadership, Empronc has built strong service delivering ability with a high level of automation in the implementation processes. She partners with customers, delivering to their needs within the product framework, and manages the change processes within costs, time and effort.
Overcome Challenges
Evolving a framework that is horizontally usable across industry verticals and at the same time completes and complements global ERP providers requires perseverance, focus, and patience, which are the characteristics of Empronc.
Empronc had to overcome challenges in pursuit of success. Manish elaborates, “The main challenges arise in hiring and motivating the talent of employees and retaining them for long years. The solution needs to be upgraded to keep up with trends in the business and technology landscape requirement and this requires a continuous improvement mindset. With time, we have improved the technology and framework of the product and also reduced the attrition rate to 17%. We have to keep the customer excited and engaged.”
Geared Up for the Future
Empronc forecasts that digital environment risk control and management should be the core focus areas in the coming future. A customer’s digital experience with Apple, Amazon, Google, and Facebook today sets the expectations within the enterprise solutions. Today, risk management companies need to change and innovate as per their client’s requirement and design thought and engineering have to keep up the pace. Companies need to concentrate on building the brand and keep its employee and customer engagements at a very high level.
Empronc has geared up for the future. While elaborating the future plans of the company, Manish says, “We stick to our knitting and persevere in our quest for excellence while managing profitable growth. Helping our customers build processes that delight their employees, vendors, shareholders and the government while reducing the risks is our guiding principle.”
Website:- www.empronc.com
Source :- The 10 Most Valuable Risk Management Solution Providers
