Empronc Solutions: Sustainable Financial Solutions

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Empronc Solutions, headquartered in Mumbai, India was incorporated in 2004 by a group of professionals. Their vision was to build an organization that would compete with the leading business solution product companies globally. BAZ – a spend management and governance software is the flagship innovative product of the company addressing the needs of an enterprise with respect to digitization of procurement and accounts payables processes.

Empronc has successfully deployed solutions across ten industry verticals. Empronc Products and Services are geographically spread across 4000+ locations covering a user base of more than 200,000+. The quality focus on the product and service deliveries has ensured that the company operates on near 6 sigma quality standard.

They enable organisations to set up a spend governance and management framework which includes: Budgetary controls, Limit based spending and approvals through well managed delegation, streamlined processes with built in monitoring and ability to measure process turn-around time, modelling the accounting treatment to finally provide consistent and non subjective integration to ERP/Core Banking with framework extension to payment solutions. Organisations can mature their controls on Vendor operational procurement to pay systems, utilities, regular contracted spend, petty cash at branches and employee related spending including travel.

A Role Model

Manish Bazari, Founder at Empronc, has done his Bachelors in Computer Engineering with Masters in Applied Mathematics.His wife Shalini Bazari, Co-Founded Empronc, with a Business degree and advance studies in Computing. Both of them with vast and rich work experience of total 22 years each, started the company in a small room and just two of them working. Now, the company with its steady and continuous growth has crossed 200,000+ end users.

While working on MRP systems, Manish realised that the usage of older technologies were time taking process, so why not build a platform which will allow the employees of company to complete their work with lesser time and with more efficiency. That’s where BAZ concept took birth.

Product Company Challenges:

Manish shares his challenging journey as, “We had limited funds as we were self funding the growth through loans and cashflows. An enterprise product journey takes many years to maturity. We did not believe that funding alone would drive our growth. The main challenges were: Hiring good talent and retaining them in the initial years. We now have a chief mentor who helps in the employee growth and retention strategy. We have seen attrition levels drop to the 17% range.  Technology upgrades are a regular process for any product and we have gained experience on how to handle the same with customer and the change management.”

Another challenge was to keep the customer engagement growing and profitable. Today, customer experience is taking precedence over controls in thought although with BYOD, control and security are more relevant than ever.  “We have changed our mindset from a product company to a deep customer centricity driven approach with all our key customers; we need to change and innovate as per evolving user requirement and design thought is geared to incremental improvements based on continuous feedback.”  Empronc as a team has deep domain expertise and the organization is building it’s strengths in a measured way – a recent above average CRISIL rating has increased the ability of the company to borrow cheaply, focus on profitable growth is paying dividends, focus on quality and testing is enabling scale. We want to create BAZ as a strong brand in the area of audit, compliance and governance around the various processes enabled through the software”

Requisite of Startups

Target medium to large companies as they help develop scale and have budgets. Articulate value of product and service across stake holders. Focus on customers who extract value (engaged customer) while increasing value and volume of business (your promoter). Former without latter is win-loss. Seek continuous feedback as stakeholder views diverge. Do feedback based incremental improvements as this is the age of design thinking.  Persevere with evolving strategy, work on and attack costs, track customer touch points, invest in training team, value management time, increase cash flows which keeps the energy going.

Source :- The 10 Fastest Growing BFSI Companies