Enhancing Financial Stability and Productivity
In this exclusive interview, we sit down with NSN Mohan, Director of Skal International, to discuss his vital work in organizing and optimizing the Finance Committee. Under his leadership, the committee has set ambitious goals to ensure financial stability, increase productivity, and strengthen financial control within the organization. With a focus on transparency, efficiency, and innovative financial management, Mr. Mohan and his team are dedicated to safeguarding Skal International’s economic health and driving its growth. Join us as we delve into the strategic initiatives and meticulous planning that underpin the committee’s efforts and explore how these measures shape Skal International’s future.
Skal Europe: Good morning, Director Mohan. Thank you for joining us today. Could you start by sharing the top priority objectives of the Finance Committee and the significance of these goals for Skal International?
NSN Mohan: Good morning. Thank you for having me. The Finance Committee has identified six top-priority objectives to ensure the financial health and productivity of Skal International. These objectives focus on financial control, optimum utilization of funds, financial stability, increased revenue, increased productivity, and defining clear objectives within the finance portfolio. Among these, we have shortlisted three main goals: Financial Stability, Increasing Productivity, and Strengthening Financial Control.
Skal Europe: Could you elaborate on the goal of Financial Stability and the specific actions the committee is taking to achieve this?
NSN Mohan: Certainly. Ensuring robust financial stability is our foremost goal. We aim to achieve this through stringent budget monitoring and efficient receivables management. For budget monitoring, our objective is to keep budgetary variances within a maximum of (+5%). To do this, we are implementing monthly budget reviews, utilizing real-time financial tracking software, conducting quarterly audits to ensure compliance and accuracy, and providing training for finance team members on variance analysis.
Regarding receivables management, we have set specific fee collection milestones: 80% by March 15, 2024, 90% by April 15, 2024, and 100% by April 30, 2024. To meet these targets, we have developed a structured follow-up system for dues, introduced early payment incentives for clubs, established regular communication about payment deadlines and benefits, and implemented automated reminders and tracking systems.
Skal Europe: Increasing productivity is another key goal. What strategies are being implemented to enhance productivity within the organization?
NSN Mohan: Enhancing productivity is essential for reducing bureaucracy and ensuring we have the right digital tools in place. Our objective is to achieve a 50% reduction in overtime hours in 2024. To streamline processes, we are introducing standard operating procedures (SOPs) for common tasks, providing training on efficient work practices, and implementing time-tracking tools to identify and address bottlenecks.
Ensuring the right digital tools are available is another critical aspect. We aim to improve the quality of service provided, measured by the number of tickets solved for members and officers. We are evaluating and upgrading digital tools used for financial management and member services, providing training sessions for staff on new tools and technologies, establishing a feedback loop for continuous improvement of digital services, and monitoring ticket resolution times to implement strategies to reduce them.
Skal Europe: Financial control is vital for any organization. How is the committee strengthening internal auditing, budgeting, and forecasting processes?
NSN Mohan: Strengthening financial control involves enhancing our internal auditing, budgeting, and forecasting processes. Our objective is to utilize real-time data and ensure financial compliance. We are scheduling regular internal audits and compliance checks, implementing advanced budgeting tools for real-time data analysis, training staff on the latest financial regulations and compliance requirements, and developing predictive models for better forecasting accuracy.
Moreover, we are introducing AI and Robotic Process Automation (RPA) to eliminate manual tasks and build an innovation-friendly financial infrastructure. This includes identifying repetitive tasks suitable for automation, investing in AI and RPA tools, providing training on their use, and monitoring the impact of automation on productivity and accuracy.
Skal Europe: Monitoring and evaluation are critical for achieving these goals. How is the Finance Committee ensuring progress is tracked and reported effectively?
NSN Mohan: We have set up Key Performance Indicators (KPIs) for each objective and monitor progress monthly. We conduct quarterly reviews to assess performance against our goals. Additionally, we prepare monthly and quarterly financial reports to share progress with stakeholders, ensuring transparency and accountability.
Feedback and continuous improvement are integral to our approach. We have established a system for receiving feedback from clubs and team members and continuously improving processes based on this feedback and performance data. By adhering to these goals and objectives, aligned with the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound), we aim to enhance efficiency, stability, and productivity throughout the 2024 period.
Skal Europe: It sounds like the Finance Committee has a comprehensive plan in place. Any final thoughts you would like to share?
NSN Mohan: I would like to emphasize that these initiatives are a collective effort. The dedication and hard work of the Finance Committee members are crucial to our success. Together, we are building a stronger and more financially stable Skal International. The future looks promising, and I am confident that we will continue to achieve great results.
Skal Europe: Thank you for sharing these insights, Director Mohan. It has been a pleasure speaking with you.
NSN Mohan: Thank you for the opportunity.
