The need of Index in every entity - For instant transparency on organization health !!
This idea of INDEX is primarily segregated into two parts, firstly for all business/administrative organizations be it in private or non-private sector, and secondly for tracking the health of a particular practice or trade nationally.
IDEA 1 – Organization Progress Index
While I was in my previous organization, I proposed an idea to our then CEO, for an internal Organization Progress Index. It was primarily meant for transparent monitoring and tracking of the organizational health by considering all the critical parameters and dependencies that constitutes a global IT organization’s health. Our then CEO did reply to my email, stating that he will share the idea with his team for due consideration.
Continuing in the same frequency, I happen to have recently researched further through the net, and have come across a McKinsey solution for OHI – Organization Health Index, for various organizations and corporates across the globe.
I would like to concentrate in the same manner, for organizations in the private and public sector, as well as for government entities at the central and state level, within our Indian dominion.
I propose to model an organization’s health as per the model used to calculate the Sensex in our BSE. Sensex is an abbreviation of the word Sensitive Index - the benchmark index of the Bombay Stock Exchange (BSE). It is composed of 30 of the largest and most actively-traded stocks on the BSE.
I do not intend to make an organization trade within its insiders.
What I suggest is just like BSE index is composed of 30 of the largest and most actively-traded stocks on the BSE, similarly in my proposed Organization Index, the primary contributors will be those departments in an organization which contributes to the maximum profit and revenue for the organization.
The critical parameters and dependencies that constitutes an organization’s health, will be fed into the proposed model, as per its department’s data and will constitute the collated index.
We may refer to documents on how to start off initially by studying the approach initiated by McKinsey for their existing OHI solution.
What I am trying to propose out here, is just to suggest all registered private/public sector entities and state/central government entities as well, in India to have their individual Organization Progress Index (OPI). This index can and will directly or indirectly help an organization in maintaining a balanced financial health (both internally as well as externally).
Additionally, with the inclusion of an organization’s financial data science features and futuristic machine learning algorithms, an entity can build a predictive model to foresee their future health, and if required this index can be inter-related to its relation with BSE or NSE (if that respective organization is listed in any of the stock exchanges nationally, or any other foreign stock exchange).
IDEA 2 - National Index for E-Wallets
As NIFTY Banking index is already in place for banks, so in similar lines I want to propose an idea to have a National INDEX for Indian e-commerce payment system and digital wallet entities, irrespective of the industry. Because all these e-wallets have one common interest, i.e. mobile and online money/payments.
We can coordinate with NPCI and RBI, in order to make this happen.
NPCI - National Payments Corporation of India is an umbrella organisation for operating retail payments and settlement systems in India.
RBI - The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the Indian rupee.
The above list of existing e-wallet companies in India, can be found from the below link
These two INDEX related ideas are not meant for India only.
With efficient planning, modelling and subsequent implementation, these ideas can be experienced by any entity or country, across the globe.
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