When you map a network drive (either natively or within EM Policy), the operating system automatically calculates an appropriate name for the label that you see in Explorer.
It is possible however to rename the label to a 'Friendly Name'.
You can utilize this functionality within Environment Manager Policy, in this example we will:
1: Map a Network Drive to L:
2: After mapping the L: Drive, we will run a Custom VBS Action to update the Drive Label Name to "FRIENDLY":
On Error Resume Next
Set objShell = CreateObject("Shell.Application")
objShell.NameSpace("L:").Self.Name = "FRIENDLY"
If Err = 0 Then
3: Once the Action has successfully finished, within File Explorer you will see the updated label: