More and more companies are turning to management control to improve their decision making
Companies have shown a growing need for financial advice, and proof of this has been the great reception of the cycle of webinars organised by EFK – Elkargi Financial Knowledge in collaboration with AFM (Advanced Manufacturing and Machine Tool Association). More than 200 participants took part in the three sessions of this financial cycle, led by professionals Mikel Ansoalde (EFK-Treasury) and Pablo Azurmendi (EFK-Management Control). Practical and immediately applicable solutions were presented, with the aim of improving the financial management of companies through Business Intelligence.
The first session focused on financial reporting. EFK explained that, although data is fundamental for measuring, the real value lies in its analysis and in drawing conclusions, rather than in the location of the data, which can come from various sources. The important thing is to emphasise the measurement of key KPIs for business performance. The second session, focused on treasury, discussed the three pillars of management control: good treasury reporting, forecasting and the control of both short and long-term financing. The cycle closes with a session focused on the management of margins, costs and profitability, highlighting the importance of creating advanced cost calculation models that allow us to analyse the impact of different variables (raw materials, personnel, etc.) on costs and their impact on margins and prices of the products we sell. Control management for decision making.
The EFK service has guaranteed the survival and growth of many companies, providing a transversal vision of the business. This service has established itself as an essential support for quick and informed decision-making, facilitating business digitalisation and process automation. Thanks to advanced solutions such as artificial intelligence, machine learning and data management, companies have improved their decision-making capacity and optimised their competitiveness, all geared towards management control.
The success of this financial cycle has coincided with the conclusions obtained by the Elkargi Focus Financial Observatory. This observatory has made it clear what the financial needs of the companies and the most demanded solutions are. 52% of the companies that have sought information about financing have required specialised advice. In addition, the data confirmed a significant need for advice on management control and treasury. Forty per cent of the searches reflected the intention to use these services to improve the functioning of the companies or their daily business activity.
