Management control allows you to see what is happening in your business in real time, and gives you the information you need to develop the best strategy
You've probably heard of management control before; most likely you're thinking about a company's cost accounting (also known as analytical accounting): analysing and recording the costs of production, distribution, administration, and financing. The truth is that today it has evolved and it is much more than that. Why? Simply because we have so many more tools for it.
Today, management control is cost accounting, yes, but it takes it further. Management control is understood as the process that analyses the causal relationships between the physical factors of a company (such as the human-organizational factor, the physical presence of the company in different locations), the strategy, the technical elements (such as the tools for executing the strategy), and the results obtained by the company. In other words, it allows you to see and understand which elements of your business are delivering results, and which are just consuming resources (and need to be redirected).
"Why do I need management control to increase conversion?"
It is a common misconception that management control is only for large companies. But we leave you with a simple reflection: do they perform management control because they are large companies?... Or are they large companies because they perform management control? The answer is: both. When you have a large business, you cannot ignore a detailed analysis of your company's performance; but a small or medium-sized business cannot grow without a detailed analysis of its performance.
If you have come this far you are clearly interested in understanding and improving the performance of your business. And most likely your business is one of the 6.0 million SMEs in the UK. Because, although SMEs make up the majority of the business community, many are still unaware of the benefits of specialised business management tools. Let's start with the basics: have you identified your company's KPIs?
What are a company's KPIs? Benefits of KPIs for large and small businesses.
What are KPIs? Key Performance Indicators are quantifiable values (e.g., new leads in an ecommerce in the last quarter, decrease in abandoned carts, number of recurring customers, etc.) that allow us to track the progress of our business over time, and identify possible areas for improvement.
If we had to sum up management control in one sentence it would be "Information is power". As you may have seen, to identify and evaluate your KPIs you need data. You may even be familiar with the concept of big data or data management. Every time your customers use one of your payment gateways, browse through your ecommerce portal, make a subscription,... Your system records your data (confidentially and securely, of course). What you may not know is that all this financial data can be interpreted and transformed into charts. These charts are built oriented to your KPIs, showing you their performance at a glance and in real time. The result? You have at your disposal a strategic assistant that will allow you to know how your business is performing.
How to integrate intelligent management control tools?
The truth is that a comprehensive management control is not easy: too many factors come into play that need to be identified and linked together. The good news is that there are companies exclusively dedicated to developing financial technology, designed to make the best management control accessible.
This is where businesses like PayXpert, leaders in the financial innovation sector, come in. Since we were born in 2009, we have managed to develop one of the most powerful fintech. Tools designed by experts so that large and small businesses can understand and optimise their finances. Here are some of our favourites: fintech management control tools.
- Business Intelligence: everything you need to know, selected and interpreted in our Dashboard menu. It offers you complete graphs of your key financial values: volume and conversion rate, transaction map, geolocation of sales, level of risk and fraud control... In other words: control where and when you sell, know your average customer profile (preferred payment method, average ticket) and control your risk values. We know that finance can be hard work: that's where we come in. Our goal is to transform simple numbers into easy-to-understand, strategy-oriented concepts. That's where our added value lies, added value that you can make your own.
- Risk management: yes, it is possible to increase conversion while keeping risk levels at bay. Through our flexible, scalable and intelligent prevention module, you will be able to identify your real buyers from the malicious ones. Our prevention system relies on data management to block fraudsters with a unique risk management engine, while optimising conversion (i.e., you keep selling more to real buyers).
PayXpert, one of the leading financial technology companies in 2020
You are thinking about integrating fintech tools into your business because you know it guarantees results. In addition, you are very clear that the financial partner you choose as your ally has to be aligned with your company in terms of values and quality.
PayXpert is made up of a team of fintech experts with a clear objective: to help small, medium and large companies reach their greatest financial potential. Since we were born in 2009, we have not stopped working towards that goal. Today, we have become one of the leading companies in the sector. But we don't say it ourselves, PayXpert has been chosen as the best fintech by the 21st Century Technology Awards. But that's not all, our POS has also established itself as the best in the industry in 2020.
Do you want to know more about us? Visit our website and get to know our tools. Or contact us for personalised, non-binding advice. Shall we talk? We can do a lot of things together.