The Knowledge Conglomerate conducts ‘Financial Analytics for Operating Excellence’ workshop

The Knowledge Conglomerate (TKC) powered by MTI Consulting recently conducted an executive educational program on ‘Financial Analytics for Operating Excellence’.

The day-long workshop was held at the Galadari Hotel Colombo on 30 January 2013 from 9 a.m. onwards at the Salon Anturium Ballroom, aimed at understanding the current workflows of financial operating against optimising profiting and improving financials.

The workshop was attended by some of the frontline industry companies McLaren, Amana, First Capital Markets, Macbertan, Finlay’s Rentokil Ceylon, Perera & Sons Bakers and Analytical Instruments to understand working and operational differences of finance management and how they will be able to attain financial and operating excellence within their organisation.

The workshop was conducted by Kapila Dodamgoda, CEO – ICMA (Australia) Sri Lanka, who is also the Branch Academic Director of Asia e-University MBA Program, with further academics in FCMA, CMA (Australia), CGMA, MCIM, MSLIM.

The morning commenced with overviews of the participants and the areas covered for the day. Opening the workshop Dodamgoda introduced the importance of internal and external reporting and the significant changes and reasons why the reporting methodologies were different from each report. The audience was able to understand the current rationale against the conventional methods of financial operating to improve their monetary management.

An interpretation of financial statements was one of the key areas which were considered; how working progress is calculated and how to efficiently optimise and calculate based on the strategic insight were some of the highlights of the mid-morning sessions. While viewing each component of operational and financial management, the rationales were broken down into segments.

In addition, dialogues about the industry’s methods of financial interpretations and reporting quantum of work in progress of the exemplary manufacturing industry requiring a higher work in progress and working capital in comparison to other industries were reviewed. Cost centres, revenue centres and investment centres were discussed in terms of the value chain to engage the functions of optimum operations.

In view of the financial statements, questions like ‘can we pay for our bills and expenses incurred?’ were debated in order to understand the basic operating principles and how companies can understand healthy functions against unhealthy operations and forecasting.

Application of CVP tools such as balancing the fixed versus variable costs were examined. In the end it all comes down to the cost and how we cost our product to earn the revenue of the cost based volumes while leveraging the production cost. Overall the workshop received positive feedback from the participants on the outcomes.  The Knowledge Conglomerate (TKC) is a leading provider of executive education programs in Sri Lanka, in addition to pursing several knowledge-based ventures.