Emil Mirzaliyev: Growth Doesn’t Come from Revenue. It Comes from How You Collect, Spend, and Control It

A financial expert shares how CEOs can unlock hidden growth through cash flow discipline, smarter processes, and tighter working capital management 

A new report from Deloitte reveals a significant surge in corporate transformation spending, with some companies boosting their budgets by as much as 250% in the past year. However, the study suggests that bigger budgets alone aren’t the key to success. The research indicates that the most impactful transformations are driven not just by new technology or high-level strategy, but by a sharp focus on operational process improvement and effective performance measurement. The report warns that despite the increased investment, many organizations are still missing the mark.

In such situations, companies would need the help of Emil Mirzaliyev, who has built a reputation as a finance leader who turns financial operations into drivers of business value. With more than 20 years of experience across Europe, Africa, and the Caspian region, he has helped companies improve profitability and resilience through practical measures such as reducing receivables, improving forecasting, and restructuring debt. His work has unlocked nearly $38.3 million in working capital, delivered $13.9 million in merger synergies, and generated €13.8 (€4.9 + €8.9) million in interest savings. Emil holds a Global Executive MBA from the Carlson School of Management and the Vienna University of Economics and Business, is a CFA Level 1 candidate, and is part-qualified with CIMA. Experienced in leading cross-border teams, he brings both technical expertise and an international perspective to his roles. In October 2025, he also served on the jury of the international Cases&Faces Awards in Chicago, which received over 100 applications across 170 categories, assessing how leaders translated strategy into tangible financial outcomes.

In this interview, Emil shares how these “invisible levers” of optimization, when powered by strategic leadership, can elevate finance from a support function to a sustainable growth engine.

Emil, as efficiency and cost optimization have moved to the top of many CEOs’ agendas lately. From your perspective, why has operational efficiency become such a central theme in the boardroom today? 

We are living in an environment where volatility, whether from supply chains, interest rates, or geopolitical shifts, directly affects profitability. In such conditions, CEOs are realizing that growth for its own sake isn’t enough. Efficiency provides stability. It ensures that every dollar of revenue contributes meaningfully to margins and cash flow. More importantly, efficiency is controllable: leaders can’t predict macroeconomics, but they can strengthen processes, reduce waste, and make their organizations more resilient. That’s why efficiency is no longer just a finance issue; it’s a strategic imperative.

Many executives still see efficiency as a “defensive” move, something you do in downturns. Do you believe process optimization can also be a growth strategy? 

Definitely, efficiency fuels growth because it creates the capacity to reinvest. Companies that treat optimization as an ongoing discipline, not a crisis response, can fund innovation, expand into new markets, and weather volatility better. Efficiency isn’t about doing less; it’s about doing more with the resources you already have.

As Regional Project Manager Europe & Africa at Expro, a global energy services company, you played a key role in the company’s merger with Expro, another major provider in the sector. Many leaders focus only on cutting costs in such situations, but your experience suggests there is deeper value to capture. From your perspective, what should CEOs really be looking for when they approach integration? 

During that integration, I helped deliver $13.9 million in synergies across Europe and Africa. What I saw is that the real value comes not from headcount cuts but from aligning processes, eliminating duplication, and creating consistency across functions. We streamlined vendor contracts, optimized facilities, and harmonized reporting structures — and those measures unlocked long-term efficiencies. For CEOs, the priority should be using integration as an opportunity to redesign the operating model, because that’s what creates sustainable value.

One of the challenges CEOs often face is balancing short-term cost pressures with long-term strategic investment. From your perspective, how should leaders think about that balance? 

Short-term and long-term priorities shouldn’t be opposites. The key is sequencing—using efficiency gains today to create space for tomorrow’s investments. When leaders reinvest cost savings into areas like technology, talent, or market expansion, they build both resilience and competitiveness. The danger comes when cost optimization is done in isolation, without a reinvestment strategy.

Liquidity is often dismissed as a technical detail. Yet, as Regional Project Manager Europe & Africa at Franks International, a global leader in oilfield services, you achieved a major turnaround in receivables during your work in Angola. What should CEOs take away about the strategic role of cash flow? 

In Angola, I reduced Days Sales Outstanding from 279 to 82 days, which unlocked nearly $16.4 million in working capital. The issue wasn’t revenue generation — it was cash collection. By redesigning approval chains and improving client engagement, we freed up resources without signing a single new contract. That experience showed me that growth doesn’t come from revenue — it comes from how you collect, spend, and control it. CEOs often celebrate top-line growth, but if cash isn’t flowing, margins are eroding, or working capital is trapped, that growth isn’t sustainable. What really fuels expansion is disciplined cash flow management and the ability to reinvest resources where they matter most.

As Scandinavia Area Financial Controller at Expro, a leading international energy services company, you achieved an 18% improvement in forecasting accuracy while stabilizing operations during a period of staff turnover. Forecasting is often underestimated at the top level. Why do you see it as critical for resilience? 

Forecasting is essentially a company’s early-warning system. Without accuracy, leaders are flying blind. In Scandinavia, improving forecasting meant that even in a challenging environment, we could anticipate gaps, manage resources, and protect margins. For CEOs, reliable forecasts create the confidence to make strategic decisions—whether that’s expansion, investment, or managing risks. It’s not about predicting the future perfectly; it’s about reducing uncertainty enough to act decisively.

Beyond finances, efficiency often runs into cultural resistance. How can CEOs foster a culture where optimization is embraced rather than feared? 

Transparency and inclusion make the difference. If teams see efficiency as cost-cutting, morale suffers. But if leaders frame it as removing friction, improving collaboration, and freeing resources for growth, employees buy in. In my experience, involving teams in the redesign process not only generates better solutions but also builds ownership. Culture determines whether efficiency sticks.

As a jury member at Cases&Faces 2025, an annual business leadership award that brought together participants from nearly 20 countries, you had a chance to observe how different organizations approach efficiency and growth. What common qualities did you notice among those who achieved real, measurable transformation? 

Interestingly enough, the strongest companies, regardless of country, treated efficiency not as a short-term project but as a long-term management habit. They linked every improvement to clear financial outcomes, whether in cash flow, forecasting accuracy, or working-capital use, and measured progress with discipline. That mindset, combining cultural commitment with transparent metrics, is what truly differentiates sustainable growth from short-lived success.

Looking ahead, what should CEOs and finance leaders focus on as the next frontier of process optimization and profitability management? 

The future is about integration, linking finance with technology, operations, and strategy. AI and automation will play a role, but they’re only effective when paired with strong processes and engaged teams. Leaders should focus on building systems that are transparent, adaptable, and people-driven. Ultimately, efficiency isn’t just about trimming costs—it’s about creating an organization that can grow sustainably, withstand shocks, and seize opportunities when they arise.

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