Let $A=(Q,\Sigma, \Delta, q_0, F)$ be an NFA over an alphabet $\Sigma$, $M(A)$ be its transition monoid.
For all $a\in\Sigma$, let $S_a\in\mathbb{B}^{|Q|\times|Q|}$ be the adjacency matrix of $A$ relative to $a$, i.e., $S_a(i,j)=1$ iff $(q_i,a,q_j)\in\Delta$.
If I'm not mistaken, $M(A)$ is generated by $S=\{S_a\mid a\in\Sigma\}$ with the usual matrix product and identity (this is also explained in Pin's book, page 86, if I didn't misunderstood). This also means we can see each element of $M(A)$ as a matrix.
So are there any useful properties we can get about $M(A)$ from looking at the elements of $M(A)$ as matrices? Maybe some spectral properties?