“You must be able to combine a platform,
expertise and services.”
— Matt Clark, President and COO, Corcentric
The full version of this article appeared in La Lettre des Achats, a leading French procurement industry publication, written by François-Charles Rebeix and Guillaume Trécan. The original piece goes into some detail about where Corcentric has been, its recent acquisitions and the company’s vision for the future.
What follows are five points made by Matt Clark, Corcentric’s President and COO, around what the company is focusing on right now:
1. Establishing the ideal position to leverage new perspectives.
From an historically downstream provider offering payments tracking and financial processes, Corcentric has expanded its role with the acquisitions of Source One and Determine to establish itself as a truly end-to-end source-to-pay provider. Now with leading consulting and technology platform capabilities, these combined complementary components give Corcentric a distinct advantage in the marketplace for both existing customers and new prospects.
2. Delivering a better overall customer experience beyond the technology.
Services are critical to the success of customers in terms of implementation and continuous results. While a number of players in the market have attractive offerings, it’s not all plug-and-play simplicity. That’s why Corcentric also provides organizational and process change management expertise that spans both sides of the B2B continuum, buyers and suppliers.
3. Adapting offerings to specific customers needs, not vice versa.
Corcentric does have a large number of customers in the mid-market, but with about 6000 overall customers there are also smaller and larger ones. Every one is different, and require us to adapt what we can provide and how we do it. For example, as customers have grown over the years – both in business and through their own mergers / acquisitions – they often end up very complex agglomerations of technology services. With Corcentric’s combination of platform, expertise and services, we’re ideally positioned to help them get their processes smoothed out.
4. Partnering with customers is key to helping them achieve their objectives – and ours.
The closer Corcentric can work with customers, the better we can help define what they need and how to achieve it. It’s our vision of things. While essentially a North American company, it is very important for Corcentric to have a solid understanding of the regions in which the company invests, and to develop working relationships with local players. This will help Corcentric grow from $140 million in revenue in 2019 to 400 million by 2025.
5. Bringing all of Corcentric’s capabilities together for new and existing customers.
One critical focus at Corcentric now is to bring together all the acquisitions to become one complete platform of existing services. Since shared values and corporate culture is important to how Corcentric operates, the company is already in a great position as it begins to work even more closely with Source One and Determine, including becoming one brand. Because all the pieces are in place technology-wise with the Determine platform, the focus now is on continuous improvement moving forward. It’s more evolution than revolution.
If your French language ability is up to the task (and you have a log-in), the original article is worth checking out. For more from Matt Clark and the team at Corcentric, explore their full archive of blogs, whitepapers, webinars and other resources.