Welcome to Centage’s blog series, Meet the Maestros. In these posts, we give you the opportunity to get to know some of the team at Centage who are working to make budgeting and forecasting easier and more accurate for companies of every size.
In this issue, we’ve gathered insights from Centage’s CRO, John Murdock.
Q: What impact do you think blockchain and crypto will have on the industry?
A: It’s still early when it comes to talking about blockchain and crypto, John points out. “We are early in the technology adoption curve and still plenty of speculation, but it’s clear they are disruptive technologies, and will no doubt reshape finance, accounting, and commerce processes in a major way.” Combining blockchain with other up and coming technologies, like AI, will color the future for companies, in both good and bad ways. “Add AI to the conversation and now you have a set of technologies that will determine the industry winners and losers of the future.”
Q: How has the digital economy changed business?
A: “Customers are in the driver seat, you need to embrace digital and surround customers with the support systems they need to succeed. Digital has empowered customers with more choices, more information, and an expectation for exceptional service. This is a great thing for businesses like Centage that are truly customer-centric, innovative, and can respond quickly to changing demands of the market, opportunities, or threats,” explains John. Understanding how to exceed customer expectations and staying one step ahead of them can be a challenge. As John tells us, “The companies who will win are those that create listening posts to collect rich input from customers and the market, adopt and master analytics, planning, and operational processes to maximize resources that can be aligned with customer satisfaction, retention and growth.”
Q: What challenges do SMBs face when it comes to budgeting, forecasting, and reporting that they didn’t face 10 years ago?
A: “SMBs face a lot of the same challenges of larger companies, but often lack the people and resources large companies can throw at solving problems. But technology and information availability have leveled the playing field in many ways,” John states. “What used to require significant resources has been streamlined with automation and technologies in the Cloud. I’d urge SMBs to revisit how they can streamline these processes and give time back to the operation.”
Q: How does financial goal setting affect an organization?
A: John’s answer to this question is straightforward: “A business is not a business for long without a strong financial plan.” It’s impossible to do the things a business must do – like make payroll, re-invest in the organization or deliver on the company’s promise without a financial plan.” John further explains that goals and planning go hand in hand. “Every credit has a debit. A financial plan doesn’t exist without goals and clear assumptions.” It’s what separates the best companies from those just going with the flow. “The best and most leading-edge companies use a financial plan to drive the health of their business,” John says, “and to collaborate cross-functionally, to adjust assumptions and expectations as the year progresses, often on a weekly or sometimes daily basis in order to optimize performance of the top line or bottom line.”
With experts like John Murdock as part of our team, it’s no wonder that organizations of every size rely on Centage Corporation’s Maestro Suite of solutions which includes Budget Maestro™ to help them keep track of and manage their cash flow. Budget Maestro improves the efficiency and effectiveness of business budgeting and planning, financial forecasting, financial consolidation and reporting processes. For more information, take a tour of Budget Maestro, contact Centage, or call 800-366-5111 now.