CEO Stories Podcast: The Virtuous Circle of Capitalism
Doug Clark, Founder, CEO and Chairman of Corcentric, made his way into the worlds of accounting and finance, then truck leasing and later technology. Thirty years into his career he invented a way for companies to get out from under their back office paperwork so that they can spend more time listening to their customers. Doug’s endeavors have been disruptive in the industry, but his success couldn’t have happened without a fair amount of risk.
Solving the “Paper Crisis”
Doug Clark saw the future and promise of technology beyond the dot.com crash. He took over Electronic Trading Solutions – where his transportation company had been a client – because he believed businesses would embrace technology that could help them become more efficient once the smoke from the dot.com crash cleared. He knew from his Wall Street days that companies had a “paper crisis” and that they needed help streamlining back office operations.
Listening to the Customer
Corcentric, Clark’s current business, evolved from the recognition that companies need to focus on their primary businesses and be freed from distractions that can more efficiently be outsourced. To Clark, solving customers’ problems is a critical component of capitalism, because you’re meeting an obvious market need while allowing the customer to deploy their capital and other assets most efficiently.
No Silver Bullet
Technology in and of itself isn’t the silver bullet, according to Clark. The solution comes from marrying the capabilities of technology with the needs of the customer; setting appropriate expectations; and preparation, discipline, and vision. For transportation businesses – one of Corcentric’s key markets – that means focusing on trucks, not purchasing or processing invoices and payments. Corcentric helps its client companies grow by giving them the freedom to better serve their own customers.
About the Series: Featured stories from the intersection of the free market and entrepreneurial success. Here we speak with leading CEOs, academics, philanthropists and up and comers on their contributions and perspectives on the American economy.
About Ray Hoffman: Ray Hoffman, a veteran business journalist, is highly-regarded for his news and analysis features and insightful CEO interviews. Representing BusinessWeek on air for twenty-one years, Mr. Hoffman was the morning business news voice on the ABC Radio Networks from 1995 to 2006. Mr. Hoffman also represented The Wall Street Journal, on air, for eleven years. His daily WCBS CEO Radio feature was recognized by the New York Press Club as best radio business news report in both 2012 and 2015. In this podcast, Mr. Hoffman invites some of America’s most dynamic CEOs to share their stories as business builders and perspectives on free enterprise.