Centric Digital is a new breed of strategic partner for global enterprises and is raising the bar in digital services. In a digitally disrupted world, companies struggle to understand the changes and feel confident about their next move. Centric Digital approaches this problem with strategy and product, not just creative, offering integrated solutions to their clients.
For a young company, they have seen tremendous success. They were recently ranked #1 in New York and #1 in New York City on the Inc. 500 list, and #34 overall. The company has grown from scratch to significant profit, revenue and clients without raising debt of outside investment to date.
We asked President and Chief Digital Officer, Brian Manning, to tell us about what prompted Centric Digital to start using 10,000ft Plans and to describe his team's experience rolling it out.
What challenges were you facing before 10,000ft Plans?
In order to get true accuracy of our various budgets, we needed a way to forecast financials at the project and resource level. We also needed a way to identify which resources were available and which were over capacity. Lastly, we wanted to ensure that our project teams understood not only how much of the budget they have spent, but what budget they will likely spend given their planned run rate.
How would you obtain this information previously?
We used spreadsheets in Excel and Google Sheets. While this allowed us to be very custom, the volume of data made it run extremely slow and was prone to human error.
What was the moment you decided to use 10,000ft Plans?
Frankly, as soon as we found it. We were in the process of considering building our own system and came across 10,000ft Plans in our research.
What features have helped your business the most?
Being able to quickly digest visual views of budget and utilization has been crucial. The Analytics section offers some robust reporting ability with automated reports that we can share easily. We have also made use of the API to run financial models and reports combining other system data.
What was your implementation process like?
It took a month to set up initially and a few months of optimizing to work with our various financial reports, etc. We have rolled out the platform over a few months across teams to ensure consistent use and understanding.
What results have you seen since adopting 10,000ft Plans?
We now have a single report that shows us our projects and actuals in a clear way. We have been able to optimize the use of our resources and predict cash flow with extreme accuracy, project by project.
This has led to an increase in profitability by 10% by having a clearer picture of our team's utilization. We have also increased the number of projects coming in under or at budget by 20%, and increased recognized revenue by 10% due to having visibility of available client budgets.
What advice do you have for other teams considering 10,000ft Plans?
I recommend having a strong rollout plan to ensure employees get onboard with why it is important for them to accurately update data. 10,000ft Plans allows us to see and react in real time to employee utilization - whether under or over - allowing us to maximize profitability and revenue in our services and solutions businesses.
We're proud to support their business and continued growth. To learn more about Centric Digital and see examples of their work, visit: centricdigital.com