RIOT Platforms

Transforming Riot Platforms' Financial Planning with NetSuite Planning and Budgeting

Riot Platforms is a leading Bitcoin mining company, supporting the Bitcoin blockchain through large-scale mining operations in the United States. With a focus on expanding its infrastructure and increasing its Bitcoin mining hash rate, Riot's rapid growth presented challenges in financial planning and analysis (FP&A). The company's Finance team faced inefficiencies that impeded their ability to manage budgets, forecasts, and workforce planning at scale.

MindStream Analytics partnered with Riot to implement NetSuite Planning and Budgeting (NSPB), streamlining their financial operations and empowering their FP&A team to make more informed decisions faster.

Challenges

Prior to implementing NSPB, Riot Platforms faced several obstacles:

• Excel-Driven Budgeting and Forecasting: Riot's budgeting and forecasting processes relied heavily on Excel spreadsheets, resulting in time-consuming updates and a lack of centralized control.
• Workforce Planning Difficulties: Tracking employee-level data was cumbersome and lacked the detail needed for accurate workforce planning.
• Manual Reporting Inefficiencies: Reports were manually prepared, leading to delays and a lack of real-time insights.

Solution

MindStream Analytics implemented NetSuite Planning and Budgeting (NSPB) to address Riot's challenges and modernize their FP&A operations.

• Automated Reporting: Riot's reporting processes were transformed with automation, enabling the team to capture actuals and track variances in greater detail. Reports can now be refreshed instantly, allowing for rapid analysis of actuals, forecasts, and budget variances.
• Enhanced Workforce Planning: Workforce planning became seamless through flat file integration, allowing employee-level details to be updated and reflected in the Profit and Loss (P&L) forecast with ease.
• Real-Time Insights: With NSPB, the Riot team can analyze financial data in seconds and make adjustments to forecasts and budgets on the fly, significantly improving their agility.

Results

The implementation of NSPB has delivered substantial benefits for Riot Platforms:

• Increased Efficiency: Automated processes have reduced the time spent on manual reporting, allowing the FP&A team to focus on strategic analysis.
• Improved Accuracy: Real-time data updates ensure that forecasts and variances are always based on the most accurate and up-to-date information.
• Enhanced Workforce Planning: Employee-level insights are now integrated seamlessly into financial models, improving the precision of workforce forecasts.

Future Plans

Building on the success of Phase 1, Riot Platforms is now planning Phase 2 in partnership with MindStream Analytics. This initiative aims to optimize workflows directly within NSPB, further streamlining processes and enhancing efficiency. Riot's ongoing commitment to innovation will enable its Finance team to continue supporting the company's rapid growth and strategic goals.

Through the implementation of NetSuite Planning and Budgeting, Riot Platforms has transformed its FP&A operations, positioning the company for continued success in the fast-paced Bitcoin mining industry. With MindStream Analytics' expertise and NSPB's robust capabilities, Riot's Finance team has the tools they need to drive growth and efficiency while maintaining financial precision.

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