The Predictive Index
Case Study
Revitalizing Forecasting: The Predictive Index's Turnaround with MindStream Analytics and NetSuite
The Predictive Index, a software company specializing in HR systems, sought to enhance the capabilities of its Financial Planning & Analysis (FP&A) department. The company's focus on HR systems necessitated a robust and efficient forecasting and planning tool.
Challenge
The Predictive Index faced significant hurdles with their initial NetSuite Planning and Budgeting (NSPB) implementation:
- Previous Implementation Failure: The first attempt at NSPB implementation, conducted with a different partner, was unsuccessful, leading to frustration regarding tool usage and capabilities.
- Custom Reporting Needs: The company required customized reporting, a task that demanded close engagement with the client.
Solution
MindStream Analytics stepped in with a strategic approach to address these challenges:
- Application Dimensionality Simplification: Adjusting the application dimensionality to align with SuiteSuccess methodology, ensuring it met the business's specific needs.
- Data Integration Rebuild: Successfully rebuilt the data integration from scratch, a critical step for accurate and efficient forecasting.
- Close Client Interaction: Worked closely with The Predictive Index to understand their specific needs for reporting and planning, leading to the development of custom forecast logics from billing information to balance sheets and cash flow impacts.
- Significant Cycle Time Improvement: Achieved an 80% improvement in cycle time, drastically enhancing efficiency.
Outcome
The Predictive Index now experiences:
- Increased Tool Confidence: There is a renewed confidence in the NetSuite tool, thanks to the successful implementation and customization.
- Simplified Forecasting Process: The entire forecasting exercise for a 4-year planning horizon has been simplified, making it more efficient and user-friendly.
This case study illustrates the transformative impact of a well-executed software implementation. MindStream Analytics, through their expert intervention and tailored approach, not only rectified a failed implementation but also empowered The Predictive Index with a robust and streamlined forecasting tool, ultimately enhancing their strategic planning capabilities within the HR systems domain.
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