Virginia Spaceport Authority
Case Study
Virginia Spaceport Authority Streamlines Budgeting with MindStream Analytics and NetSuite
Virginia Spaceport Authority, commonly referred to as Virginia Space, is a key political player in the Commonwealth of Virginia. Headquartered in Norfolk, Virginia, this body endeavors to foster the growth of commercial spaceflight in Virginia. In addition, it ardently supports education initiatives around aerospace technologies throughout the Commonwealth.
The Challenge:
Virginia Space's budgeting and reporting processes were anything but streamlined:
- An antiquated budgeting methodology rooted in Excel.
- Sole reliance on one person for all budget data entry tasks.
- A tedious process to extract data from the ERP system and then assemble it into a coherent and presentable report format.
The Solution:
MindStream Analytics, with its adept expertise, took on the challenge to revamp this outdated system. The team implemented the Standard NetSuite Planning & Budgeting, and WorkForce Planning. Along with this, they facilitated training for users on both SmartView and the web interface's pre-built modules.
The new system offered multiple benefits:
- Department heads gained the capability to enter their own data, ensuring decentralization of responsibility and swifter processes.
- A robust Planning & Budgeting system enhanced the quality and precision of the data.
- Repetitive, monthly data extraction became obsolete. Instead, the same interfaces could be employed to formulate reports that were both consistent and less time-intensive.
Outcome:
The transformation was undeniable. Virginia Space was now equipped with a tool that brought efficiency and clarity. Key achievements included:
- The redistribution of budget entry tasks among multiple stakeholders.
- Customized reporting enabled a transparent view into actual expenditure and facilitated an easy comparison between actuals and budgeted figures.
- Virginia Space could now dynamically forecast data, maintaining a 'live' set of numbers updated continuously throughout the year.
- With this newfound ability to track and compare forecasted values, Virginia Space could gauge progress and accuracy across the fiscal year seamlessly.
In recognition of the tremendous value delivered, Virginia Space has further extended its partnership with MindStream Analytics through the AppCare service, ensuring continuous support and assistance for its users.
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