Schedule Call
Schedule Call

RIOT Platforms

Case Study

Client Name:
RIOT Platforms
Industry
Energy
Solution
NetSuite Planning and Budgeting
Find Out More
Find Out More

Want to find out more about RIOT Platforms's NetSuite Planning and Budgeting project?

1-800-497-0151

Transforming Riot Platforms’ Financial Planning with NetSuite Planning and Budgeting

RIOT Platforms

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, or 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, streamlining financial operations and helping the FP&A team make more informed decisions faster.

As the business expanded, Riot needed tools that could reduce manual reporting work, improve workforce planning precision, and give finance leaders better visibility into actuals and variances in near real time.

Challenges

Prior to implementing NetSuite Planning and Budgeting, Riot Platforms faced several obstacles that made it harder for the FP&A team to operate efficiently. Existing processes were too manual, too spreadsheet-heavy, and not well-suited to a business growing at Riot’s pace.

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.
The finance team needed a more agile way to analyze performance, update plans, and support strategic growth decisions as conditions changed.

Solution

Oracle NetSuite

MindStream Analytics implemented NetSuite Planning and Budgeting to address Riot’s challenges and modernize FP&A operations. The goal was to automate reporting, improve planning detail, and give the finance team faster access to trustworthy data.

The new environment was designed to reduce manual effort while increasing flexibility. By improving the connection between planning inputs, actuals, and reporting outputs, Riot gained a more responsive finance platform that could better support a fast-moving business.

Automated reporting transformed Riot's reporting processes, enabling the team to capture actuals and track variances in greater detail.
Reports can now be refreshed instantly, allowing rapid analysis of actuals, forecasts, and budget variances.
Enhanced workforce planning through flat file integration allowed employee-level details to be updated and reflected in the profit and loss forecast more easily.
Real-time insights made it possible for the Riot team to analyze financial data in seconds and make on-the-fly adjustments to forecasts and budgets.
The solution created a stronger foundation for continued optimization inside NSPB as Riot advanced beyond Phase 1.

Results

The implementation of NetSuite Planning and Budgeting delivered substantial benefits for Riot Platforms. The FP&A team gained a faster, more accurate, and more scalable way to manage planning and reporting in support of the company’s continued growth.

The project also laid the groundwork for future workflow improvements, giving Riot a more flexible platform for ongoing finance transformation.

Increased efficiency. Automated processes reduced the time spent on manual reporting, allowing the FP&A team to focus more on strategic analysis.
Improved accuracy. Real-time data updates ensure that forecasts and variances are based on the most current and accurate information available.
Enhanced workforce planning. Employee-level insights are now integrated more seamlessly into financial models, improving the precision of workforce forecasts.
Future planning momentum. Building on the success of Phase 1, Riot Platforms is now planning Phase 2 in partnership with MindStream Analytics to optimize workflows directly within NSPB.
Through the implementation of NSPB, Riot transformed its FP&A operations and positioned the finance team to better support growth, efficiency, and financial precision in a fast-paced industry.

Future Plans

Future planning momentum. Building on the success of Phase 1, Riot Platforms is now planning Phase 2 in partnership with MindStream Analytics to optimize workflows directly within NSPB.

Through the implementation of NSPB, Riot transformed its FP&A operations and positioned the finance team to better support growth, efficiency, and financial precision in a fast-paced industry.

What was the main planning pain point for RIOT Platforms?
The company relied too heavily on Excel-driven budgeting, forecasting, and reporting processes.
How did reporting change after NSPB?
Reporting became automated and instantly refreshable, making it easier to analyze actuals, forecasts, and variances quickly.
What improved in workforce planning?
Employee-level details could flow into the profit and loss forecast more easily, improving planning accuracy and detail.
What comes next for RIOT Platforms?
Phase 2 is focused on optimizing workflows directly inside NSPB to extend the gains from the initial implementation.