Streamlining Financial Operations in Global Rewards

About Virtual Incentives

Virtual Incentives is a fintech company that operates at the intersection of motivation and finance. Virtual Incentives provides businesses with tools to reward employees, research participants, and motivate stakeholders through digital incentives. Its complex business model is transaction-based, focusing on gift card issuance, yield management, and leveraging partnerships with financial entities.

Challenges

Data Integration and Reporting

Before implementing Mosaic, Virtual Incentives relied heavily on manual data manipulation. They spent countless hours aggregating disparate data sources into coherent financial reporting packages. Creating an accurate forecast was also challenging due to the transactional nature of their business, where revenue recognition depends on estimated usage and yield.

Forecasting and Financial Modeling

The company needed a more dynamic approach to forecasting, especially around yield calculation from incentive issuance, which is complex and requires significant manual efforts.

Solution

An Integrated Tech Stack Powering Accurate Forecasting

Virtual Incentives connected Mosaic to their data warehouse (Snowflake) to bring in usage data and combined it with sales pipeline data from Hubspot and ERP data from Quickbooks (QBO) to build accurate and automated expense and revenue forecasts.

Custom Metrics and Reporting

They customized Mosaic to handle unique metrics like yield rates on issued incentives, which was crucial for accurate revenue forecasting. The platform helped in creating department-level dashboards, offering insights into actuals versus forecasts for performance against their plan.

Rapid Deployment and Adoption

The CFO highlighted the speed at which Mosaic was implemented and started providing value, noting that within weeks, they could produce departmental reports and strategic insights which were previously time-consuming or unfeasible with existing tools.

Impact

Time Savings

The CFO estimated that Mosaic could save up to 50% of the time typically spent on monthly reporting emphasizing the platform’s efficiency in reducing manual data manipulation.

Enhanced Data Utilization

By integrating directly with QBO, HubSpot, Snowflake, Virtual Incentives could automate data updates, reducing the need for manual CSV file handling and ensuring daily updates for more current financial insights.

Improved Forecasting

Mosaic’s capabilities allowed for more nuanced forecasting, particularly in managing expectations around yield from incentive issuance.

Scalability and Flexibility

The solution was adaptable to the unique needs of Virtual Incentives’ business model, which isn’t typical SaaS but rather transaction-based, demonstrating Mosaic’s versatility across different industry models.

User Experience

Positive feedback on the Mosaic team’s support, with specific mentions of helpful setup and training sessions which facilitated quick adoption and effective use of the platform.

What’s Next

Virtual Incentives aims to enhance their use of Mosaic by improving data integration from Snowflake, refining their forecasting model with cleaner HubSpot data, and expanding the use of custom metrics tailored to their business model.

Final Word

Mosaic can be tailored to serve businesses with complex, transaction-based revenue models, providing not just operational efficiency but also strategic insights that drive business decisions. The quick setup, intuitive interface, and robust integration capabilities make Mosaic a valuable tool for mid-market companies looking to elevate their financial management practices.