Virginia Department of Treasury
Case Study: Virginia Department of Treasury
The Treasury had a trove of data that could provide valuable insights to agencies across the Commonwealth — but no method to analyze or share it. Treasury employees relied on excel spreadsheets and other manual processes for data analysis, and even simple reports took days or weeks. The Treasurer envisioned an enterprise-wide analytics program, but had been looking for the right analytics tool for nearly two years.
The GCOM team developed a roadmap to achieve the Treasurer’s goals and launched an enterprise-wide data analytics system. In less than 24 months, we developed and deployed 12 data analysis and visualization applications that enabled non-technical users to easily unlock the value of the data. Additionally, an executive dashboard provided the management team an instant snapshot of the most important metrics across the entire organization.
The applications expanded each division’s ability to gather information from multiple sources, analyze trends, and use the data for strategic decision making. These capabilities enabled improved customer service and more effective responses to stakeholder questions.
Departments within the Treasury can now identify the percentage of unclaimed property claims paid within 60 days, the amount of debt issued by program or year, and the amount of cash available, types of investments, and the rate of return on investments.
The Treasury also achieved a 35% increase in the number of unclaimed property claims paid in the fiscal year, and reduced the time required to respond to the legislature’s budgetary question from two weeks to 12 minutes.