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Revolutionize project planning and capital management with these exciting new tools
The Northspyre team is excited to roll out two amazing new products for our customers. These tools, called Northspyre Plan and Northspyre Plan+, will facilitate early pre-development budget planning, cost reporting, bid comparison, and the vendor selection and management process on behalf of owners and developers in the multi-trillion-dollar commercial real estate industry.
Our cloud-based intelligence platform powers artificial intelligence, automation and data analytics to improve the capital management and project delivery process for teams managing well-capitalized, complex developments. These new products put critical insights and centralized data into the hands of a wider range of users – both large shops and small – allowing development teams to forecast budgets, mitigate risk and kickstart relationships with vendors on the right footing.
Even in the 21st century, with countless technological solutions at our fingertips to improve efficiency and broaden our access to refined, standardized data and analytics, an overwhelming majority of real estate developments still finish over budget and fail to hit financial targets.
Before a real estate development officially breaks ground and construction begins, a massive amount of planning takes place to determine if a project is viable and in line with budget expectations. Project leads are responsible for putting together very time-consuming, complex budgets and running budget scenarios to anticipate possible outcomes, in addition to completing entitlement tasks, acquisition-related tasks, and some pre-construction and design tasks.
Traditionally, all of these tasks and pertinent information are organized across a series of static, fragmented spreadsheets that take hours to update manually, are subject to human error, and do not provide real-time insights into the current status of project budgets. Imagine analyzing thousands of rows of historical data, budget scenarios, ongoing spending data and vendor details to try to derive actionable insights and pre-empt any potential risks. It’s nearly impossible.
Northpyre’s modern, end-to-end solution completely disrupts the inefficient project management methods of the past, which were informed by inefficient spreadsheets and reliance on gut instinct rather than data analytics and proactive warning systems.
- Establish a project budget and complete early project tasks
- Track spending commitments and analyze budget scenarios
- Utilize “Portfolio Cost Analytics Data” to inform budget planning
- Track pre-development and pre-construction timelines and tasks
- Vet vendors, manage RFPs and facilitate vendor selection
- Compare bids (bid leveling) from hundreds of vendors
- Manage vendor contracts, invoices, change orders, etc.
Following the widespread disruptions and challenges induced by the global pandemic, developers cannot afford to continue suffering millions in unnecessary project cost overruns due to mismanaged early-stage planning. Northspyre restores real estate teams’ ownership of pre-development planning, vendor procurement and management, and the overall project delivery process, allowing them to anticipate and mitigate risk by being proactive in their planning rather than reactive.
“Having used the Northspyre platform for our projects under construction, we were excited at the prospect of incorporating Northspyre into our accounting and budgeting process for pre-construction projects,” said Andrew Browning, Forum Investment Group Director of Development. “We have been testing the Early Budget Planning tool in Northspyre, which allows us to easily compare a number of project budget scenarios against actual costs to date with just a few clicks – something that would have taken multiple excel files and hours of time with our typical methodology.”
Ready to take advantage of these ground-breaking new tools?
Tag(s): Real Estate Technology
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