Sophisticated developers understand that half the battle in ensuring a project’s success happens before construction begins. In the pre-development stage, crucial decisions are made: Are you working with the right vendors? Are your vendor bids and contracts airtight to minimize future change orders? Simply put, are you setting yourself up for success? Or are you walking into cost overruns or unpredictable outcomes?
Northspyre is already helping competitive firms get an edge as early as pre-development, empowering you to streamline operations, improve project management, and gain a significant advantage in the market. Our platform’s newly launched AI functionality, along with a whole host of other enhancements, takes your bidding and budgeting process to the next level. These advancements are all designed to help developers proactively address cost-saving opportunities, lower bidding costs, and identify top vendors to work with. The platform’s latest update will empower your team to eliminate scope gaps, find competitive vendor bids, simplify your bid process overall, further integrate with your accounting systems, collaborate more deeply with your vendors, and more.
Discover How Northspyre AI Eliminates Scope Gaps & Flags Cost-Savings Opportunities
Northspyre AI is designed to help your team lower bidding costs, eliminate scope gaps, and remove the guesswork so you can maximize your profits. Modeled with over $175 billion in real estate development projects and hundreds of thousands of project documents, our AI’s predictive algorithm enables developers to cut costs and refine their budget as early as the pre-development stage. Northspyre AI is designed to help development teams meet the challenges of today and gain an edge over peers that are slow to adopt cutting edge technology.
Northspyre AI includes significant enhancements to our bidding platform, empowering you to proactively flag scope gaps between proposals, tap into a vast vendor network to find the best ones to partner with, and recommend vendors based on data and algorithmic models who will bid competitively and help you lower overall development costs.
Here’s a closer look at Northspyre AI’s advanced functionality and how it can supercharge your development process.
AI-Optimized Budgets
With Northspyre’s AI Budget Optimizer, users can now gain critical AI insights directly from Northspyre’s Early Budget Planner, ensuring your budgets stay lean and eliminating any guesswork in the vendor selection process. Starting from the preliminary budget, AI Budget Optimizer estimates how much you can save based on data from our growing vendor database. Clicking on the savings prediction also reveals Northspyre’s recommended vendors that we believe (based on data and timing) are primed to bid low.
Bidding Powered with AI
Users of Northspyre’s Bidding Platform can now harness generative AI to automatically review incoming bids from vendors to identify any potential missing scope or scope gaps. After you send out your RFP and receive your bids, Northspyre AI proactively flags scope gaps between proposals in real-time, eliminating them before they cost you.
With large-scale construction projects often involving hundreds of vendors, countless change orders to address scope gaps can have a material impact on the financial viability of a development project; by eliminating the need for the vast majority of change orders, this functionality is expected to provide developers with savings north of $1 million on large projects.
Vendor Ratings
Northspyre now lets you rate vendors you've teamed up with, creating a handy reference for you and your team for future projects. You have control over sharing your feedback with just your team or the wider Northspyre community, and users who share enough reviews with the larger community will get to see others' insights too. This new feature is designed to make it easier to pick the right vendors by sharing our experiences and learning from each other. Access to vendor ratings will also boost your institutional knowledge, allowing new hires to tap into a record of information when making important decisions around vendors.
Enhanced Scheduling & Collaboration
Scheduling within Northspyre
Northspyre ensures your team can be successful at every stage of the project lifecycle. Our new scheduling features are designed to help you manage your entire project from start to finish with the platform.
Users who leverage Northspyre to manage schedules will now have access to seamless schedule sharing with vendors, driving effective collaboration and reducing the need for tedious back-and-forth communication. You’ll also find newly robust timeline visualizations and reporting capabilities, ensuring your project stays on track and on schedule. Advanced dependency, baseline, and document tracking features can also help you manage budgets and timelines.
Seamless Vendor Collaboration
Northspyre’s latest update also includes highly flexible tools to manage every vendor and create a more streamlined experience for you and your vendors. In the platform, you’ll find new features to help you successfully navigate pay applications and the pencil requisition process. You can also execute permissions of project schedule tasks, and manage bids for your RFP process. Additionally, you can boost communication with vendors via the Vendor Inbox, which allows them to check the status of invoices.
Nexus and RealPage Accounting Integrations
Northspyre is designed to integrate with your existing accounting or financial software to help bridge the gap between financial and project management teams and ensure projects stay on track and on budget. We’re excited to bring you two new integrations as part of our product release.
Nexus
Our three-way integration with Nexus, MRI, and Northspyre empowers you to pay invoices and quickly see your payments populate in Northspyre. You can save money and time by sending invoices over to your accounting software with a few clicks of a button and automatically pulling the payment status up in Northspyre. By doing so, accounting teams won’t need to coordinate which invoices have been paid and which are pending on their own and can reduce the amount of manual work required to copy invoices into an accounting system.
RealPage
Our RealPage integration will provide a seamless way to send invoices directly to RealPage where an accounting team can quickly pay invoices and see that payment back in Northspyre. Exporting invoices can be done the same way as other integrations and the setup is also a similar process. This integration currently only syncs invoices, payments, cost codes, and vendors.
Continued Product Innovation
Northspyre’s latest updates are built with your pre-development process in mind, offering AI-driven features to help you cut costs, streamline bidding, and identify the best vendors for each unique project. Drawing on customer feedback, Northspyre’s new AI-Optimized Budget, Bidding, Scheduling, Vendor Marketplace and Accounting tools can help your development team eliminate scope gaps, enhance collaboration, and bridge financial and project management to gain a strategic edge in the market.
Be on the lookout for more exciting Northspyre advancements over the coming months!
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Real Estate Technology