NEW YORK--(BUSINESS WIRE)--Today Northspyre, a real estate development platform designed for real estate project teams to deliver asset management, capital, and development projects on time and on budget, announced the launch of Northspyre 2.0 – an enhanced and more sophisticated project delivery platform tailored to meet the needs of new and existing customers.
Northspyre 2.0 delivers a series of product updates informed by customer feedback that enables development teams to more accurately manage project budgets, such as eliminating potential cost overruns and conflicts, streamlining financial reporting, and improving exposure and change order functionality. Together, this series of product updates will enhance the user experience and increase platform flexibility for all development team members.
The launch of Northspyre 2.0 comes after the unveiling of Northspyre's “Real Estate Development Command Center” earlier this year, which expanded the platform’s core functionality to solve for every touchpoint within the development lifecycle, including budget forecasting precision and vendor management, serving every member of the development team from the top down.
“As the commercial real estate industry continues to navigate persisting market headwinds and capital market volatility, we at Northspyre have heard directly from our customers about the challenges they continue to face and how our platform can best serve their teams on a daily basis,” said William Sankey, Co-Founder and CEO of Northspyre. “Developers across the industry are operating with leaner teams in a hyper competitive market and are actively seeking ways to better anticipate project costs and reduce overspending to make deals pencil. The need for increased transparency and more sophisticated reporting for financial stakeholders is also driving new business for Northspyre in the current climate. Our platform's ability to provide real-time line of sight into the status of budgets, while mitigating risks to facilitate the on-time and on-budget delivery of new projects is what enables our customers to remain agile as they adapt to shifting market conditions.”
The newly enhanced Northspyre 2.0 includes updates to the following features:
- Anticipated Cost Report (ACR): Empowers highly effective project leads to forecast where their project is headed by leveraging automation and early warning alerts to proactively identify budget challenges. The updated ACR gives teams greater visibility into contingency and funds availability, allows users to compare changes to their project forecast from period to period, streamlines every aspect of budget control and offers easy click-thrus to back-up documentation in one place.
- Data Index: Data-driven real estate teams need fast, easy access to information and critical documents to make smarter decisions. The Data Index organizes key data points like invoices and contracts, allowing teams to answer difficult questions quickly, manage potential costs, and audit what has happened on their projects. The new Data Index lets developers search, filter, and analyze project data, while getting access to relevant PDFs, approval workflow histories and payment data.
- Data Inbox: The Data Inbox automatically extracts and captures data from hundreds of incoming emailed documents while categorizing them across your budget in seconds. Modern developers can now focus on the strategic direction of their projects instead of getting bogged down with manual data entry and time-consuming file uploads. With the updated Co-Pilot Analytics tool, developers can also easily manage cost overruns and conflicts through distinct visual alerts that highlight conflicts for faster, easier resolution.
- Copilot Analytics: Copilot Analytics helps teams proactively cross-reference incoming data with project budgets and vendor contracts to ensure that your project stays on budget and on track. With updated Copilot Analytics, developers can also easily manage cost overruns and conflicts through distinct visual alerts that highlight conflicts for faster, easier resolution.
- Universal Search: The Universal Search feature will allow users to locate and access every document and report across a portfolio in seconds. A simple but sophisticated tool helping developers streamline every aspect of their workflow.
- Enhanced vendor tools and collaboration: Developers work with dozens if not hundreds of vendors. Northspyre 2.0 gives project leads critical data and contextual information needed to manage vendor performance without the legwork. It also brings in-app collaboration with your vendor via our new vendor portal that gives them updates on the status of their invoices, allows you to more seamlessly share files, track RFP and bid responses, and manage their construction pay apps each period. This marks the beginning of a major investment by Northspyre in building tighter collaboration with all the stakeholders developers rely on to get projects built on-time and on-budget.
Sankey adds, “Northspyre 2.0 will allow customers to further refine their budgeting, reporting, and project management capabilities through a simplified, impactful interface with an intuitive redesign that offers even greater ease of use. It is our mission to continuously improve the real estate development process with the overarching goal of enabling developers to deliver their complex projects on time and within budget.”
Northspyre is the real estate industry’s first purpose-built intelligence platform for real estate owners and developers managing complex projects such as ground-up developments, fitouts and major renovations across all asset classes, including multifamily, office, retail, hospitality and mixed-use. Northspyre began servicing customers in the New York and Boston markets four years ago. Since then it has developed a national footprint, attracting the attention of developers in every major metro area in the country.
Northspyre is a cloud-based intelligence platform that empowers real estate professionals to make proactive, data-driven decisions on development, capital and asset projects across real estate project types. Created specifically to meet the needs of owners, developers, project management firms and internal real estate teams, Northspyre leverages the power of automation, data analytics and artificial intelligence to deliver projects on time and within budget. Northspyre’s technology is dedicated to helping teams deliver even the most complex project or portfolio on-time and on-budget. Since 2017, Northspyre has facilitated more than $175 billion in client projects. To learn more, visit www.northspyre.com.