Many real estate professionals continue to rely on traditional cost tracking and project reporting methods – like complex spreadsheets and legacy desktop applications – without realizing how they detract from the success of a project or portfolio.
Think: your project teams are highly skilled, highly capable and give 150% to their work – shouldn’t their tools + technology match that level of expertise and dedication? By better understanding how spreadsheets and legacy applications may be letting your team down, you’ll notice that a more modern solution could help set you on the path to delivering projects on-time and on-budget with less friction.
|Blind Spot||Spreadsheets||Legacy Applications||Northspyre|
|1||Responsiveness||Static data that must be updated manually and becomes outdated quickly.||Static data that must be updated manually and becomes outdated quickly.||Live, real-time data that is constantly up-to-date.|
|2||Accessibility||Back-up documents are stored + filed separate from financials.||Back-up documents are stored + filed separate from financials.||All critical documents and data (contracts, invoices, COIs, calculations, etc.) are smartly indexed + searchable. Have difficult questions? Get quick answers.|
|3||Versatility||Larger, complex projects become too overwhelming for simple spreadsheets, which can lead to a chaotic – and error-prone – web of cost tracking across multiple tabs and files.||Rigid templates and budget categorization schemes are not adaptable project-to-project, based upon size, scope and scale.||Highly adaptable technology services a wide breadth of project sizes (budgets from $100K – $1B+) and types including, but not limited to, ground-up development, multifamily, mixed-use, industrial, retail + office fit-outs, corporations, and museums.|
|4||Data||Historical data lives in old documents and is rarely leveraged to inform current and future decision-making.||Historical data lives in old files and is rarely leveraged to inform current and future decision-making.||Valuable, proprietary data from past projects is leveraged for better, faster + smarter decision-making across an entire portfolio in real-time.|
|5||Ease of Use||Must be well-versed in how to create accurate, complicated formulas.||Expensive consultants and lengthy training (usually several months) needed to properly set up + gain value from software (meaning only a handful of individuals are true experts, which is an issue if that talent ever leaves).||Northspyre’s philosophy: users should be able to experience 90% of the platform’s value within 15 minutes via its intuitive user interface + proactive intelligence guides.|
|6||Transparency||Information lives within a complicated interface and is often siloed between departments (usually project teams, accounting + management), which limits access to key details.||Usually only one or two employees have log-in credentials and manage all project information, making it difficult to share information quickly + freely.||Project teams are in the driver’s seat, owning log-in credentials and the ability to quickly share project details in real-time with management teams, JV partners, clients + other key stakeholders.|
|7||Visibility||All project data is masked within dozens (or more) of inconsistent spreadsheets built by different team members that do not offer a clear picture of project status.||Project data is maintained in glorified spreadsheets that do not provide a holistic view into project or portfolio status.||Users have access to real-time data and project status 365 days a year, with the ability to review an entire portfolio from a high-level or drill down into more granular detail with just a few clicks.|
|8||Flexibility||Budget lines and overall formatting must be manually tailored to each individual project, and involves complex formula work that can easily lead to inconsistencies + errors.||Very rigid chart of accounts + budget categorizations (that cannot be altered easily once implemented) perpetuate reliance on a single company-wide template for all projects (which isn’t friendly to project nuances).||Custom budget categorization schemes at start of project are easily modifiable as things change – for all project sizes + complexities – without worrying about errors or time spent creating new templates or charts of account.|
|9||Human Error||Prone to broken formulas, version control issues + extra time spent on double-checking work.||Users rely on data entry and complex, dated software, which opens the door for mistakes + errant input/ output of information.||Data entry is eliminated and administrative tasks significantly reduced, taking human error out of the equation.|
|10||Product Support||Your team is your own support. Instead of running projects effectively, hours are wasted resolving formula errors, reconciling values + building or updating spreadsheets to get to better outcomes.||Very limited product support that can take days to weeks for a response, let alone action to solve your issue.||On average, inquiries are addressed same-day (with no more than a 24 hour delay during M-F business days).|
Real estate project management is inherently complex, but it doesn’t have to be a headache. Never feel like you’re blindly running your project again. Leverage the power of automation, data analytics and proactive intelligence to achieve predictable outcomes + deliver projects on-time and on-budget. Upgrade with Northspyre.