Better Management of Vendor Relationships The mismanagement of vendor Peter Chavkin, the managing member of relationships, including invoices, change Real Estate Ventures, shared an orders, and COIs, can end up costing illuminating anecdote in which a development teams substantial time and counterparty on a project reached out money. Automation can help prevent because the developer had agreed to buy manual errors and margin losses that them an insurance policy. Chavkin, who endanger a project’s budget. The remembered the name of the insurance Northspyre platform syncs with established broker and was certain the policy had email-based workflows to extract data already been purchased, couldn’t find the from incoming project documents and exact documentation. Instead of organizes them into easily understandable purchasing a whole new policy, which dashboards that track project information would have resulted in a $250,000 loss, the across your portfolio. By capturing developer was able to use Northspyre to essential information from invoices and search for the broker’s name in the vendor other documents automatically, summary and get the original policy to the developers can ensure all project data is counterparty. accurate and up to date, preventing any unexpected costs or overruns. 23