The Challenge
Manufacturing industry productivity has been growing exponentially over the last 20 years, but the construction industry has remained flat. Even though construction makes up 10 percent of the U.S. GDP, studies show the construction industry is among the least digitized industries. In order to move the needle and stop the productivity drain, Ernest Semerda and Dmitry Birulia founded Veryfi. This automation platform augments construction teams with smart mobile AI tools to boost productivity. The solution automates bookkeeping, project logging, and time tracking, and connects office stakeholders with real-time data from the field teams to improve job costing accuracy and enhance decision-making. In addition to mobile digitization, the Veryfi team sees machine automation as a valuable way to boost construction productivity, since it alleviates the pains of manual digital tasks like data-entry, coding, time sheets, reporting, and more. But for machine automation to be successful, it requires data. Plenty of data. Veryfi needed a financial data aggregation platform to gain access to financial data on a massive scale. While Veryfi tried a number of data aggregation platforms, they found the data connections limited and global coverage lacking.
The Envestnet | Yodlee Solution
When Veryfi discovered the Envestnet® | Yodlee® Financial Data Platform with its massive data network, they quickly saw the advantages. By integrating the Envestnet | Yodlee Platform API into their software, they were able to leverage all the user permissioned data that was needed from credit cards and banks all over the world – without having to obtain this data themselves or spend time building this functionality into their app. Veryfi also found the quality and freshness of Envestnet | Yodlee data far surpassed the data from other aggregation providers, thanks to Envestnet | Yodlee’s Transaction Data Enrichment. By partnering with Envestnet | Yodlee, Veryfi was able to seamlessly connect to banking data, gain unique insights about their customer base, and benefit from Envestnet | Yodlee’s data reliability, coverage, and support. “We tried other data aggregation providers, but none came close to offering the reliability, global support, and sheer number of banking connections that Envestnet | Yodlee did, " said Ernest Semeda, Co-founder, Veryfi. "Envestnet | Yodlee allows us to work at 100 percent capacity, all over the world.”
Proof Points
Veryfi sees Envestnet | Yodlee as an important data aggregation partner in its mission to digitize and automate the construction industry worldwide. The company participated in the Envestnet | Yodlee Incubator Cohort 4 and found it to be a valuable way to strengthen their relationship with Envestnet | Yodlee and gain additional support. See Veryfi’s presentation at Envestnet | Yodlee Demo Day here. If you’re an entrepreneur with an idea to leverage financial transaction data, applications for the Envestnet | Yodlee Incubator's next cohort are now open. You can start your application here. Applications close September 14th, 2018 for the class beginning in January 2019.
