Optimizing the Quotation Process with Parspec

By Line Goyette

According to Luli Maurino, Strategic Growth Manager at Parspec, the platform was initially tailored for distributors’ and rep agencies’ workflows. “However, we do offer demos to contractors and specifiers and work with them to explore the opportunity of collaborating. It very much depends on their specific needs and processes. Lighting Sales Agencies are using Parspec to streamline their submittal process, and some of them are using our crossing tool to cross-reference products.”

What is Parspec?

Founded in 2021 and headquartered in San Mateo, California, Parspec’s AI-powered platform significantly reduces the time required to quote and prepare submittal documentation, enabling customers to bid on more jobs, increase hit rates, and boost operational efficiency. The company is supported by leading AI and construction technology venture investors, including Innovation Endeavors and Building Ventures.

In Luli Maurino’s words, “Parspec is a technology company focused on streamlining the procurement process for construction materials, starting with lighting and electrical products. The platform was adopted by industry leaders and trailblazers because Parspec is revolutionary and versatile, suitable for projects of all sizes,” said Maurino, quoting one of Rexel’s Quotations Managers. “It will only add to the company’s efficiencies and customer value-added services.”

Maurino continues, “Our industry is limited by labor-intensive, paper-heavy processes. Much of this inefficiency stems from the complexity driven by a very high volume of products—over 4 billion SKUs—with product data that’s siloed across thousands of manufacturers. There’s no standard product representation, product specifications are difficult to parse, outdated products are recommended, and better product alternatives are missed. As a result, many rep agencies and distributors have to be selective about the opportunities they pursue. Parspec users are able to decrease their time to quote or create submittals and O&Ms by upwards of 50%. Additionally, by supplying higher-margin products and products their customers are more likely to accept, Parspec users are also seeing an increase in revenue per project.”

How Does Parspec Work?

Parspec’s web-based application leverages proprietary NLP and computer vision models to instantly identify all product options that meet design specifications and other requirements. This enables users to deliver a professional quote and associated project documentation in far less time than previously possible. But what about AI? “AI is not intended to replace the role of the sales or quotation specialist in this application. It is intended to provide the user with better information about the options available. For example, which products are spec compliant, which meet the project budget and lead time requirements, and which have been accepted by that customer and designer or engineer in the past. Parspec’s goal is to make our users and to empower them to better serve their customers.”

How can I learn more?

Read more: Project Quotations Made Easier … with Parspec – Electrical Trends

Recommended Next Steps

1. Distributors, reps, and lighting agents looking to support their quotations teams, whether they be at the branch or centralized, should learn about Parspec’s tool, Click here to video a 5 minute video … or better yet, have your quotations team look at it and ask them “would this help you?” and “should we learn more?”
2. Recently Parspec held an online 45-minute platform demo. Click here to view the platform demo (it starts at the 6:00 mark, and it’s “raw” and unscripted) without the pressure of a salesperson walking you through it. This way you’ll be more informed and have questions ready for when you talk to them.

For more information, contact Luli Maurino, Strategic Growth Manager, at luli@parspec.io.