Company Research Report: Parspec, Inc.
Company Overview
Name
Parspec, Inc.
Mission
No information is available.
Founders and Founding Year
No information is available.
Key People
- Ben Kanellitsas, Head of Operations
- Netesh Gohil, Vice President of Operations at SESCO Lighting (Key client testimonial)
Headquarters
No information is available.
Number of Employees
No information is available.
Revenue
No information is available.
Known For
Parspec’s dynamic product database and AI-powered workflows allow electrical product experts to move faster, win more bids, and make their team’s jobs easier by supporting product selection, quoting, and submittals.
Products
Product Finder
Description: Quickly select products your customer is more likely to accept.
Key Features:
- AI-powered identification of spec-compliant alternates.
- Understanding customer preferences to identify the best option.
Quoting Tool
Description: Enables smarter quoting by innovating product selection and pricing technology.
Key Features:
- Allows your team to bid more and win more effectively.
Submittals + O&M’s
Description: Automates document search, markup, and package composition.
Key Features:
- Create accurate, professional submittals and O&Ms in minutes rather than days.
Recent Developments
New Products Launched
- Multi-Quote feature introduced in May 2024.
- Full Platform launched, including comprehensive tools designed to enhance the overall experience with Parspec (February 2024).
- Product Finder and Quoting tools introduced (January 2024).
New Features Added to Existing Products
- April 2024 Update: Added advanced features like Email Integration, an improved Bid Board, and enhanced annotation features.
- O&M Workflow and Credits Update: Significant updates to the O&M workflow, transitioning it from Beta to a fully functional tool (October 2023).
New Partnerships and Certifications
- SOC2 Type 1 Certification: Parspec renewed its SOC 2 Type 1 compliance as of August 29, 2024.
Customer Success Stories
SESCO Lighting
- Challenge: Needed to improve the speed and quality of their submittal process.
- Outcome: Reduced submittal turnaround time by 50%, improved alignment and adoption across 124 users in 23 locations.
CED National Accounts
- Challenge: Outdated submittal process hampering project operations.
- Outcome: Increased submittal capacity by 50%, improved profitability and competitiveness.
Independent Electric, a Sonepar Company (IES)
- Challenge: Needed to streamline a time-consuming submittal process.
- Outcome: Achieved a 50% faster turnaround for submittals, improved overall submittal quality, and reduced workload.
Graybar
- Challenge: Manual submittal process was labor-intensive and led to reduced productivity.
- Outcome: Saved 70+ hours monthly, achieved a 14x ROI, and significantly reduced submittal turnaround times.
Conclusion
Parspec provides various tools that help electrical product experts and distributors streamline their operations, improve productivity, and enhance profitability through innovative AI-powered solutions. The company's key product offerings include a dynamic product database, tools for product selection, quoting, and automated submittals, all designed to break through productivity barriers and increase market competitiveness.
