CEO Insights Magazine

Leaders in the construction industry need a mix of qualities to push for digital change. They need to have a clear vision to tackle future problems and the technical skills to put new ideas into action. Being entrepre-neurial helps them come up with new ideas, and a strong passion for making a difference drives real change. Working well with others encourages teamwork and different ways of thinking, and a dedication to doing things well ensures high standards. Together, these qualities empower leaders like Pratyush Havelia to move the industry forward into a new digital era.

Pratyush Havelia is the pioneering Co-Founder and Chief Technology Officer (CTO) behind Parspec, a trailblazing force in revolu-tionizing the construction industry through AI and automation. With a visionary outlook and a relentless drive for innovation, Pratyush stands at the forefront of reshaping traditional construction practices into digitally empowered solutions.

Below is an excerpt of Pratyush Havelia’s exclusive interaction with CEO Insights magazine.

Could you give a brief account of your professional background and experiences? What is the motivation that fuels your daily routines?

Having a family background in construction and a deep personal affinity towards software, I was interested in the nexus of construction and technology since I was very young. My path started taking a concrete shape when I went to Stanford University in 2013 to study Sustainable Design and Construction, where I was surrounded by a diverse group of people who encouraged collaboration. In this mix of different fields, I became particularly interested in using software to improve construction efficiency. I worked closely with Dr. Forest Flager on research focused on creating optimization algorithms to change how steel structures are designed, challenging the usual methods.

This project’s promising results not only excited us, but also made us think about how we could use our findings to optimize processes in the construction industry more widely. With a solid background in construction and tech-research, and a passion for innovation, my co-founder and I set out on a mission. Together, we started Parspec - a digital platform that optimizes building product procurement processes by giving stakeholders easy and structured access to important and reliable up-to-date product information. We're dedicated to transforming the industry through our product offerings and our commitment to innovation.

How do you assess market viability for digital solutions in the construc-tion industry and foster an innovation culture?

When evaluating if a particular set of digital solutions can work in the construction industry, a few important things matter. Firstly, it's crucial to clearly understand the problem we're trying to solve and what is the expected ROI for potential customers. Next, it is vital to validate the solution and ROI expectations thoroughly with a sizeable set of beta-customers. During this validation phase, it is critical to adopt an iterative culture where we can cycle fast through solution adjustments and make incremental improvements to the product.

These fast and meaningful iteration cycles drive innovation in the organization culture via motivation derived from the increasing quality of results. A few factors that complement this approach are; industry-specific experience, a wide network with potential beta-customers, a highly-driven team who wants to move fast, and effective leadership to move things in the right manner.

Tell us about your leadership approach. What are the guidelines or methodologies you follow as a leader?

I believe effective leadership is influenced by various factors such as the problem statement at hand, the team's size and composition,

and the goals of the organization. Leading a predominantly remote team of software developers and product managers in India has taught me valuable leadership lessons. A core aspect of impactful leadership is hiring the right people, especially during rapid team expansion phases, and understanding their strengths, values, and skills.

I heavily prioritize hiring top talent and fostering a supportive culture for their growth.

Additionally, motivating team members, providing constructive feedback, and fostering open communication are essential aspects of my leadership approach. On top of this, discerning both strategic and tactical priorities is crucial amidst numerous tasks, ensuring efficient resource allocation. By following these principles and thus maintaining the satisfaction and drive of our team, we create an environment where everyone is motivated to collaborate, tackle significant challenges, and achieve our collective objectives.

What is the future destination you are heading toward?

As I look ahead, I'm excited by utilizing the potential of technology to disrupt in efficiencies in the construction industry. I've spent more than a decade working in this field, and I believe now is the perfect time for big changes. Technology is getting better fast, and more and more decision-makers and supporting investors are interested in its application in construction. My goal is clear: to be a leader in making construction more efficient.

With a great team and the latest AI and web crawler technologies, we're already seeing real results. Our tools are making work easier, cutting the time needed by 50 percent to 80 percent, and getting people excited about what's possible. In the next 5 to 6 years, I envision a big change, making construction more efficient and profitable for all stakeholders. With passion and hard work, I'm dedicated to making the future of construction better through Parspec, bringing progress and success in the years ahead.

Pratyush Havelia, Co-Founder & CTO, Parspec

Pratyush Havelia, Co-Founder & CTO of Parspec, is a visionary leader pioneering digital transformation in the construction industry. With a blend of technical expertise and entrepreneurial spirit, he drives innovation, fostering collaboration and excellence. Havelia's passion for impactful change reshapes the future of construction.