Business Value from Contracts Intelligence
Pramata’s Contracts Intelligence solution creates tangible, quantifiable business value. Accurate, timely insight into your business relationships can result in increased revenue, protection of existing revenue streams, improved efficiency, and better risk management.
Here are ways Pramata customers are getting business value from Contracts Intelligence today.
Grow and protect your revenue
Increase revenue. In many businesses, new revenue comes from current customers, so visibility into existing relationships is as vital to increasing sales as is information about new prospects. Without access to contracts information, millions of dollars may be “left on the table” in the form of undiscovered opportunities.
Prevent revenue loss. Accurate, up-to-date information on delivery dates, notices, service levels, and other revenue related provisions can prevent revenues falling short of what’s been contractually agreed. Detailed reporting of expiration and renewal provisions can provide information critical to the design and execution of customer retention campaigns.
Improve sales effectiveness. Sales people want to sell, not chase data. Contracts Intelligence delivered directly to account executives reduces the time they spend searching for and reviewing account information. This frees up sales capacity and enables these expensive and critical resources to focus on business growth. Reduce time spent looking for and deciphering contract information.
Improve operational efficiency
Reduce cost across the enterprise. Contract Intelligence available on demand to the entire organization can dramatically lower costs and reduce redundant work. By finding needed contracts information in minutes, rather than in days or weeks, functions across the entire enterprise can improve their performance and efficiency. Time spent reviewing contract and entering data into various systems is elimated using Pramata’s Intelligent Extraction process.
Improve legal processes. Contracts Intelligence helps legal and compliance improve internal processes, as well as their service to client organizations. Contracting policies and practices are continually improved and deseminated. Adherance to new policies and practices can be monitored. Legal teams spend far less time answering contracts-related questions from people across the company.
Improve finance processes. Detailed and timely insight into product, pricing, delivery, and other terms supports financial reporting activities. More favorable payment terms for both accounts payable and receivable can be created and monitored. Potential revenue recognition complexities in contracts can be identified quickly. Closing and audit processes are streamlined. Billing errors and disputes are reduced.
Identify risks & manage your exposure
Visibility into the potentially risky aspects of your business relationships can help you to assess and mitigate exposure. With the right insight, people across the organization make better, more informed decisions. Protect your company’s intellectual property by reviewing patent, copyright, and other licenses. Prevent IP infringement risk by monitoring your in-bound technology and other licenses. Ensure compliance with price protection commitments. Identify and manage non-standard terms. Ensure compliance with corporate contracting policies, especially with respect to matters such as warranties, indemnification, and dispute resolution.