Top-down contract management doesn’t work in the healthcare industry. See how starting with a clear view of every contract translates into structural success.

Prior to being named Vice President of Strategic Solutions and Alliances, Derman led customer success programs at Salesforce and IBM.

With the rapid evolution of AI-powered contract management, organizations are discovering powerful complementary solutions to complex challenges that once seemed insurmountable. One of these challenges is the increase in contract volume and complexity that comes along with M&A activities. Pramata continues to lead this innovation wave by enhancing existing CRM investments, particularly for Salesforce organizations.

Disorganized contracts cost your business more than you realize. Contract chaos can silently drain revenue through overlooked price escalators and unenforced commitments, drive unnecessary spending via accidental renewals and duplicate vendors, and ultimately derail digital transformation efforts by undermining Contract AI initiatives. Discover how transforming contract management from static storage into a dynamic Knowledge Engine can eliminate these hidden costs and turn contracts into a strategic advantage.

In today’s fast-paced business environment, legal teams are under constant pressure to do more with less. The sheer volume of contracts that need to be reviewed, managed, and analyzed has pushed many legal departments to embrace artificial intelligence solutions. 

With the rapid pace of AI in contract management, everyday brings new and exciting solutions to challenges that once seemed nearly impossible to solve without an immense level of time and effort. From Legal to Procurement to Sales and beyond…Contract AI is changing the game in contract management and Pramata is at the forefront of these innovative times. In this blog series, Pramata’s Chief Solution Architect, Tom Guhin, an expert in the contract management industry for nearly two decades, will be sharing real world stories from the field around contract challenges, AI solutions, and more.

As an AI-powered speech intelligence company, Verbit knows the transformative power of innovative technology. JP Son, Verbit’s Chief Legal Officer, and his legal team were keen on finding a contract management provider who could solve their long-standing pain points with contracts, while demonstrating a clear commitment to incorporating the latest in AI technology to bring value to its clients.

When Managed Health Care Associates (MHA), the largest alternate site group purchasing organization (GPO) in the U.S., faced mounting challenges with their legacy contract workflow system, they knew it was time for a change. While the company had successfully used Pramata for post-signature contract management, its pre-signature workflow tool was causing significant disruptions across the organization. By adding Pramata’s pre-signature functionality and embracing its Generative AI powered solutions, MHA achieved end-to-end efficiencies across every part of the contract lifecycle. 

Today’s contract AI solutions will enable modern-day legal teams to focus on big picture strategies and leverage contract data as the business-critical asset it is.

From solo general counsels to heads of large legal teams, the role of “Legal” is changing. The value Legal brings to an organization isn’t simply in its ability to negotiate contracts – although that’s still extremely important – but true legal “leaders” bring so much more to the table.

Pramata’s Chief Revenue Officer shares his biggest takeaways from the 2024 Association of Corporate Counsel National Meeting.

Pramata’s Generative AI-powered contract management solution extends the value of contract data beyond the legal department to drive measurable business outcomes

In-house legal teams spend a great deal of time negotiating contracts. Whether it’s with brand new customers, customer renewals, vendors, employees or any other contractual relationship, negotiation is a vital part of the job. Naturally, this leads to a lot of redlining activity. And that means legal teams are often seeking a tech tool to simplify and shorten the redlining process.

When you think about contract management, and what it looks like to use a contract lifecycle management system (CLM), you’re likely imagining the very basics – like being able to search through a digital repository of your contracts and locate a specific agreement quickly.

Salesforce CEO Marc Benioff criticized current AI Copilots, likening them to the ineffective “Clippy.” He emphasized the importance of data grounding in accurate, organized enterprise data to transform AI effectiveness. At Pramata, we’ve learned there is a very specific way of doing this data grounding that will lead to huge wins for our customers—especially those who want to use AI to access the data from their contracts to perform sophisticated business analyses.

As an attorney who’s worked in CLM software for the last three years, I have a unique perspective on what goes into contract management from both the user and the technical sides. One thing I’ve seen over and over is software promising to make contract management easy for legal teams and other users, both when it comes to getting started and in terms of ongoing upkeep and use. I’ve also seen a pattern of most CLMs falling short of this pledge.

Contract management is already complex for multinational corporations. Manual processes, a lack of centralized systems and no way to report on performance can make it even more of a challenge. Learn how one Legal Ops Professional jumped over these contract management hurdles using Pramata.

Request, generate, negotiate, sign, review, analyze, and so on… In an ideal world, contract workflows should move like a well-oiled machine from pre-signature to final execution, renewals, and beyond. And, if they don’t, the consequences can range from employee burnout to revenue loss. In this quick story (anonymized to protect the innocent victims of contract chaos) one VP of Legal Operations got his company’s contracts under control with the help of Pramata.

The world is still reeling from the recent CrowdStrike outage, which brought entire industries around the world, from airlines to healthcare, to a grinding halt on July 19, 2024. Unlike previous headline-making cyber-events, this wasn’t an attack. It was merely a glitch in what should have been a routine software update the vendor automatically rolled out to customers worldwide. 

Forget everything you think you know about contract lifecycle management (CLM) software. Pramata is the radically simple, radically different and radically powerful alternative to other CLMs.

It might sound counterintuitive, but one of the biggest driving factors for technological innovation is to make the world a better place for humans. After all, if we give technology the most time-consuming, the most difficult, the most boring and the most tedious parts of any task, we’re giving the humans involved more time and capacity back to do the parts of the job only they can do.