5 CLM Myths Pramata Proves Wrong

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.

In the world of CLMs, there are a lot of lofty promises. Unfortunately, reality often doesn’t measure up. For example, you may have heard software vendors claim that they do the heavy lifting for you, only to find out it’s an empty promise. At the end of the day, it can feel like finding a CLM that does what it claims is just a myth – a unicorn of your Legal world. 

But Pramata is different! 

Here are five things you thought were CLM fantasy that Pramata makes a reality. 

1. My CLM requires me to have a comprehensive pre-signature workflows setup if I want robust reporting on the back-end 

Nope! Not with Pramata. 

Many of our clients use our platform specifically for reporting and contract data analysis, without ever having a workflow setup in our system. Because of our human-assisted-AI approach, our customers can trust that the data in their reports is up-to-date and highly accurate.

Even better, if-and-when customers are ready to build workflows and set up their pre-signature process, they have a unique advantage with Pramata, and are able to utilize past agreement data every step of the way!   

2. I have to spend months tagging my contracts’ metadata

Not true! 

Pramata’s proven technology, along with a team of legal and contract experts, do the work for you – resulting in every contract’s key terms extracted with over 99% accuracy with no manual intervention on your part. 

We’ve trained our AI over the course of more than 17 years to understand legal terminology and accurately extract contract terms even when they’re not clearly spelled out. For example, our technology knows how to analyze over a dozen phrases to determine a contract’s expiration date even when it’s not explicitly stated. 

3. I have to pay for a CLM based on user count and user types

Never

Pramata’s pricing is based on the number of contracts that end up in your digital, searchable repository after the Cleanse and Organize steps. You can give access to every person at your company with custom permission levels – at no additional cost. 

Because you get unlimited users, everyone across the business can take advantage of the contract data and insights Pramata provides. Sales, finance, procurement, and others can self-service and get their contract questions answered without emailing the legal team. 

4. Generative AI for contracts isn’t secure and draws data from different customers and sources

That’s not the way Pramata works. 

At Pramata, we ensure that your data remains exclusively yours. We do not mix or share your data with any other customer’s data. Pramata is large language model (LLM) agnostic and compatible with various LLMs. This means customers have the option to host their own LLM service and choose providers that adhere to strict security standards, to ensure the level of data security they want and need. 

Our focus and innovation lies in utilizing LLMs to tackle complex business challenges, providing substantial business value while maintaining the utmost security and privacy for your data. This approach includes three patents pending (as of July 2024), and allows you to create summaries, answer questions, redline, perform data analysis and more, within seconds.

5. It’ll take a ton of time and resources to keep my repository clean and organized, and renewals up-to-date as we sign new contracts and orders 

Actually, it won’t! 

Pramata is built to do the heavy lifting from Day One and through your entire journey. Every new contract that comes in gets the same Cleanse and Organize treatment as your original contract migration, with no work from you. While other CLMs may leave you with a clean contract repository (if you’re lucky!) that starts to get disorganized the day a new contract comes in, Pramata makes maintaining your repository radically simple without manual effort. 

Reimagine what contract management can be

These five myths are just a small piece of how Pramata defies common CLM logic, and you have to see it to believe it!

Contact us today to get a demo and see what radically simple contract management could look like at your organization. 

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