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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.