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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. 

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.