Lack of contract visibility and access are pain points that companies of all sizes face in contract management. Not only do these issues waste employee time and cause endless frustration, but they also have a big (negative!) impact on your bottom line.
Sound familiar? You’re not alone. According to an Ernst & Young survey, almost all companies had trouble finding contracts and over 50% say inefficiencies like that cost them business.
Our goal at Pramata is to transform contract management. By utilizing our Repository as a Service (RaaS) solution, our customers have been able to do just that.
What does it look like to have contract visibility and access challenges facing your organization? How has Pramata solved those everyday problems? Keep reading to find out.
The Challenge: Low Visibility & Limited Access to Contracts
Unfortunately, lack of contract visibility and access plague companies daily as they strive to get information from their contracts, improve renewals and find ways to grow revenue. And Lytx was facing just that challenge: Rapid growth meant a manual process for extracting contract data was no longer scalable.
Lytx is a leading provider of machine vision and artificial intelligence-powered video telematics, analytics, safety and productivity solutions for commercial, public sector and field service fleets. Their solutions harness the power of video to empower drivers and fleets to be safer, more efficient, more productive and profitable so they can thrive in today’s competitive environment.
As a rapidly growing subscription business, Lytx knew it was time to update, streamline and automate its contract management process. “We achieved a point of rapid growth where our process for managing contract data was no longer scalable,” says Shelley Bennett, Lytx Senior Vice President, General Counsel.
Like Lytx, Vertafore was also facing challenges in centralizing access and visibility for contracts. With 45+ years of expertise, Vertafore delivers leading-edge insurance management software solutions to 500,000 customers.
That translates into massive stores of customer contracts, documentation and data. To add another layer of complexity, many of Vertafore’s customers had undergone mergers, acquisitions and name changes over the years.
It was also common for customers to have multiple contracts and agreements with different terms and renewal dates. As a result, Vertafore needed an accurate, centralized system for contract visibility and access.
THE SOLUTION: PRAMATA’S REPOSITORY AS A SERVICE
Both Lytx and Vertafore needed a centralized, visible and accurate contract repository to their manual contract management processes. And they found the solution in Pramata.
Lytx needed greater visibility and access across its wide bandwidth of agreements. Jeff Alvarez, Lytx Senior Director, Client Success, remembers the moment when that lack of visibility became a true pain point for the Lytx team.
“We were in an annual planning session, determining our account renewal strategies for the upcoming year, which is important to propelling our revenue growth,” Alvarez recalls. “The task was highly manual, and it was clear we needed to advance and scale our planning capabilities.”
With Pramata, Lytx organized and digitized 50,000+ contracts and orders across 4,000+ customer accounts into one centralized view.
““Pramata provides centralized visibility and a streamlined experience, enabling the high quality support our clients have come to expect from us.
— Jeff Alvarez, Senior Director, Client Success, Lytx
With centralized access to their contracts, Lytx can leverage renewals and renegotiations to improve deals and ensure customer satisfaction.
Plus, their sales team can immediately access accurate, up-to-date contract information, saving time and allowing a more informed approach to upgrades, renewals and negotiations. Improved contract visibility, data reliability and a centralized contract repository allowed Lytx to create an entirely new, more efficient customer interaction workflow around the data derived from Pramata.
→ Learn how Lytx improved contract visibility and data reliability from a centralized contract repository.
For Vertafore, moving to Pramata meant consolidating huge stores of contracts across databases, business applications, legacy systems and hard-copy storage facilities into a single version of truth.
Their need for an easily-accessible, centralized contract repository became clear as the team struggled to find contract information scattered around multiple locations and systems. “We had contracts in an old instance of Salesforce; we also had them on the network, in paper, and in old proprietary databases or content management systems that only a few people had access to,” recalls Jayne Rothman, (former) SVP and General Counsel for Vertafore.
→ Learn how Vertafore consolidated all their contracts into a single source of truth.
“We now have a shared, centralized and real-time version of truth regarding our commercial relationships,” Rothman continues. “Critical contract data that once took several hours, or even days, to locate and assess is immediately available at our fingertips.”
““Critical contract data that once took several hours, or even days, to locate and assess is immediately available at our fingertips.”
— Jayne Rothman, Vertafore
Today, their contracts are centralized, with critical terms and conditions extracted, normalized, and updated daily. Teams across Vertafore are able to gain deeper customer insights that drive new conversations about renewals, contract terms, the consolidation of multiple agreements and longer-term contracts to help with financial planning.
INSTANT CONTRACT ORGANIZATION — EFFICIENT, EFFECTIVE AND VISIBLE
Could centralized contract management turn around your entire team? If you’re facing any of the pain points below, the answer is YES!
Your organization will benefit from centralized contract access and visibility if:
- Contracts are stored in numerous places and owned by people across teams
- It’s common for your customers to have multiple contracts with different terms
- There is no centralized record-keeping on change orders
- Contract management is manual and teams are constantly coming up short
- Employees must manage (or, let’s be honest, struggle to manage) stores of contracts and data
- Information from contracts is quickly outdated and inaccurate causing problems regularly
- Time & productivity is wasted when it’s hard to find answers to contract questions
Companies of all kinds struggle with these contract management issues. What can be done to overcome these time-consuming obstacles?
There’s good news: our Repository as a Service (RaaS) is here to revolutionize the way you approach contract management. Say goodbye to traditional, manual processes. RaaS delivers a centralized, searchable contract repository in as little as 30-60 days.
How does it work? RaaS is a combination of three essential elements to completely transform contract management. This not-so-secret formula includes an all-inclusive contract repository, contract AI technology, and an Expert Assist Team (a team of contract experts to ensure accuracy and efficiency for the life of the repository).
What does that mean for you? All your contracts are in one place, visible in a single click. Your teams get instant access to accurate data all at the click of a button. Did we mention there’s no manual data entry, tagging, or quality review involved?
This means that instead of wasted hours and manual efforts, your contract management looks more like:
- Searching for contracts by counterparty or key terms (and instant, easy results!)
- Viewing a hierarchy of all master agreements, amendments, and orders
- Filtering by contract type, effective date and title to find the right file (no more digging through random folder after random folder)
- Setting alerts for upcoming renewals and other important dates
- Utilizing secure access to your contracts from your CRM
- And so much more!
Don’t just take our word for it. Pramata has helped countless organizations switch from siloed access to complete, centralized visibility across all contracts. Interested in a “single source of truth” that allows sustainable, scalable insight from your contracts? Schedule a demo today.