Three Myths About “Clean” Contract Data, BUSTED: Why Pramata’s Cleanse is Always the First Step Toward Contract Nirvana (Part 2)

Clean contract data: It’s the vital first step to achieving anything else you want to get out of a CLM, but three common myths keep people from getting there.

We’ve already busted Myth 1: That it’s literally impossible to get clean contract data. If you’re now a believer that it’s possible, you may fall victim to the second common myth, but read on to learn why it’s simply not true either.

Myth 2: It’s too expensive and time-consuming to get clean contract data

Maybe you don’t see clean contract data as impossible, but the thought of what it would take to get there is so time-consuming and so expensive that it might as well be. Going back to my music analogy from the first myth, many of us remember what our iPod music libraries looked like back in the day.

And, if we’re being honest, they may still be in the same messy state we left them in years ago when we made the move to digital music. 

How many times did you intend to go through thousands of songs in your iTunes library and make sure they had the right titles and artists, remove duplicates, and clear out songs you just don’t want to listen to anymore? And how many times did the idea of doing this stress you out so much that you just lived with the mess your music library was? 

It’s the same for in-house GCs, legal ops teams, and those who work with them.

Cleaning up your organization’s contracts – including locating documents from various sources, removing duplicates or irrelevant documents, adding metadata tags, and more – is something everyone wants to do in theory but no one actually wants (or has the time!) to do.

In an attempt to wrangle their contract chaos into shape, some organizations task an in-house employee with this job.

Typically, this is someone who already has a full set of duties and now has to add this slow and tedious work to their plate. Alternatively, some organizations choose to hire temporary workers or contract with third parties to focus on contract cleanup. Either way, the cost is significant both in time and in money.

This leads to the belief that getting clean contract data, while technically “possible” is time-and-cost prohibitive. Not to mention, this is often a one-time project, and doesn’t address ongoing cleansing and organizing, as you continue to do business.   

Once again, this myth isn’t true if you work with Pramata, as Cleanse is included in our Core Platform, and always the first step to reaching contract nirvana.

Here’s how: 

  • We do the heavy lifting, and we really mean it. You don’t have to spend a single thought on delivering “clean data” to us. In fact, many customers initially stress over how many “junk files” they have to sort through before we begin Pramata’s Cleanse – but you don’t. That’s literally what Cleanse is! We want you to send us everything and let us do the rest. Yes, really!
  • You only pay for the contracts that end up in your repository. Cloud storage can be expensive, and physical storage locations aren’t much better (as you may recall from your days of storing music on a Hard Drive). Storing tens of thousands of documents in Salesforce, for example, can cost thousands of dollars each month. You might be paying this cost because it’s too risky to delete files you’re not sure you really need, and too time consuming to go through them to make sure. With Cleanse, you can realize an immediate cost savings because any duplicates or documents you find to be out of scope after Cleanse won’t count towards your repository, which is billed by total document count. 
  • You can be up and running in a few days. While every organization is different, the majority of our customers have made it through Cleanse within days or (at most) weeks after starting the process. And many in far less time than that. Cleanse is just the first step, but it’s the foundation of everything that comes later. So, while it may not be your final destination, the speed at which your contracts can cleanly make it into your repository means you can quickly start taking advantage of Pramata’s benefits. 

With Pramata’s Cleanse, you’ll have a repository of contracts without duplicates, with accurate tags and metadata, that’s entirely searchable. And we are confident it won’t cost you the time or money you think.

Click here to read Part 3.

Or contact us to start a free Proof of Concept with Pramata today. 

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