Acquisitions take plenty of time and are incredibly complicated. Unfortunately, so does integrating all the people, processes and acquired contracts. Without the right support, this process can take months or years of planning, education and execution.
What happens in the meantime? Customers are confused, renewals are missed, and contract commitments and risks go unseen.
There is a better way—one that makes sure businesses don’t end up buried by all of these new contracts. With Pramata’s Contract AI, your team can consolidate limitless contracts across any number of M&As into a “single version of truth.”
Ready to put an end to the challenges your organization faces while integrating mergers and acquisitions? Let’s dive in.
The Challenge: Overwhelming Contract Review
M&As can bring in complex data from contractual commitments to already overwhelmed organizations. The sheer number of contracts is enough, not to mention the renewals, amendments, and questions from new customers and executives. This obstacle can easily bury legal, drain sales productivity, and create a poor customer experience.
Once an acquisition closes, integrating the people, processes, customers, and vendors from all parties involved can take months to evaluate systems and align cultures.
This transition presented a complex contract challenge for a large healthcare technology leader. Contracts spread across multiple systems, commitments stuck in PDFs, countless details that were interrelated and frequently changing, . . . the obstacles were many. The organization had no choice but to take a step back and examine how inaccessible contract details had a broad organizational impact.
A top American telecommunications company found itself facing similar struggles. The organization was on a mission to change the way it served enterprise customers, transitioning from a traditional telecommunications company to a true solutions provider. This included strategic acquisitions to grow and diversify their product and service portfolio.
However, missing or inaccurate contract information, scattered across legacy systems and acquired businesses, slowed progress and presented issues across all departments. An integrated, accurate solution was imperative with more than 400,000 customer contracts and more than 8 million pieces of data.
If your organization is working to integrate contracts from an M&A, you might encounter the following problems:
- Team members waste time trying to locate contract data among the mess
- The limited information in Salesforce can’t be trusted by your reps
- No reporting across M&A contracts limits visibility
- Legal wants fast and accurate due diligence – but it seems impossible
- Contract elements scattered across local hard drives, scanned PDFs and spreadsheets
- Customer operations, compliance and account management are stunted
Important information that’s scattered across legacy systems can easily cause business processes to slow. Pramata offers just what you need to kickstart performance after a merger or acquisition.
THE SOLUTION: EXPERT ORGANIZATION
We’ve helped businesses digitize over 9 million contracts over the 15+ years we’ve spent perfecting our technology. That expertise pays off when it comes to cleansing and organizing the data from 1 to 100 M&As. With Effortless Contract AI, all legacy and future contracts are digitized and primed for use with key contractual obligations extracted — with zero effort on your part.
Pramata’s Contract AI Process:
With contracts from multiple businesses, Cleanse AI is a crucial first step. We’ll deliver a clean, digital version of every document. With experts verifying and reviewing Cleanse AI’s accuracy for documents identified as anomalies, you’ll be confident knowing that what’s in your contract management system will be data you can use.
No more mountains of contracts to dig through thanks to Organize AI. This step in the Contract AI process creates a complete set of documents for every contractual relationship added by your M&A. A complete document family for each counterparty with all contractual documents organized into a hierarchy will make a world of difference for teams across the organization.
Once the contract is digitized, it needs to be extractable. With Extract AI, we turn unstructured data into data you can utilize. This means you get a contract repository with the information you can depend on daily as you reach your year end goals.
Not only is Effortless Contract AI data accessible, but it’s also actionable. At Pramata, we keep your information up-to-date daily—with 99%+ accuracy. So, you’ll always have the information you need and depend on, at a moment’s notice. M&As may bring new changes, but your contract management system will never be out-of-date with Pramata.
THE BENEFITS: SEAMLESS TRANSITIONS
We’ve worked with numerous businesses to integrate mergers and acquisitions into their contract management system. Here’s a behind-the-scenes look at what just two of these businesses were able to accomplish with Pramata:
Pramata helped bridge contract visibility gaps and solidify revenue operations as one entity for the health data analytics company. This gave their team secure, easy access to complete contract information and resulted in efficiency and productivity gains throughout the company.
A leading telecommunications company in the U.S. was able to accelerate its integration of three acquisitions totaling $39B with Pramata. They uncovered $3M in recurring revenue (ARR), improved retention of at-risk revenue by 4.5% and increased active selling time for the sales team by 15%. Read the case study here.