Last week Pramata announced some major news. Over the past 2 years, our radically simple approach to contract management has begun to really resonate with the contracting community, we have experienced an astounding 300% increase in new sales – eight-times our usual growth.
What’s even more stunning: We expect a 200% jump in new sales over the coming year.
As the founder and CEO, I couldn’t be more proud of our team and our highly engaged and motivating customers. But as someone who has been part of the contract management industry for decades, I am not surprised in the least that our solution is seeing such broad adoption rates. Our community includes everyone from legal departments for enterprise organizations to one-person in-house counsel teams. These massive gains are because our team understands the needs of our customers on an in-depth level and realizes how badly the market needs a radically simple contract management solution that actually works, delivering measurable value across the organization.
So what has changed over the past two years that led to this inflection in our growth? I think it boils down to three specific variables:
1. The tightening economic conditions have forced companies to focus on what really matters in contract management. Meaning, organizations must:
- Know what’s in their contracts, across legal and the rest of the business
- Get ahead of customer and vendor renewals, price changes, and renegotiation
- Manage all of the above while holding or reducing headcount
2. Pramata released an end-to-end Contract Management solution specifically aimed at helping smaller legal teams, providing a radically simple platform that quickly addresses their unique needs in a resource constrained environment — all for less than the cost of an FTE!
3. Our Enterprise customers also got a boost with extended capabilities and new features, including enhanced clause search libraries, improved template management capabilities, and deepened integration with external systems including EDW and CRM platforms.
Pramata’s Outlook for 2023 and Beyond
Here’s what we know as we get further into 2023: Teams that work with contracts are under more pressure than ever, with no relief in sight. Many are suffering budget cuts and headcount reductions. Resources are shrinking while workloads only get bigger. The only thing that seems to be advancing is the amount of burnout happening across legal and contracting departments.
As I said in our announcement, today’s economic climate is forcing businesses to rein in their technology budgets, requiring contracting teams to do more with less.
In this economic climate, being able to proactively manage contract data is crucial to the overall health of the business as companies renegotiate contract terms, price increases, and termination rights with customers, partners, and vendors. The last thing general counsels and contract managers want is a high-priced Contract Management solution that takes months or years to deploy and has so many features that most of the team fails to use any of it.
While the trends described above are pervasive across all types of companies, we are hearing a unique level of urgency from small in-house legal teams: Smaller legal departments (fewer than 3 in-house resources) want an affordable contract management system with a fast implementation time that provides total visibility into contract data. They want TCO insights with intuitive search capabilities that help streamline renewal processes and contract management tasks. They want convenient access to templates and the ability to share contract data across the organization.
Most of all, legal teams of all sizes need a CLM tool that enables them to be a revenue driver and have a clear impact on business outcomes, working hand-in-hand with the sales, procurement and finance teams.
Our radically simple approach is making an impact because our technology allows companies to simultaneously simplify the contract management process while maximizing the value of their contracts – without increasing headcounts or having to devote a large portion of their technology budget to their CLM provider.
Be sure to read our full announcement which can be found here: Pramata’s Radically Simple Contract Management Solution Drives 300% Growth.
In addition to so much impressive growth, we have a number of exciting things in the pipeline. Earlier this year, our Chief Revenue Officer Justin Schweisberger joined guest speaker, Forrester Senior Analyst Alla Valente in this on-demand webinar. The two discussed the Forrester Consulting study commissioned by Pramata on the challenges and opportunities around CLM solutions.
It’s going to be a big year for Pramata and I couldn’t be more thrilled about our future and the community we serve!
