No matter how many Pramata customers I work with, I still find myself amazed at the far-reaching business impact that comes each time we demystify a customer relationship and place accurate, current information in the hands of those on the front lines.
There is so much hidden revenue value within these contractual agreements that sales, finance and legal teams have no idea is sitting there, waiting to be realized. Once we help them uncover it, then go a step further in mapping that information to their billing, CRM, CPQ and other systems, it’s like dropping a boulder into a sea of revenue possibilities. The ripple effect just keeps going.
Maximizing the value of a complex installed base
So it goes for our customer Vertafore, who like so many other global technology leaders, found themselves drowning in massive, complex stores of customer contracts, documentation and data. To further complicate matters, many of Vertafore’s 500,000 customers have undergone mergers, acquisitions and name changes over the years. It is also common for customers to have multiple contracts and agreements with different terms and renewal dates.
Pramata enabled Vertafore to consolidate these huge stores of contracts and customer documentation across databases, business applications, legacy systems and hard-copy storage facilities into a “single version of truth.” With this clean, consolidated information in hand, the team can easily perform risk analyses and assign valuable risk scores to contracts. Through the use of this relationship scoring capability, Vertafore has the insight needed to measurably improve terms and increase customer lifetime value.
This ‘one source of truth’ represents the boulder I mentioned earlier. The repercussions from releasing a single, reliable commercial relationship system of record into the revenue work stream for sales and finance has not only provided better understanding and support of customer relationships, it’s driving more profitable renewals, reducing storage costs, making it easier to assess relationship risk and speed completion of business processes.
Jayne Rothman, Senior Vice President, General Counsel, Vertafore said it this way, “We now have a shared, centralized and real-time version of truth regarding our commercial relationships. Critical contract data that once took several hours, or even days, to locate and assess is immediately available at our fingertips. Pramata enables us to have streamlined and enhanced information about our relationships with our customers available across all of our legal, finance and sales teams. For our customers, this translates to faster response times and intelligent support when we need critical information quickly.”
CRM integration creates little disruption but big impact
For Vertafore sales team members, we’ve made these valuable insights accessible directly from their Salesforce CRM utilizing seamless integration with the Pramata solution. These deeper customer insights drive new conversations about renewals, contract terms, the consolidation of multiple agreements and longer-term contracts to help customers with financial planning. And the mountains of duplicate data that Vertafore amassed over the years can be eliminated to reduce storage costs.
Vertafore is a great example of how Pramata helps B2B enterprises eliminate revenue leakage and extract immense and ongoing value from their existing commercial relationships. Once data is freed from siloed systems and legacy apps, we’ve seen companies recover millions of dollars by optimizing renewals, price increases, and unfavorable terms, improving billing accuracy and account renegotiations, and more. Like I said, the ripple effect—it’s a beautiful thing.
You can read more about Vertafore’s success with Pramata in this recent press release.