Legal teams tend to be rather cautious adopters of new technologies, but in recent years they’ve achieved impressive results from solutions ranging from research and drafting tools, to legal hold software, to matter management and e-billing. Still, it’s fair to say that these technologies have been department-specific, lacking connections out to the company at large and its overarching strategic objectives.
Yet legal is perfectly placed to drive the next round of digital transformation for one simple reason. Legal teams hold deep insights into one of the enterprise’s most valuable assets: its customer contracts. They live and breathe the specific terminology and dense information packed into these documents, and they know that contracts contain sources of potential revenue that are not always fully exploited. Nobody has more enthusiasm than your legal experts for turning that data into information that’s comprehensible – and above all usable – for everyone who needs it.
“We’re amazed every day. What Pramata has allowed us to do, and to get right to the substance of our contracts, is simply unbelievable.” - Bea Velez, Legal Project Manager, Novelis
Companies are already starting to reap the rewards of helping their legal teams collaborate more closely with their finance and sales functions. A great example is Novelis, a global giant of the rolled aluminum industry. Novelis provides sheet and foil products for a staggering array of applications, from beverage cans to automobiles to skyscrapers. Read how Novelis ignited a digital transformation that’s creating value companywide by:
· eliminating silos of inaccessible and disorganized contractual information
· enabling strategic initiatives in finance, risk management, and operations departments by arming the colleagues with actionable intelligence
· scoring contracts by risk to enable an apples-to-apples comparison across their portfolio of relationships
This was a hugely successful initiative; as Bea Velez, Legal Project Manager with Novelis reports: “What Pramata has allowed us to do, and to get right to the substance out of our contracts, is simply unbelievable.”
Visit our Resource Library to learn more about how Pramata digitizes the concrete information in signed, complex customer contracts and converts it into actionable intelligence delivered for use by legal, finance and sales teams.