Verbit uses Contract AI that actually works in its tech-enabled Legal department
Industry
Technology
Key Results:
- Complete contract-related tasks up to 8x faster than before
- Efficiently analyze legacy and inherited contracts during M&A activities
- Enable sales teams with self-service access through seamless Salesforce integration
- Leverage AI for automated contract redlining and amendment creation
- Maintain clear visibility of contract hierarchies and relationships
“When we compared other CLMs to Pramata, we found that they just didn’t have a vision or a strategy for using AI. Some of them had a ‘wait and see’ mentality and had no interest in being at the forefront of using AI. Pramata, on the other hand, had a deep understanding of customer pain points and was already thinking about how to use Gen AI in the most intelligent way to solve them.”
JP Son
Chief Legal Officer
Executive Summary
As an AI-powered speech intelligence company, Verbit knows the transformative power of innovative technology. When Chief Legal Officer, JP Son, found his legal team hindered by long-standing pain points, he knew it was time to seek out a modern CLM with the types of AI capabilities he imagined. After evaluating multiple vendors, Verbit found Pramata, and discovered a partner whose vision for AI-enabled contract management matched their own forward-thinking approach.
By implementing Pramata, Verbit can now:
- Complete contract-related tasks up to 8x faster than before
- Efficiently analyze legacy and inherited contracts during M&A activities
- Enable sales teams with self-service access through seamless Salesforce integration
- Leverage AI for automated contract redlining and amendment creation
- Maintain clear visibility of contract hierarchies and relationships
Challenges:
- Struggled with version control for multiple documents
- Most vendors on the market showed no clear vision or strategy for implementing AI capabilities
- Complex M&A activities created the need for better contract analysis and organization
- Manual processes consumed too much of the legal team’s time
Solution Benefits:
- AI-powered clause extraction reduces contract review time from 45 minutes to 5 minutes
- Automated hierarchy organization simplifies management of complex contract relationships
- GenAI assistant generates amendments in seconds instead of hours
- Seamless integration with Salesforce enables self-service access for sales teams
- Future-proof technology with continuous AI innovation and enhancement
- Strong partnership with an experienced team focused on customer success
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