why choose Pramata
It’s time for a better approach to Contract Management.
Pramata is the radically simple alternative to slow, complex contract management. What does that mean for you? We break it down in 5 steps.
Solve your contract management challenges. Once and for all.
Getting control of your contracts and with the right contract management solution can often be a daunting task for already maxed out teams. And brings up a range of questions before getting started:
“How many contracts do we have? How do we get off to a fast start? How much resourcing or IT help is needed? What is the time commitment & cost? Do I have to hire a third-party to deploy?”
Not to mention, contract lifecycle management tools are notoriously disappointing; often overpromising and underdelivering. Leading to high level of dissatisfaction and skepticism across the industry—with many businesses stuck an endless cycle of complex process redesign, manual reviews, or quality control, just to have something that is usable.
You need a better way forward. A radically simple way.
We believe that the whole point of technology is to reduce friction, not increase it. Over the last 15+ years, we’ve honed our approach to enable organizations like yours to get off to a quick start and fast ROI with little to no IT intervention. And to get started? It really is as simple as uploading your contracts.
1. Easy to adopt with proven business-wide value
Building a business case and getting buy-in for a contract management system can be a big challenge. So we’ve intentionally removed obstacles that block contract management transformation. The Pramata Platform is simple to implement and simple to use, so you can adopt it fast without a multi-month process of building a business case.
Resources: Despite our business-wide impact, Pramata is not a resource intensive project, nor do we require contract experts. Most of our customers only assign a few people to the project and their involvement is limited to a dozen hours or less.
Change Management: You give us your contracts, and we’ll “get your house in order” with an all-inclusive contract repository, including contract migration. We slot right into your day-to-day without disruption or delay, giving you the contract visibility and self-service access that provides real value to frontline teams.
As a Service: Pramata’s Effortless Contract AI truly lives up to its name. Our integrated Expert Assist team backs our revolutionary AI technology, to do the heavy lifting. This unique combination ensures success, so you never have to worry about the burden of setup, quality control, or contract review. And a dedicated project manager makes a point to understand your business and ensure the project stays focused and in scope.
2. Integrated, simple “legacy contract migration”
When you’re choosing a contract management solution, the importance of integrating and extracting insights from the contracts that run your business today, must never be overlooked. This step is often called contract migration, but is frequently viewed as an afterthought or a “one-time” project. This essential insight has business-wide impact and is critical to informing and optimizing the entire contract process.
During the initial document-gathering stage, a range of questions often arise. For example, where are all my documents? Which contracts are in scope…non-standard, legacy/historical, or third-party? How do I upload or transfer them? Will I need to engage IT?
At Pramata, our top priority is to make this step as easy as possible for you. Just send us what you have. That’s it. We include several ways to upload documents:
SFTP for large initial transfers
Drag and drop file upload to Pramata
API intake from existing repositories and CRM
Don’t worry about what’s in scope at this stage. We have powerful tools and techniques for determining contract types, status, etc. and you only pay for what’s essential to your business.
It’s also worth mentioning, unlike most contract management vendors, we assume ZERO metadata and never require a third-party vendor to perform legacy data extraction. We often find that pre-existing metadata has only a 40-50% accuracy rate. We create fresh, accurate data as part of your subscription. And it’s continually updated for the life of the platform.
Not sure what contract data is most essential for your teams? Pramata has perfected data extraction for over 15+ years; we find and extract over 50+ data elements, including renewal calculations, counterparty, and limitation of liability, right out-of-the-box.
3. Effortless human-assisted AI technology
If you’ve ever worked with a Contract AI tool, you’re probably expecting a time-consuming, manual data tagging and training process before you begin seeing useful data. Or, think “AI never actually works”. We get it. That’s why we’ve combined our powerful AI technology with an Expert Assist team of lawyers, contract experts and data scientists. This eliminates the manual burden of system setup, contract review and data tagging that is often required from other solutions.
Pramata’s Effortless Contract AI quickly and efficiently goes through thousands of documents, identifies active contracts, locates gaps, uncovers irrelevant documents (based on file type and content), and gets your contracts organized into a logical hierarchy. Our artificial intelligence is trained on billions of data points and can capture 50-90% of the key terms from every contract in just the initial pass of your documents.
Only 50-90%? The truth is to get to 99%+ accuracy, and truly have complete, reliable contract visibility, AI alone simply isn’t enough. No matter how much training the technology has, AI will never be able to clean the data in case of poor OCR quality documents or identify which terms may have been amended and need to be overridden. And those are only a few examples. This is why we’ve combined it with our Expert Assist team—taking the burden of this step off of you or your teams. Our experts help ensure your contract data and visibility is always accurate and always complete, on an ongoing basis.
You don’t have to worry about the information in your contract repository being inaccurate or out-of-date. This proven process also prevents junk in your repository. For one customer in particular, we quickly determined that 250,000 of 550,000 documents uploaded, weren’t even contracts based on file type! We also found 150,000 duplicates and 70,000 inactive contracts, leaving them with 80,000 active contracts for inclusion in the platform.
To put it simply, many solutions expect you to sift through the junk. Or worse yet, search and report against inaccurate or missing information! Instead, we do the work, so you always have the exact and most up-to-date contract information you need to make quick, data-driven decisions with confidence.
4. No hidden resourcing & transparent pricing
Often, pricing for contract management software can be ladened with hidden costs and “overstuffed” with unnecessary, costly features. Especially when it comes to the resourcing needed in the real world to get to a functioning system. With Pramata, your subscription is straightforward and includes all the technology, data maintenance, and quality assurance. Our customers typically enjoy a 70% reduction in Total Cost of Ownership (TCO) than other contract management approaches when compared with the additional resourcing needed.
With Pramata, you don’t need dozens of people to support your project, deployments typically involves only:
- a project champion who spends 2-3 hours per week
- an executive sponsor who participates in thirty-minute biweekly meetings,
- two subject matter experts (Sales, Legal, Contracts, etc.) who attend two one-hour meetings throughout the initial deployment
5. Minimal IT engagement & seamless integrations
Many contract management systems lean heavily on IT or legal teams for deployment, exception handling, and integrations. With Pramata, non-technical employees can upload contracts and address exceptions without IT engagement. In addition, our out-of-the-box integrations for a range of e-signature, CRM, and single sign-on APIs make it easy to connect Pramata to your existing tools. For example, our standard Salesforce integration only takes a couple of hours of work.
Our customers work with a dedicated project manager and are given a step-by-step Implementation Guide filled with screenshots, time estimates, and procedures to simplify implementation. To help you get prepared, overcome uncertainties, and see value faster.
At Pramata, we believe it’s finally time for a radically simple approach to Contract Management.
Our customers rely on us to speed up their path to success. To see Pramata in action or learn more about our radically simple approach, get a demo today!