New platform features include radically simple and powerful pre-signature capabilities that flip the script on CLM solutions that are expensive to implement and impossible to maintain.
Las Vegas, Nevada & San Francisco, Calif., May 16, 2023 – Pramata, the leading end-to-end contract management solution provider, today announced the latest version of its contract management platform at the CLOC Global Institute Conference, with next generation functionality that flips the script on traditional CLM capabilities. In addition to delivering a radically simple solution that empowers the business for less than the cost of a full-time employee, Pramata’s newly added pre-signature and upcoming GPT-Assist capabilities deliver substantial benefits across legal operations. The new updates empower contract management teams to create and maintain world-class pre-signature processes at a fraction of the cost and considerably less time than traditional CLM approaches.
A key differentiator of Pramata’s new pre-signature capabilities: the ability to leverage the full scope of an organization’s existing contract repository and relationships’ history. Pramata’s solution enables contract management teams to drive massive efficiency in contract requests, drafting, negotiation, and approvals for existing and new relationships.
“In today’s economic climate, businesses are being forced to rein in budgets and reduce staff, requiring legal teams to do more with less. 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,” said Praful Saklani, Co-founder and CEO, Pramata. “Pramata’s radically simple approach is resonating with in-house counsel teams because our technology delivers complete visibility into contract data, allowing companies to maximize their efforts without increasing headcounts. Our easy-to-budget, easy-to-deploy solution reduces costs while enabling legal teams to be a key driver of the business.”
With the upcoming GPT-Assist functionality, Pramata’s platform will be able to generate dynamic customer-specific documents such as amendments and renewals, reducing time spent on manual tasks by as much as 90%. Pramata’s GPT-Assist capabilities will also enable the creation and maintenance of Playbooks and Approval Policies in natural language, making it straightforward for Legal and Legal Ops to manage policies without expensive and time consuming engineering processes.
“The industry is fed up with complex CLM implementations that take an army to deploy and maintain while delivering limited value. Most companies have a huge amount of valuable information in their contracts. But, because traditional CLM solutions find it difficult to organize and apply this information from contract relationships, companies struggle to use the insights from their contracts to inform and streamline their contract management programs. Since most companies execute a large majority of transactions with existing relationships, this is a massive missed opportunity.” said Praful Saklani, Pramata, CEO. “With the expansion of our platform, we are flipping the script on contract management programs by empowering teams to leverage the full breadth of their existing contracts to drive their entire process. Our new pre-sign functionality and upcoming GPT-assist functionality makes it possible to leverage all of your contract data, at the individual client level and at the aggregate level. This leads to faster and deeper benefits than any other approach to CLM.”
According to a commissioned Forrester Consulting study conducted on behalf of Pramata, 86% of CLM decision-makers agree that a contract management solution is strategically important to the business’ overall goals. But the reality is that most CLM solutions fail to deliver on business-critical priorities, making it difficult to optimize contract data, uncover renewal terms, and scale contract management strategies.
With Pramata’s latest updates, contract management teams can rapidly review agreed-upon terms that stretch across the business’ full contract history and automate reports that reveal valuable contract insights to drive legal efficiencies and cement revenue protection strategies. Not only do contract management teams gain full visibility into existing contracts and metrics around all new requests, they can compare key terms and draft new orders and amendments based on existing contract data – essentially turning their contract repository into a powerful machine that moves the entire business forward.
Pramata’s upcoming GPT-Assist functionality will allow companies to summarize an entire commercial relationship spanning dozens or even hundreds of MSAs, amendments, and orders. It also will analyze the relationship for non-standard terms relative to legal playbooks and automate the generation of a first draft amendment or new order based on customer-specific dynamic templates. Pramata’s platform will even prevent you from incorporating terms that conflict with the MSA based on the customer-specific order of precedence.
“The Generative AI Revolution is upon us and all indications are that it will be as significant as the Industrial Revolution! GPT is finally delivering on the promise of AI, which thus far has been mostly hype with little substance. In the contract management space, GPT can act as a legal bot with its phenomenal ability to analyze and comprehend legalese. However, to harness the power of GPT, it is essential that it has an accurate context of the contractual history between two business entities. Otherwise, GPT suffers from the same garbage-in-garbage-out problem of all other forms of automation,” said Pedram Abrari, Pramata, CTO. “What makes Pramata different – and more powerful – than traditional CLMs is how we’ve applied GPT functionality to our unrivaled contract repository. Our platform can answer your most challenging and time-consuming legal questions about the contractual relationship between two companies. It can then leverage those insights to drive greater efficiencies across your entire contract management program.”
Pramata will be demoing the latest version of its contract management platform at this week’s CLOC Global Institute Conference in Las Vegas, Nevada, May 15 – 18. Attendees interested in learning more about the upcoming GPT functionality can attend a demonstration by Pramata CEO Praful Saklani and CTO Pedram Abrari at Pramata’s booth #301 on May 16 and May 17 at 1:00 p.m. and 5:00 p.m. Both executives will be available to take interviews and answer questions about the company and its latest release.
Pramata makes contract management radically simple. With Pramata’s end-to-end solution, legal teams can easily and accurately manage the entire contract lifecycle – from request to renewal. Pramata does the heavy lifting to give companies the precise contract insights they need and help legal teams provide unparalleled value to the business. For more information, visit: www.pramata.com, LinkedIn, Twitter.