Pramata for Procurement Teams

Never buy blind again

Easily see terms across every vendor contract, then use those contract insights to negotiate better deals, cut costs and avoid unnecessary risks.

Common Procurement Pain Points

Finding the right, and most current, contract is impossible

When trying to find the terms of a current agreement, Procurement teams have to read through dozens, or even hundreds, of files. It’s also a wild goose chase to figure out which version is accurate and complete.

Cleansed contract files, organized contract families and extracted contract terms put the right contract (and it's data) in easy reach

Pramata’s Contract AI Knowledge Engine does the work of cleansing, deduplicating, organizing and extracting key terms from every contract. The result is a clean and organized contract repository that makes it easy to find exactly what you’re looking for. You’ll never wonder if you have the most current version or if it’s missing vital amendments.

Accidental and expensive auto-renewals

There’s nothing worse for Procurement than authorizing payment for something no one wants or needs. All too often, expensive contracts are set to auto-renew and the volume of contracts you’re tasked with managing makes it near impossible for the team to catch every renewal in time to negotiate a better deal or terminate the contract.

See every renewal before it happens

Pramata gives you a dashboard of upcoming renewals with accurate renewal dates even accounting for any amendments and complex negotiations that exist within the relationship.

With this clear overview of all renewal notification dates, both auto-renewals and fixed term, across your entire vendor portfolio, you’ve got plenty of time and visibility to provide notice of termination or target upcoming renewals for renegotiation.

Our powerful Contract AI also generates Contract Summaries the team can use for negotiation, and suggestions in an Account Review Memo to align each contract with your organization’s preferred standards.

Unable to enforce vendor obligations when they fall short

With so many vendors and so many contracts, procurement teams often can’t keep up with who promised what to whom and on what timeline. The departments that rely on these vendors may experience subpar service but you have no way to enforce penalties when you’re struggling to stay above water as it is. Without a way to consistently monitor and enforce the terms you’ve negotiated, your organization can suffer from missed SLAs, unrealized cost savings and a poor user experience for stakeholders.

Full visibility into vendor obligations and performance

Pramata’s powerful Contract AI for Procurement makes it easy to identify non-standard obligations and understand trends across your vendor portfolio. You can quickly assess vendor compliance with new regulations and identify the extent of any deviation from your contract standards.

You can also automate periodic performance reviews to compare actual vendor performance with their contractual obligations and generate summaries of these performance assessments. Armed with this level of visibility, Procurement can easily identify vendor obligations, and more importantly, take action to remedy the situation when vendor performance falls short.

Reviewing contracts is manual, tedious and slow

Procurement teams often have to choose between two options: Manually review every contract and create bottlenecks, or find shortcuts that could open up a risk of errors.

Automate contract review processes

Pramata lets procurement teams leverage legacy contracts to identify common patterns, frequently negotiated terms, and standard practices.

Using these inputs, our interactive Playbook Creator creates a comprehensive playbook that combines standard clauses from your contract template with business-specific negotiation guidelines.

With your playbook in-hand, Pramata automates the process of comparing contracts against it and allows customizable thresholds for deviations and approvals.

Approvals and negotiations are a constant time suck

If Procurement has to constantly go back and forth with Legal for every contract request, the negotiation process can be never-ending. This can sour vendor relationships and delay work across the company that relies on a completed contract.

Contract AI streamlines approvals & negotiations

Pramata allows Procurement to be more proactive and self-sufficient than ever before by automating Legal’s approval of previously approved terms for the same or similar contracts. This allows Legal to increase its approved Procurement negotiation limits and raise the overall threshold for Legal’s involvement.

Less time waiting on Legal means a quicker procurement process and happier vendors and internal customers.

Audits and purchase order verifications cost too much time and money to do correctly

Manual audits and purchase order (PO) verifications are time-consuming, error-prone and resource-intensive processes. Many procurement teams struggle with matching contract terms to invoices and POs, leading to overpayments, compliance risks and missed savings opportunities. Doing audits and PO verifications without the help of automation can cause significant financial leakage which impacts the company’s bottom line and leads to inefficient use of your procurement resources.

Automate audits and three-way match

With Pramata, Procurement can take advantage of AI-powered Contract Insights to automatically compare invoices and POs to contracts, find and manage SLAs with penalties and automate vendor spot audits. This means you can:

Achieve accuracy and compliance across your invoices and POs
Reduced overpayments
Capture negotiated savings
Flag discrepancies
Highlight service level agreements with associated penalties you may be entitled to collect on

Paying too many vendors for too many things (that overlap)

Procurement “creep” is real. Over time, especially if your organization has undergone M&A, it’s easy to end up with a sprawling set of vendors and suboptimal contract terms with each one. The result? Redundant products and services, missed opportunities for volume discounts, inconsistent pricing and increased administrative overhead.

Consolidate vendors and improve terms

Pramata makes it easy for Procurement to stop vendor sprawl in its tracks. We help you:

Identify overlapping vendors for similar services
Identify vendors with multiple contracts and recommend ways to consolidate terms
Compare prices across vendors with similar services
Compare contract terms across similar vendors

With all of this intelligence powered by Contract AI, Procurement can make sure the company is only paying for what it needs and getting the best pricing and contract terms while doing it.

Why Procurement Teams Love Pramata

“Pramata has enabled our internal clients to proactively manage contractual relationships, which allows our legal team to focus on more strategic, value-added opportunities.”

Brian LynchSenior Vice President and General Counsel

On the Blog...

What we Learned at the ACC Annual Meeting: It’s Time for Legal Leaders to Start Thinking Big Picture

Pramata’s Chief Revenue Officer shares his biggest takeaways from the 2024 Association of Corporate Counsel National Meeting.

Pramata’s Strategic Alliance with Deloitte Helps Enterprise Organizations Unlock the Full Value of Their Contract Data

Pramata’s Generative AI-powered contract management solution extends the value of contract data beyond the legal department to drive measurable business outcomes

Avoid the “Redlining Tool” Trap: Why Redlining is Just the Start and How a Comprehensive CLM Changes Everything

In-house legal teams spend a great deal of time negotiating contracts. Whether it’s with brand new customers, customer renewals, vendors, employees or any other contractual relationship, negotiation is a vital part of the job. Naturally, this leads to a lot of redlining activity. And that means legal teams are often seeking a tech tool to simplify and shorten the redlining process.

Discover a better way to manage your contracts.

See the radically simple contract management solution that has been trusted by our customers for over 17 years.

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