Easily see terms across every vendor contract, then use those contract insights to negotiate better deals, cut costs and avoid unnecessary risks.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
Pramata makes it easy for Procurement to stop vendor sprawl in its tracks. We help you:
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. 
Pramata provides a clear dashboard of upcoming renewals that allows procurement teams to avoid costly auto-renewals by giving ample time to renegotiate or terminate contracts.
Pramata's Contract AI enhances oversight of vendor performance, making it easy to enforce obligations and take action when vendors fail to meet contractual standards.
Procurement teams gain the upper hand in negotiations thanks to complete visibility into every contract term across all vendors. This means they can negotiate more favorable terms to reduce risks and expenses.
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Prior to being named Vice President of Strategic Solutions and Alliances, Derman led customer success programs at Salesforce and IBM.
With the rapid evolution of AI-powered contract management, organizations are discovering powerful complementary solutions to complex challenges that once seemed insurmountable. One of these challenges is the increase in contract volume and complexity that comes along with M&A activities. Pramata continues to lead this innovation wave by enhancing existing CRM investments, particularly for Salesforce organizations.
See the radically simple contract management solution that has been trusted by our customers for over 17 years.
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