BRISBANE, Calif., Sept. 9, 2021 /PRNewswire/ — Pramata, a leading contract management company, announced the launch of its next-generation Effortless Contract AI. The powerful engine behind Pramata’s Repository as a Service (RaaS) offering—a revolutionary approach to managing contracts. Pramata is the only company in the industry to offer an essential combination with RaaS, that extracts actionable insights from contracts with 99%+ accuracy.
“Too often people are sold this “magic AI button” that reads, analyzes and interprets their contracts, telling them everything they need to know—all without the need for human effort. In practice, at best, AI can get to 70 or 80 percent accuracy in interpreting unstructured contract text. If you’ve ever experienced the frustration of speaking to a customer service bot, you know the effectiveness of AI at interpreting language! To fill the gaps AI leaves behind, it’s necessary to have human assistance, and invariably the onus is on the end user—which defeats the purpose of magic AI,” says Pedram Abrari, CTO for Pramata. “These false promises have consistently underwhelmed organizations. “Magic AI” solutions make for fantastic demos, but in practice have resulted in a long trail of failed projects.”
Traditional AI-powered CLM solutions particularly struggle in post-signature contract management with amended terms, third-party paper, poor quality documents and legacy contract migration. While they may claim to offer end-to-end solutions, that isn’t the reality. This results in an incomplete, inaccurate contract repository that requires hours of manual cleanup for the client, months of AI training, missed project timelines and low to zero adoption of the solution.
“At Pramata, we’ve built a best-in-class AI stack, but are always cognizant of technology limitations,” Abrari continues. “And so, we’ve combined our AI stack with an integrated team of experts to make it truly effortless for our customers to manage opportunities, track obligations and mitigate risks in their signed contracts. Pramata is the first company to achieve the holy grail of contract visibility, achieving 99% data accuracy without putting the responsibility on our customers. They quickly get the value they expect with zero effort.”
Pramata’s integrated AI Assist Team of contract domain experts—lawyers, finance professionals, and data scientists—securely manage exceptions and ensure accuracy for the life of the repository.
Compared to AI-powered CLM, Pramata requires no user data entry, no AI tagging, no quality review and no hidden resourcing costs. Pramata has digitized nearly 9 million contracts and has spent over a decade perfecting its cloud-based AI technologies.
Effortless Contract AI is designed with four critical components:
- Cleanse AI creates a clean, digital version of every document.
- Organize AI establishes a normalized, complete set of documents for every relationship.
- Extract AI transforms hidden, unstructured data into a structured, usable format.
- Analyze AI empowers teams across the business to make quick, data-driven decisions with 100% confidence.
Pramata’s proven approach provides smarter, deeper insight into every contract comprehensively and forever—ensuring the data is always up-to-date and highly accurate. For organizations that want a highly adoptable contract management system to manage opportunities, track obligations and mitigate risks, Pramata is truly the efficient and effortless solution.
Pramata makes contract management effortless for B2B companies, with the first contract repository as a service. Easily and accurately manage opportunities, obligations and risks in your signed contracts. We digitize and maintain all your contracts, so you have one-click access to precise data you can act on with 100% confidence. For more information, visit www.pramata.com.
SOURCE Pramata Corporation