Pramata

What do you like best?

Pramata not only gives me access to my commercial contracts, but it also allows me to quickly identify relevant terms, gain insights from those, and take action on risks found in our customer contracts. It's easy to get to the contracts, understand what's in them, and take action on readily available insights.

What do you dislike?

Living in today's world of instant gratification has spoiled me, so the only area of improvement I can think of is the speed of reporting, which can take time. Considering we have 50,000 contracts in the Pramata platform, it isn't really reasonable for the reporting to be instantaneous given the amount of computing happening across a very large data set.

Recommendations to others considering the product:

Do you know what's in your contracts? If the answer is no, you need Pramata.

What problems are you solving with the product? What benefits have you realized?

Having access to customer contracts company-wide was something we didn't have before Pramata. We are solving the blind spot we had relative to risk factors in our contracts, as we had no insight into how pervasive some terms were. As we grew by acquisition, we had contracts all over the place and we didn't know what terms were in the contracts. We are using Pramata to identify revenue leakage, revenue opportunities and risk to revenue. An added benefit we didn't know when we started was that Pramata is helping us prepare to move to the ASC606 accounting standard due to the accuracy of the contract information in the platform.