Pramata provides Effortless Contract AI solution
Pramata, a contract management company, is releasing its next-generation Effortless Contract AI, ensuring an adoptable contract management system that manages opportunities, tracks obligations, and mitigates risks.
The platform is the foundation for Pramata's Repository as a Service (RaaS) offering—a new approach to managing contracts, according to the vendor.
"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. 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," said 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."
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, according to the vendor.
Features of Effortless Contract AI include:
- 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.
"At Pramata, we've built a best-in-class AI stack, but are always cognizant of technology limitations," said Abrari. "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 proven approach provides smarter, deeper insight into every contract comprehensively and forever—ensuring the data is always up-to-date and highly accurate, according to the vendor.
For more information about this release, visit www.pramata.com.