The Summer ’17 Release enables enterprises to unlock more value from their customer, partner and supplier relationships
Pramata, the leading commercial relationship operations company, announced its Summer ’17 Release which features a new suite of applications that leverage machine learning and built-in analytics to gain valuable new insights from customer, partner, and supplier data. By combining a software platform and human-assisted artificial intelligence (AI), Pramata customers can now quickly operationalize commercial relationship data and deliver it to sales, legal, and finance teams to maximize revenue, compliance, and operational efficiencies. In addition, new visualization capabilities and dashboards bring the data to life in a way that highlights new revenue moments, and is easily shared and pushed across teams and business functions.
“The first company to create a solution that scales and enforces contracts compliance with artificial intelligence is going to revolutionize post sales commercial relationships the same way the Sales Force Automation Platform vendors revolutionized lead and funnel management,” said Dana Therrien, Research Director, Sales Operations Strategies at SiriusDecisions.
“The magic of Pramata is that they give me the data I need, pulled from my customer contracts and systems across my business, to drive revenue and reduce risk. The new dashboard and visualization features in the Summer ’17 release will help us move even faster and gain even more customer value,” said Dan Carr, Vice President of Sales Operations, Comcast Business.
“Most software products give you tools and then ask you and your teams to do all the work populating the tools with your data. Pramata is the only business application that combines the software platform, analytics, and normalized customer data to make an immediate business impact and capture each revenue moment. The addition of human-assisted AI ensures customer data is always complete, accurate and up-to-date, and our new applications solve targeted business problems resulting from gaps in the customer lifecycle,” said Justin Schweisberger, Pramata’s Chief Product Officer.
New Suite of Analytic Applications
Pramata was designed to help large enterprises grow their most valuable commercial relationships by unlocking critical information in existing contracts and combining it with data from business systems such as CRM, CPQ, CLM and billing. Deployed in dashboards targeted toward specific business problems, the new application suite allows for better management of commercial relationships data and more focused, actionable decision-making. The first set of applications available are:
- Renewal Manager, which proactively manages renewals and expirations to drive revenue retention and expansion. It identifies true expiration dates from across multiple contract-related documents and ensures accurate renewals by identifying and adhering to contract-specific renewal notice periods and notification requirements. It automatically notifies account teams and key stakeholders of upcoming trigger dates via email alerts and social messaging tools.
- Revenue Opportunity Manager, which enables customers to maximize revenue and profit, and align pricing strategy based on financial terms in contracts. It supports reporting on contract non-performance to drive profitable renegotiations and renewals and gives visibility into rebate payment trends and sales volume trends. It also allows execution of accurate price increases (CPI, performance, and usage-based) and penalty assessments across the customer base.
- M&A Integration Manager, which enables customers to leverage contract and transactional information to accelerate merger and acquisition integration. It identifies gaps and overlaps in the customer base and products sold across the entities to be merged. It also allows for identification of risky and non-standard provisions in acquired entities’ contracts and rapidly identifies contracts to be renegotiated or terminated. Finally, it allows customers to drive rapid operational integration of newly acquired customers.
- Risk Scoring Manager, which allows customers to quantify, measure and minimize risk in trading-partner relationships. It supports assignment of risk scoring to multiple provisions per contract and enables the implementation of a compound weighted risk score and risk heat map to identify risky contracts. It also helps drive the process to systematically identify and eliminate or minimize risky terms during contract renegotiations, minimizing corporate risk.
- Commitment & Entitlement Tracker, which allows customers to track performance of trading partners against operational metrics defined in contracts. It supports tracking and measuring purchase/billing performance against purchase volume, purchase ratio and market share commitments and enables tracking customer-specific royalty payment requirements as stipulated in contracts. It also enables tracking of customer-specific rebate tiers and percentages as well as transactional coverage data to support the assessment of overage charges.
The Summer ’17 Release also includes a highly secure customer-specific quoting application that can be deployed within Pramata customers’ configure price quoting (CPQ) platforms. The enhancements allow sales professionals to better find contracts, terms, and pricing directly in their CPQ systems during the quoting process.
Pramata’s approach to digitizing commercial contracts is centered around analytics and human-assisted AI, which takes the benefits of automation technology and merges them with expert institutional knowledge. These two factors are essential to accessing high quality data needed for companies to maximize the benefits of AI. The Summer ’17 Release further expands Pramata’s roots within the human-assisted AI method with enhanced capabilities such as such as integrated QA, rapid AI training, and an expanded data set.
Transitioning to Amazon AWS
In addition to the Summer ’17 Release, Pramata also announced that over the next few months, it is transitioning its cloud operations to Amazon AWS, fully adopting virtualization as its primary cloud strategy. With its data and software being used by more companies, across more systems, the move provides Pramata access to the plethora of managed services by AWS. It will also result in a Pramata cloud that is even more performant, stable, and scalable.
World-class brands, including CenturyLink, Comcast Business, FICO, HPE, NCR, Novelis, Medtronic and Vertafore have chosen Pramata’s platform to grow value throughout the customer lifecycle and position themselves for future business transformation. Many of these companies have seen an average increase in customer retention of 4.5 percent and an increase in revenue by millions of dollars per year using Pramata’s platform.
Pramata’s Summer ’17 Release and the new Analytic Applications are available as an invite-only beta for current customers, and will become available to the remaining install base over the next six months.