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Pramata

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(11)

Pramata allows businesses to transform customer contract data into fuel for growth.

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Pramata review by Foster S.
Foster S.
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"Pramata Helps Us Understand What’s In Our Contracts and Quickly Take Action"

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 business 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.

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Pramata review by Daniel I.
Daniel I.
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Verified Current User
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"Pramata Makes Our Lives Easier"

What do you like best?

Pramata has made a huge difference at Novelis. What I like best is the amount of information that is extracted per contract, the versatility of ways you can adjust your reports, the great support and forward-thinking team, and the openness of the team to feedback on system improvements.

What do you dislike?

Pramata has worked for us very well. There have been some ups and downs but they have been resolved always in a reasonable fashion. There are some system limitations that we sometimes have to go around, but that is certainly a subjective measurement. We, as a customer, usually have ideas that cannot always be implemented the way we imagine it. That is not necessarily a bad thing because Pramata always comes up with a solution. One thing that is little difficult for the once-per-year-user may find some of Pramata’s functions complex. The robustness of reports can be a little overwhelming for the non-regular user but that is resolved through my support and training. Pramata has launched a new platform, called Voyager, that I believe will resolve much of these issues and will make it more simple to the user especially.

Recommendations to others considering the product

Be patient and learn what the system has to offer. You will have great results!

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

Pramata is an enterprise-wide deployment for Novelis, used teams across the company like finance, sales, procurement and legal. We are using the platform to solve many challenges, beginning with the simple search of a single document, going over reports for a single third party, generating reports for whole regions, assisting M&A transactions, improving negotiations, to all sorts of reports and assistance for every single department. The benefits are innumerable. I cannot tell you how many times people rely on the Pramata contracts repository for very high level deals or even for buying other types of software for their departmental needs.

What Contract Management solution do you use?

Thanks for letting us know!
Pramata review by Kandice C.
Kandice C.
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Verified Current User
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"Customized to perfection."

What do you like best?

Pramata is an intuitive application we can use across multiple functional areas at Comcast Business. Pramata customized the solution to meet our specific needs, so it’s incredibly efficient at helping to drive our business. Plus, the implementation was on time and on budget.

What do you dislike?

There’s not a lot to dislike! They solve my business challenges and help us deliver our services more smoothly.

Recommendations to others considering the product

Don’t be intimidated by the functionality possibilities or the cost. It may initially seem expensive, but pays for itself in the value it brings. Pramata has a great team who listen to customer needs, care about doing a great job, and design solutions that meet those needs. They help you prepare the business case necessary for implementation.

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

Right of Entry or ROE terms are critical for our service teams to know in advance of any on-site work for a customer. Terms and conditions of an ROE agreement can vary widely depending on the customer. Having this information at our fingertips enables greater efficiencies in our sales and order entry work streams. Before Pramata, it could take days searching for the appropriate information. Now it takes seconds.

Pramata review by Maggie W.
Maggie W.
Validated Reviewer
Verified Current User
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"Pramata has changed our business for the better!"

What do you like best?

I love that fact that Pramata is completely integrated with Salesforce and Docusign. The automation saves us hours, keeps our relationship data up-to-date automatically, and removes the chance for human error. Pramata has given us a view of our commercial relationships we didn’t have before.

What do you dislike?

There are really only two minor issues. The first gen customer portal called ‘Navigator’ can be a little slow. We are expecting the soon-to-be-live next gen portal ‘Voyager’ to be higher performing, as it’s been re-architected based on cloud computing principles of multi-tenancy and elasticity. Also, because some of our document titles are the same, it’s sometimes difficult to identify different types of documents. The new full-text search feature of Voyager has been designed to make it easy to find documents without having to open one at a time.

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

We started off looking at Pramata as a contracts repository and it definitely solved that problem, but we quickly realized we could use the platform much more widely. We now use Pramata for management reporting (we didn’t even realize we could use it for that!), revenue recognition, incentivizing our sales teams, etc. And, we aren’t even using it to its full potential yet.

Pramata review by Lalit S.
Lalit S.
Validated Reviewer
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"Pramata is a key part of the HPE Software (now part of Micro Focus) Digital IT Transformation"

What do you like best?

Pramata is a solution unlike any other we’ve deployed. It’s part of the 20 new SaaS solutions that make up the Digital IT Transformation (FAST) initiative. It makes accurate critical relationship information readily available to our team to improve renewals and renegotiation, as well as improving billing accuracy. Being able to make sense of data from multiple sources allows us to identify revenue leakage opportunities and drive incremental revenue. Pramata also delivered on its promise to go live along with larger program go-live dates.

What do you dislike?

Minimizing the time for the first time set up and configuration i.e. The platform and managed service works completely as advertising. It was a little tough to find all of the contracts and data we needed to get started, but once we overcame that hurdle we were on off and running.

Recommendations to others considering the product

Make sure you can access all necessary documents and systems before you get started. An organized approach internally makes the process flow smoothly.

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

HPE Software business merged with Micro Focus, making it hard for overlapping sales groups to get the information they needed to negotiate cross-sell/up-sell deals and renewals without stepping on each other’s (or customers’) toes. Our sales ops team had no meaningful visibility into our existing customer agreements. It was a huge effort to dig through all the contracts, amendments, etc., and piece the most current information together to know where to sell more or make the most of renewals. The added problem was that customers were telling us we were hard to do business with.

With Pramata, we were able to clearly identify what our customers own, and understand the SLAs and commitments we’ve made. Our sales and finance teams can now quickly have informed discussions with customers for up-sell, cross-sell and whitespace opportunities.

Pramata review by Administrator in Legal Services
Administrator in Legal Services
Validated Reviewer
Verified Current User
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"Pramata is so easy to use!"

What do you like best?

I really like (and rely) on the email reminders – it’s nice to have them pop-up in my email rather than having to go to the Pramata platform to access them.

What do you dislike?

While I appreciate that the customer success team has monthly meetings with me, it’s just overkill. They can just send me the PDF and meet as needed.

Recommendations to others considering the product

Pramata is so easy to use and the information they extract is really helpful for running a wide variety of reports! When you get new employees, it’s a very simple platform to train on and for others to use too.

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

I’ve been here 3 years and during that time Pramata has helped me eliminate internal errors and meet deadlines. Instead of relying on business people to meet deadlines, I’m able to remind them of those deadlines. We’ve saved hard dollars and time.

Pramata review by Internal Consultant in Information Technology and Services
Internal Consultant in Information Technology and Services
Validated Reviewer
Verified Current User
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"Pramata provides NCR with a consolidated view of our digitized contracts."

What do you like best?

Pramata provides NCR with a consolidated view of our digitized contracts and the ability to search key terms very easily.

What do you dislike?

From a technology and integration perspective, Pramata’s first gen platform called Navigator had some growing to do. We are on the path to the new platform called Voyager and we’re excited to see the new value it will bring.

Recommendations to others considering the product

From a product/feature perspective, Pramata is superior in the industry for what they deliver. But, do have realistic expectations for the integration of their capabilities on the Navigator platform versus what you may want to do.

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

Pramata gives us the ability to have a consolidated view into our digitized contracts. Before Pramata, we had contracts on multiple platforms and multiple locations. Now, a broad group of users across many disciplines in NCR has access to this readily available accurate data.

Pramata review by Margaret (Maria) C.
Margaret (Maria) C.
Validated Reviewer
Review Source
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"Pramata is the Single Version of Truth for McKesson Pharma"

What do you like best?

Pramata has a vast understanding of McKesson’s business and our contractual agreements. Commercial contracts drive our business, and by managing them with Pramata, we can make them actionable, not just stand-alone documents. The Pramata platform is impressive because critical information about our relationships is readily available and accurate, it’s used across McKesson by the compliance, sales, finance and accounting teams.

What do you dislike?

I don’t dislike anything but some of the reporting output capability, but I’m looking forward to enhancements to reporting tools that are coming soon.

Recommendations to others considering the product

First and foremost, understand the problem you are trying to solve. And make sure the business cases are understood internally. Pramata can help you clean the data, but you need the proper people involved for adoption, which is crucial.

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

Maintaining high-quality interactions with providers and manufacturers is a top priority for us. That includes monitoring our business commitments to customers, mitigating any risk and tracking revenue performance against what customers have agreed. With Pramata, our legal, finance, and sales ops teams can get the most current commercial relationship terms from one single source of truth whenever they need them. For instance, we can quickly check if a customer’s annual purchase commitment will be met by the end of the year, and then take appropriate steps as needed.

Pramata review by Chris  C.
Chris C.
Validated Reviewer
Review Source
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"The sooner you implement Pramata, the better you can manage your contracts"

What do you like best?

We’ve worked with Pramata for more than 10 years. In that time, the customer support has been beyond what we’ve received from other vendors. They also continue to innovate and recently launched a new platform called Voyager that we are transitioning to. The platform is easy to use and helps us understand all of the customers in our portfolio.

What do you dislike?

Nothing. I use it every day and it makes my life much easier.

Recommendations to others considering the product

Consider using Pramata to design your contract management program or process. The sooner you implement Pramata, the better you will be able to manage your contracts.

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

Pramata is the cornerstone of our contract management. They’ve created a commercial relationship baseline for us to understand for each customer, what are the related entities, what do those entities own contractually, at what price, and what are the specific commercial terms for those products.

Pramata review by User
User
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"Pramata Has A Systematic Approach To Intake And Normalize Data"

What do you like best?

I like the family tree view of contracts and the organization of the key terms into categories so it’s easier to make sense of what’s in a contract and skip to the relevant terms I am looking for.

What do you dislike?

The good news is that Pramata has a very systematic approach to intake and normalize data from our contracts. I like this because we can count on and trust the process. The downside is that for reporting, the information captured is at the document level. I would like to see reporting at an account level. Pramata is great for reporting down to a granular document level, but creating an executive summary for a particular account is hard. I’ve been told this is solved in the new Voyager platform.

Recommendations to others considering the product

A lot of time and effort needs to be spent on the front end blueprinting the data model that will be best for your company. Pramata has a lot of best practices for data models. Make sure the data model you choose fits your needs before you implement.

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

Pramata is a much better repository than what we had previously. Just knowing how many and what contracts we have and seeing them in an organized fashion has been of tremendous value. Also the ability to report across key terms helps multiple departments across the organization to manage contractual obligations and compliance.

Pramata review by Leigh B.
Leigh B.
Validated Reviewer
Review Source
content

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

Using Pramata benefits us across our Spine division. It can help ensure accuracy of royalty payments. We can maintain our relationships with the surgeon partners based upon having a data system that helps ensure compliance with our obligations.

Kate from G2

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