An innovative contract management company, Pramata, has announced the launch of its next-generation Effortless Contract AI – a powerful engine behind its Repository as a Service (RaaS) product. In the industry, Pramata is the only company to offer RaaS, which extracts actionable insights from contracts with 99%+ accuracy.
Pedram Abrari, CTO for Pramata, said, “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. 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.”
Using traditional AI-powered CLM solutions presents particular challenges during the post-signing stage when there is an amendment to the contract, a third-party document, or a low-quality document. They might claim to offer an end-to-end solution, but it’s not the case. Consequently, the client is left with a contract repository that is incomplete and inaccurate, which requires manual cleanup hours to complete, months of training in artificial intelligence (AI), and low to no adoption of the solution.
Pramata’s AI Assist Team of contract domain experts, which includes lawyers, finance professionals, and data scientists, secures exception management and ensures accuracy during the life of the repository.
Pramata’s user-friendly interface requires no user data entry, no AI tagging and no supplemental quality review. With over a decade of experience building cloud-based AI technologies, Pramata has digitized almost 9 million contracts.
Pramata’s proven approach enables smarter, deeper insight into every contract – providing data that is always relevant and highly accurate. The Pramata contract management system is the ideal choice for any organization looking for a simple and straightforward way to manage contracts, obligations, and risks.