SAN FRANCISCO--(BUSINESS WIRE)--Pramata, the leading end-to-end contract management solution provider, today announced the launch of its AI Design Studio, a contract management tool powered by Pramata’s enterprise-grade Contract AI technology. The AI Design Studio enables organizations to implement generative AI use cases in record time, from creating and automating new contract insights and experiences to building customized contract playbooks. The AI Design Studio includes a Provision, Clause, & Term Modeler that allows legal teams to define the contract concepts that matter most to their business, enhancing reporting capabilities and negotiation guidance. It also includes a Playbook Creator that expertly drafts negotiation playbooks based on the organization’s contract templates or legacy contracts.
Pramata’s AI Design Studio not only empowers legal teams to take on some of the most intractable contract management challenges, it allows finance, procurement, and sales teams to maximize the full strategic benefits of the organization’s contract data. From cleansing and organizing thousands of legacy contracts and automating redlining (regardless of a contract’s format) to sophisticated contract data analysis, organizations now have the power of Contract AI at their fingertips.
According to a 2023 report from Deloitte and the World Commerce and Contracting Association, more than 50% of organizations have “neither carried out, nor plan any simplification” within their contract processes. With Pramata’s AI Design Studio, organizations gain out-of-the-box tools that simplify contract automations. Legal teams are able to move beyond efficiencies and proactively address their organization’s most strategic challenges, including: contract visibility, vendor cost savings, revenue leakage, and more. With Pramata’s AI Design Studio, legal leaders can truly move the needle on the organization’s bottom line.
“We are at an inflection point when it comes to how organizations are implementing and integrating generative AI into their contract management strategies. So much of the CLM technology market is built on empty promises—lots of fluff with very little substance. Our AI Design Studio gives companies enterprise-grade Contract AI capabilities that can actually transform how their teams work,” said Praful Saklani, CEO, Pramata. “To be more strategic, legal departments need contract AI experts on their team. The AI Design Studio serves as that expert—we’ve cracked the code when it comes to empowering legal and other business leaders with deep insights to build playbooks, customize reports, and enhance the entire contract management process.”
According to Pramata’s research and in-depth conversations with legal leaders, the ways in which legal departments and beyond leverage generative AI over the next three years will determine their overall success. Teams that are slow to implement effective contract AI tools will likely have to deal with fewer headcounts and smaller budgets. But those who are able to maximize the power of AI within their contract management strategies will be able to deliver 500% more value-adds to their business. The key differentiator between these two outcomes will depend on the contract AI solutions they leverage within their contract management strategies.
While the general release of Pramata’s AI Design Studio includes the Provision Clause, & Term Modeler and Playbook Creator, the platform will soon include an Insight Builder feature to dig deeper into contract insights and supercharge risk management responsibilities.
Pramata Vice President of Product Achint Agarwal is hosting a webinar on November 20 at 1:00 p.m. EST to highlight the AI Design Studio platform functionality and features. Register to attend Pramata’s live 45-minute demo at: Pramata’s Platform Tour.
About Pramata
Pramata is leading the way in enterprise-grade contract AI. The Pramata next-gen platform gives organizations the power to use AI-driven contract management to solve business-critical challenges like stopping revenue loss, reducing vendor costs, accelerating the contract lifecycle and ensuring compliance—with contract AI that actually works. For over 17 years Pramata has been trusted by some of the largest companies in the world, including McKesson, ICE, AbbVie and Callaway Golf. For more information visit www.pramata.com.
