The Contract Management System On An NLP-Driven Expansion Drive – Artificial Lawyer

Pramata is an NLP-driven contract management system that has been in use since 2005 and works with the likes of Pitney Bowes, NCR and Comcast Business – but you may not have heard of it.

Artificial Lawyer caught up Care Sayers (pictured), its new general counsel and chief evangelist, who joined the California-based company in May of this year to learn more.

Sayers, who has both previously been an in-house counsel at several companies and helped found a mobile app startup, 121nexus, in 2011, is keen to let the world know what Pramata can do, especially now after an evolutionary journey, salutes on its NLP capabilities, which the company believes are as good, if not better, than anything else on the market. It’s also clearly on some sort of expansion drive.

So let’s start with the AI ​​bit.

Sayers noted that they have steadily improved their NLP accuracy over many years. In this case, the software aims to help internal legal teams both analyze their own and third-party papers against the company’s playbooks and extract important information.

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They also have a significant team of Contract Specialists in India who act as Quality Assurance Experts or as they call the “AI Assist Team” and make sure clients get the most accurate results.

As the company puts it: “[We use] Leading AI technology combined with an AI support team to handle exceptions, check outliers and ensure data quality of over 99%. The result: reliable reporting and analysis for 100% of your contracts.”

Sayers emphasized that as her NLP has improved over the years, the time her AI Assist team takes on each matter has decreased.

“It was a crazy change. We’re quick and easy, and super accurate too [now]. Checking for customers also helps with training [of the NLP],’ he explained.

Importantly, he then said that by reducing the human input in verifying the NLP outcome, Pramata can be “more cost effective” for clients, and that in turn allows him to target a much broader audience now, not just giant corporations.

Ie better NLP = less human input = cheaper for customers = more scalable product.

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While they keep people informed and don’t claim to have achieved “AI perfection,” they believe they’ve been able to steadily reduce the amount of human input to achieve a high level of accuracy in part simple , because they have trained their NLP for so long.

(And that’s one of the key aspects of machine learning systems for niche phrases like legal jargon — you really can’t avoid the long, hard work of training, training, and more training to get super-high accuracy. You can get “pretty good” results relatively easy and fast – but that “last mile” of true quality is hard to achieve. It’s also the part customers want most.)

OK, now a break. What else does Pramata do and is it a CLM? Sayers noted that he doesn’t really use that term, preferring to just stick with “contract management.” However, they cover a lot, including features for:

  • Workflow and requests for in-house teams,
  • A highly searchable and filterable contract archive,
  • The NLP contract review and extraction aspect as mentioned above, which includes OCR and “document sanitization” and a facility to create “document families”,
  • Plus, it has extensive integrations with everything from Salesforce to Microsoft Dynamics (a CRM system).
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So where is this all going, especially with Sayers now in his new role as evangelist?

“We want democratized access to documents. We want to give access to the entire organization so they can have this information [which is stored in the contracts],’ he said.

He added that once you’ve digitized contracts, you can support self-service across the organization, which in turn helps ease the burden on the internal team as they don’t have to constantly search for things that company executives need to do have to see .

And the ultimate goal? “We want Pramata to be the most trusted name in contract management,” concluded Sayers.

With the growing number of contract management players in the CLM space, it’s going to be an uphill battle to get there, but they have every chance of succeeding, especially now that their NLP skills seem to have matured as much as they are letting on to wish.

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