From Pulse 2.0 · Amit Chowdhry · · 2m
Pramata CEO on AI Contract Intelligence
Pramata CEO Praful Saklani explains how AI contract intelligence powers business decisions without messy data.
In brief
Pramata CEO Praful Saklani explains how AI contract intelligence powers business decisions without messy data. Pramata uses AI to extract accurate contract data for businesses, enabling AI agents to make profitable decisions. Originally reported by Pulse 2.0.
Praful Saklani's Background
Praful Saklani has been an entrepreneur since the late 90s, focusing on smart business decision-making through technology.
“I’ve been an entrepreneur since the late 90s, and my focus has always been on empowering smart business decision-making through evolving technology.”
Early AI Work
Saklani’s first patent used fuzzy logic, a precursor to modern AI, which he saw as a way to predict outcomes without determinism.
“My first patent was actually built around fuzzy logic, which were the precursors to what we now call AI.”
Water Health Startup
Saklani worked with WaterHealth to provide water access in rural communities across the Philippines and India.
“I worked with a startup called WaterHealth that pioneered technology to provide water access in rural communities across the Philippines and India.”
Pramata Launch
Saklani founded Pramata in 2006 to solve real-world problems for executives using contract technology.
“Then in 2006, I dove back into the B2B world when I started Pramata, focusing on solving real-world problems for executives with groundbreaking contract technology.”
Pramata's Goal
Pramata aims to unlock information in commercial relationship documents to improve negotiation efficiency and business sustainability.
“Our goal has always been to unlock the information inside of commercial relationship documents, not only to increase the efficiency of how businesses negotiate during contracting, but also to run a more profitable and sustainable business with fewer risks.”
AI Revolution
GPT-3.5’s launch in 2022 enabled Pramata to integrate AI as a core layer without specialized hardware or data scientists.
“But when GPT-3.5 launched in 2022, it was just different. It was like witnessing the start of the automotive industry.”
TrueDoc Technology
Pramata invented TrueDoc, an OCR format to make long, inconsistent contracts machine-readable for AI.
“We actually had to invent our own OCR (Optical Character Recognition) format to create machine-readable versions of contracts that are not interpretable by AI, which we call TrueDoc.”
AI TrueCheck
AI TrueCheck provides three methods to check output reliability, ensuring predictable results for AI.
“We’ve also invented an internal QA paradigm called AI TrueCheck, which provides 3 different methods to check and see whether any output is reliable.”
Customer Growth
Pramata grew from a $100,000 client to a million-dollar-a-year customer within 180 days of a sales leader’s request.
“That customer went from a $100,000 client to a million-dollar-a-year type of customer.”
Partnerships
Pramata partnered with Deloitte and Bain, expanding into product partnerships for enterprise AI solutions.
“We’ve announced partnerships with Bain and Deloitte, but we also have partnerships with other consultancy firms.”
Customer Centricity
Pramata focuses on helping customers reduce business risk, improve profitability, and do their jobs better with AI.
“Does this actually help somebody do their job better? Does this help somebody reduce business risk? Does this help improve profitability of the business?”
Contract Intelligence
Contracts contain strategic business data that Pramata organizes for AI agents to optimize decisions.
“Your company’s commercial relationship agreements are actually strategic assets, and our technology lets users treat them that way.”
AI Foundation
Pramata ensures AI solutions work at scale by making contract data accurate, predictable, scalable, and secure.
“We make commercial relationship assets accurate, predictable, scalable, and secure so that everything built on top of it actually works.”
Future Goals
Pramata will help AI agents use contract data to uncover errors, overcharges, and renegotiation opportunities.
“We’ve always encouraged customers to cross-reference their contract intelligence against billing data to uncover errors, vendor overcharges, or renegotiation opportunities.”
Key Components
Pramata’s four non-negotiable components for enterprise AI are predictability, accuracy, scalability, and security.
“There are four non-negotiable components to 'PASS the test' for enterprise AI: Predictability, Accuracy, Scalability, and Security.”
The headline
Pramata uses AI to extract accurate contract data for businesses, enabling AI agents to make profitable decisions.
