Pramata, a Customer Relationship Intelligence company, announced today a new enterprise software and services solution that provides the essential intelligence about customer relationships currently missing from CRM.Pramata Customer Relationship Intelligence, which is integrated into Salesforce.com and other CRM solutions, is built from the ground up to help companies keep and grow their most valuable customer relationships.
“It’s ironic that CRM actually contains very little information about your customer relationship,” said Praful Saklani, co-founder and CEO of Pramata. “Pramata adds what’s missing — answers to questions such as:
- what has my customer agreed to purchase and what have they paid for?
- has this customer achieved revenue targets and commitments?
- what pricing and discounts are in effect?
- what are the key dates and triggers?
And details about SLAs and commitments and scores of other pieces of relationship information that sales teams need.”
The problem: missing data about customer relationships
Customer contracts define complex, B2B relationships. They tend to be highly negotiated and vary from customer to customer, or even vary for a particular customer depending on business units, local customs and other criteria.
As a result, it’s very challenging and time consuming to extract information about dates, pricing, compliance, commitments, SLAs and scores of other criteria. And it’s especially challenging to reconcile this information with data from billing and other sources.
“Asking a sales person to decipher the hundreds of pages in a contract, and to understand the relationship between master agreement, sub-agreements and various amendments is inefficient use of a highly skilled resource,” said Saklani. “Sales operations, deals desks, legal, compliance and finance teams are taxed too, and no one is happy with the amount of time and energy required to get to basic information.”
Integrated into Salesforce.com
Pramata makes it fast and easy for sales teams to get the customer intelligence they need from within the very same CRM dashboard they use to manage their pipelines. Sales professionals are able to convert intelligence about a renewal, cross or up-sell into a Salesforce opportunity with just a click.
This self-service capability for sales professionals makes it possible for sales operations, legal and others to shift their focus away from handling routine requests for information to other, higher value, more strategically important tasks.
“Our customers have made significant investments in CRM,” said Saklani. “Pramata helps them get more mileage from their investment and unlock additional value from CRM.”
Software + services embedded in the solution
“Technology alone isn’t enough; people alone aren’t enough,” said Saklani. “You need software and services working in concert to convert complex contracts into Customer Relationship Intelligence, and to ensure it is complete, accurate and up-to-date.”
The Pramata solution delivers clean customer data through the use of automated extraction technologies optimized for use with unstructured data sources such as complex contracts. Automated extraction technologies are closely integrated with legal and industry domain expertise, and also best practices refined through working with hundreds of thousands of contracts and associated documents.
Sell side contracts + billing + CRM data
Pramata combines data from multiple unstructured sources to help companies keep and grow their customer relationships. Customer data is integrated with data from billing, CRM and other sources to paint a complete and accurate picture of the current customer relationship.
“A discount based on the customer committing to a certain volume is a common practice in enterprise sales,” said Saklani. “We make it possible for you to reconcile what’s been contracted with what’s been paid for in order to make an informed decision about whether to renew the discount or negotiate new terms.”