BRISBANE, Calif., May 2, 2017 /PRNewswire/ -- Pramata, the customer digitization company, today announced how key customer Novelis, the global leader in aluminum rolled products and recycling, is leveraging the Pramata platform to drive greater compliance and customer value from their complex contracts outward. Using Pramata, Novelis is addressing legal and compliance initiatives for very specific regulatory mandates and for strategic revenue and profit initiatives across its enterprise.
"We've been a Pramata customer for nearly 10 years and the platform is a key underpinning to our financial and core governance systems," said Les Parrette, General Counsel at Novelis. "The value Pramata provides is crystal clear and it's made a significant, positive difference in our business."
Recognizing a need for greater visibility into its regional and material contracts, Novelis sought a contract management solution that would eliminate silos of inaccessible and disorganized customer information—assisting them in the transition from GAAP to IFRS accounting standards and triggering the launch of its contract governance program. The company selected Pramata's platform to help accelerate and optimize the migration—mending the fragmented legal reviews of relevant contracts and key terms that hindered revenue recognition efforts.
"We started by centralizing contracts but quickly came to see the capability of Pramata was far beyond that," said Chris Courts, Deputy General Counsel at Novelis. "The platform gave us visibility into the endgame when we were still at the beginning."
Pramata digitizes the concrete information in signed, complex customer contracts and converts it into actionable intelligence delivered in a complete, contextual view for use by legal, finance and sales teams. By digitizing and connecting critical customer data, Pramata provides Novelis not only the customer insight they desired but also access to untapped revenue and growth opportunities.
"Legal teams often are viewed as having a limited focus within corporate structures, and Novelis is an excellent example of how the legal team can serve as a catalyst for organization-wide improvements in business efficiency as well as a reduction in business risk," said Praful Saklani, CEO of Pramata.
Now Novelis' legal and sales teams can easily collaborate to ensure standardized–and far more robust—terms for pricing, volume and liability are present in every customer contract. Global managers and regional sales teams can see dozens of characteristics, conduct accurate contract risk scoring and craft better deals, including negotiating for better payment terms. On the compliance side, the legal team monitors contract intake, ensures compliance with its contracts policy, and uses contract risk scoring to identify key training points and risk within the business.
"We're amazed every day," said Bea Velez, Legal Project Manager at Novelis. "What Pramata has allowed us to do, and to get right to the substance of our contracts, is simply unbelievable."
World-class brands including CenturyLink, Comcast Business, FICO, NCR, Medtronic and Truven IBM have chosen Pramata's uniquely innovative and highly sophisticated platform to grow value throughout the customer lifecycle and position themselves for future business transformation. For more information, or to request a demo of how Pramata can transform your enterprise, visit: www.pramata.com.
Headquartered in Brisbane, Calif. with offices in Kansas City and Bangalore, Pramata provides customer digitization solutions to Fortune 500 companies that increase revenue and profits while reducing leakage and regulatory risk. For more information, visit www.pramata.com.
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in 10 countries, has approximately 12,000 employees and reported $10 billion in revenue for its 2016 fiscal year. Novelis supplies premium aluminum sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit novelis.com and follow us on Facebook at facebook.com/NovelisInc and Twitter at twitter.com/Novelis.
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