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My View on 2022

12 January 2022 | Eleanor Weaver, CEO

As I look to the year ahead, the world feels at once substantially different than – and yet remarkably similar to – how it did coming into 2021. COVID-19 continues to cause uncertainty across the globe, while society changes rapidly before our eyes. Yet there is cause for optimism: from historic healthcare advances to widespread adoption of working models that put people first, the world has improved for many despite the continued challenges posed by the pandemic.

Just look at some of the incredible advancements in science and technology. The COVID vaccines stood apart in 2021 as a miracle of modern technological advances and human collaboration. And artificial intelligence (AI) continues to become ever more integrated into the fabric of society and our personal lives: from combatting climate change, to space exploration and even cancer treatment, AI is already widely being used around the world to tackle the great challenges of our time. And in 2022, the advent of AI technology hitting the mainstream presents an opportunity for companies to tackle their biggest challenges differently.

From conversations I have, it’s clear many are contemplating a fresh approach in 2022 to meet a challenge with a familiar face: regulation. The regulatory landscape is changing fast. From the transition away from LIBOR to increased data privacy regulations like GDPR, as well as complex new investment screening regimes and a deluge of new ESG-related rules and regs, maintaining compliance with this increased volume and complexity of regulation will only become a more pressing priority for every organisation for whom compliance is the price of doing business (read: all of them). Regulation is top of the agenda for companies around the world, but new technology means that the high priority of compliance does not need to be a heavy burden on resource. Our AI systems provide one-click insight into a business’s entire contractual landscape, making adherence to regulatory requirements a relative breeze.

Amid the ‘Great Resignation’, retaining talent is also the biggest critical issue across multiple industries. In 2022 this means building flexibility into everything – and new technologies are our best chance of doing that. For employers looking to retain the best talent, new technology has rapidly become a vital tool – AI systems that slash manual workloads help employees to focus on higher-value work, thereby fostering stronger loyalty towards employers that invest in tech solutions for their workforce as well as benefiting their customer base. More widespread technology investment and adoption will bring benefits to bear beyond the borders of specific industries and contribute to an overall levelling up not just of new technology itself, but also people’s understanding of its applications, and how to use it for their benefit.

We built Luminance for the legal profession. Over the last five years, we have developed sophisticated technology based on flexible, powerful AI and machine learning, that persuasively solves many of the chronic issues the industry has always faced. Today, it is not just a powerful tool for law firms, but also, through Luminance Corporate, for in-house legal teams, and one that changes the game wherever computer meets contract. Now, let’s take a step back and imagine how powerful that underlying AI could be when put to use across whole industries: shaking hands on a deal after a seamless, speedy contract process makes it easier for any business to take on more work, sign new customers, and broaden its appeal. Resource can be redeployed from traditionally repetitive and laborious tasks to higher-value strategic work, letting people spend more time doing the jobs they trained for and leaving the bulk of the paperwork to their tech systems.

It’s no exaggeration to say that being able to use new technology to create an entire contract – and trusting in the accuracy and compliance of those contracts – is a game changer for every business. We believe that, in Luminance Corporate, we have built a tool that every business on earth needs in its toolbox. I am so excited about what this means for us at Luminance. We cannot wait to see what happens in 2022 - the whole team here is very, very excited for the future.