In the News: How Can Innovation Help Businesses Survive the Economic Crisis?

8 February 2023 | Luminance

Does crisis drive innovation? That was the question recently posed by Simon Kupur of The Financial Times, as he reflected on how various crises, from the Covid-19 pandemic to the war in Ukraine, have triggered unprecedented breakthroughs in scientific research and global innovation.

Businesses today are grappling with this very question as they look to survive the current global ‘polycrisis’. Technology adoption has become mission-critical, with countless organisations undergoing radical digital transformations as a result of the challenges that face them. Central to this technological transformation will, undoubtedly, be artificial intelligence. Beyond the eye-catching headlines of ChatGPT and DALL-E is the very real impact that AI is already having on many day-to-day businesses processes.

Indeed, at Luminance, we are seeing organisations around the globe turn to AI in order to help their legal teams automate a range of repetitive and administrative tasks that make up an organisation’s daily operations. This type of work encompasses everything from contract drafting and negotiation to legal query handling and workflow allocation. Driving efficiency into these important, but highly time-consuming and routines processes, will be crucial in enhancing any legal team’s ability to respond to urgent legal issues with speed.

Luminance’s advanced machine leaning models means that is the first AI in the world that can automatically take a first pass review of any contract under negotiation out-of-the-box, with no set-up required. Luminance’s AI will instantly colour-code which words, clauses or paragraphs within a contract are acceptable or not, based on internal precedent, which legal teams can constantly update to reflect the new challenges that they are facing. Luminance will also identify highlight key information, such as parties and terms, and will automatically surface 1000+ key legal concepts within contracts.

Modern challenges call for modern solutions. AI answers this call by providing a solution that maintains productivity amidst evolving business needs. Find out more here.