3 Steps to Kickstart your AI Buying Journey in 2024

12 January 2024 | Ella Hislop

As we embark on 2024, it’s clear that businesses worldwide are looking to ride the AI wave. And for good reason! More and more legal teams are turning to AI to do more with less, maximise employee productivity and manage risk.

Over the past four years, I’ve helped countless organisations integrate Luminance’s AI into their existing processes and I know that the task can seem overwhelming to start with! So, for anyone looking to kickstart their year with business-enhancing tech, read on for my guide to finding and buying the right AI in 2024.

1. Establish your needs

As technology has gradually transformed more and more working practices, a trend I’ve noticed lately is businesses finding themselves left with a patchwork of outdated technologies. Maybe you’ve dipped your toes in, trying out different solutions such as an eSignature tool or a CLM for document centralisation, then maybe onboarded a workflow tool for Procurement and a contract generation platform for Sales. Businesses can quickly find themselves in a never-ending buying cycle as they look to fill gaps in their tech stack or catch-up with the latest product developments.

A bulky and uncoordinated tech stack can set you back. But nowadays, AI can address all of a company’s contracting needs in one. It’s this kind of one-stop solution that will be most useful going forward, especially as AI’s capabilities continue to expand.

My first tip for any company is to begin by thoroughly assessing your existing tech stack – what’s missing and what isn’t working? My second tip is to think ahead! Once customers experience the time- and cost-savings that AI brings to traditionally labour-intensive legal tasks, it’s a no-brainer to extend those benefits to other arms of the business. For instance, Koch Industries has rolled out Luminance beyond their legal team to Sales and Procurement, so they can generate their own Sales and Purchase Agreements. Contracts flow around every part of the business and AI is capable of streamlining them for everyone, so establishing a clear AI roll-out from the get-go will help to maximise your ROI.

2. Cut through the AI noise

But with so many options out there, where do you start? Lots of vendors are trying to hop on the AI buzz to gain traction, meaning it can be tricky to know what’s the real deal.

To start you off, here are my biggest green flags to look out for when identifying legitimate AI software:

• Instantly deployable, with no lengthy set-up or machine training ✅

• Able to automatically handle different languages or terminologies ✅

• Can be taught new concepts and ideas with simple point-and-click learning ✅

Another, important factor to take into consideration is security. I know this is an ongoing concern for all businesses, heightened by the data privacy issues raised by ChatGPT after numerous instances of employees inadvertently disclosing confidential company data on the platform. Make sure to check out the compliance behind any AI you’re using in conjunction with company data. Here at Luminance, we ensure security and data privacy in several key ways…

• As a completely technology-based solution, our staff don’t need to read uploaded documents.

• Document access is controlled entirely by key stakeholders on the customer-side.

• The company is ISO 27001 compliant – with a Security Advisory Board to provide expert guidance, premium security is guaranteed at every level.

3. Try before you buy

The above checklist is an important starting point, but as the AI market becomes increasingly crowded, what really separates the wheat from the chaff is the tech holding up in practice. And the only way to guarantee this is by trying it for yourself…

Luminance offers free trials of our AI, so prospective customers can see the value for themselves. This trial is done with the support of a designated Account Manager and a Product Specialist, who are both experts in getting the entire team up to speed with Luminance. We allow your team to experience the power of Luminance’s AI on their own documents, completely free of charge, for complete transparency and instant value from the get-go. I can tell you there’s no better way to understand the wide-ranging benefits AI can have for your team than by experiencing it first-hand, and we’re confident that the quality of our technology will speak for itself. Just take UK-based technology company proSapient as an example – since the very first day of using Luminance they were able to redeploy their paralegal to higher value tasks and achieve 40% time-savings on admin tasks alone.

With those tips in mind, if you’re interested in finding out more about what Luminance could do for your team, request a demo here!