Boosting Productivity with Luminance’s AI

29 April 2024 | Eleanor Lightbody

Last month’s spring budget promised to inject significant funds for digitalisation across public services, with the aim of boosting productivity. But how exactly can businesses use technology to improve efficiency? To give you a better idea, let’s take a look at some of the ways that Luminance is helping organisations around the world to ‘do more with less’…

Automate the Routine

If you ask any legal team how long they typically spend drafting, reviewing or negotiating routine contracts, the answer is usually eye-watering. The result is less time for delivering strategic, creative work that generates real value for the wider business. These kinds of standardised tasks are ripe for automation, which is where Luminance comes in.

The results speak for themselves – with Luminance, Emma Sleep has doubled the number of contracts reviewed per quarter, proSapient is achieving up to 40% time-savings on admin tasks alone and Hitachi can take NDAs from generation to signature in under five minutes.

But recently, we’ve taken this automation one step further! The release of Auto Mark-Up at the start of the year represents a new level of efficiency. With this latest feature, Luminance’s AI can redraft any problematic or non-standard clause within a click, bringing any third-party contract into line with a company’s preferred positions and gold standards in seconds. This means further time-savings, leaving lawyers with more time to focus on other tasks that require their uniquely human skills.

Streamline Internal Processes

As legal workloads continue to grow, it’s easy for a backlog to build up within the legal team. With other teams across the business relying on Legal for reviews and approvals, alleviating these bottlenecks with AI facilitates efficient commercial activity. That’s why Luminance Self-Serve is such a game-changer. By empowering colleagues from across the business to negotiate and amend third party contracts themselves, the burden on legal teams is lessened and time to signature reduced.

And for when colleagues still need help from Legal, they can use Luminance’s Legal Helpdesk! This centralised platform, through which legal departments can address all queries from across their organisation, is revolutionising internal review processes and workflows. Gone are the days of information lost to lengthy email chains or deadlines missed because a request didn’t reach the right person in time.

Immediate Insight

Luminance’s AI-powered contract repository further helps minimise inefficiencies by ensuring all information is at the team’s fingertips. For starters, this prevents the loss of institutionalised knowledge amidst employee movement or departures. What’s more, with Ask Lumi in the Repository, users can ask any query about any contract and receive an answer instantly. Think of all the time saved no longer having to manually search across the organisation’s entire document landscape to find that key piece of information.

So, it’s certainly true that applying AI in the workplace really can boost productivity. But the key lies in picking the right product and using it effectively. Book a demo today to find out how Luminance can help you do more with less.