Last Sunday marked World Innovation Day. Innovation is a word that gets thrown around a lot, but here at Luminance it’s something we pride ourselves on – it’s what underlies our cutting-edge, world-leading product. And it’s not just us who think so; We’ve won awards for our unmatched levels of innovation. Let’s take a look at how this is achieved…

Creating a Category-Defining Product

The word innovation conjures an association with something new, be that a new method, new idea or new product. At Luminance, there’s always something new, with cutting-edge product updates and developments released at an unprecedented rate. In the past year alone, we’ve released:

Ask Lumi - a first-of-its-kind chatbot that enables users to ask any question about any contract in natural language and receive an immediate answer! This is truly transforming the way legal and non-legal teams interact with their contracts. From instantly identifying key information, to rapidly redrafting problematic wording, Ask Lumi completely expedites the process of understanding and negotiating contracts.

Our ‘Self-Serve’ functionality empowers non-legal teams to review and negotiate contracts. By offering an instant analysis of any risks and suggesting alternative, compliant wording, any user – whether they’re in HR, Finance, Sales or Procurement - can negotiate in line with organisational gold standards. Not only does this massively reduce the burden on legal teams, but it also avoids bottlenecks and inefficiencies, accelerating the time to signature.

One of our most exciting product developments to date, ‘Auto Mark-Up’, allows users to bring any agreement into line with a company’s standards in a single click. Clauses can be re-drafted based on criteria from selected Knowledge Banks, ensuring these align with preferred positions and gold standards. Putting the day-to-day negotiations of routine contracts in the hands of Luminance’s legal-grade AI translates to exponential time-savings and optimal negotiating positions.

These are just a few of the genuinely ground-breaking technological developments we’ve released in the past 18 months alone. None of it would be possible without our incredible R&D team in Cambridge. From coming up with these game-changing ideas on a whiteboard to turning them into real-life features that are used by some of the largest organisations in the world, this is a true testament to the level of innovation the team demonstrates every day here at Luminance.

Keep your eyes peeled for even more exciting updates, new product features and more to come…