What’s the total contract value across our US customer portfolio? How many of my contracts expire in the next month? What’s my largest monthly recurring cost?

These are just some of the questions that business leaders often need an urgent answer to. Not only does Luminance offer instant responses to these kinds of queries, it also provides a holistic overview of an organisation’s entire contractual landscape. That’s why more and more executive teams are turning to Luminance to enhance their understanding and insight into commercial documents. Let’s take a closer look at how…

Holistic Oversight of Business Activity

Contracts hold the key to any business’s commercial trends and outliers. But the sheer volume of information can make it hard to digest and understand the core data. With all of an organisation’s contracts stored in Luminance’s AI-powered repository, the platform offers an intuitive dashboard showing all kinds of contractual information – contract types, parties, terms, jurisdictions, clauses and more. At a glance, businesses can see the main locations they’re operating in or the kinds of contracts they’re tied into, without having to trawl through endless contracts one-by-one.

A quick glance at the Luminance Insights Screen shows a summary of an organisation’s entire contractual landscape, including the activity of each team. Let’s say you’re about to go into a commercial meeting with a sales rep and want to check what they’re working on – you can simply click their name and gain an instant understanding of their current activity.

Instant Access to Business-Critical Data

Business leaders constantly need to make important commercial decisions, and it’s vital that these are backed up by data. With Luminance’s award-winning chatbot, Ask Lumi, now available in the Repository, executives can ask any question about information buried within their company’s document database, and instantly receive a legally accurate answer.

Let’s say you need to work out which region is offering your business the highest value opportunities in order to focus investments. You can simply ask “How many customer contracts across our EMEA portfolio are valued at over £100k?”, and Luminance will provide a figure, as well as surfacing all relevant contracts. This immediate insight is also super helpful when writing reports, helping to compile all of the relevant information in seconds.

Capitalise on Revenue Opportunities

Luminance’s automatic alerts and anomaly detection help to uncover risks and opportunities alike. Upcoming revenue milestones such as renewals, breaks and termination dates will be flagged, enabling users to proactively mitigate revenue erosion. This could be by making sure to act on early payment discounts or by surfacing any unfavourable terms and tracking when we can get out of these. Just recently, we worked with a multinational utility company who managed to secure a 2% discount on a supplier contract thanks to Luminance exposing an early payment discount! The system flagged this immediately and, by setting up automated alerts, the organisation can ensure this revenue opportunity is always acted upon going forwards.

Ultimately, with Luminance, users have key commercial information at their fingertips, enabling them to make data-driven decisions and inform business strategy.

To find out more about how Luminance could help your organisation, schedule a demo today.