In today’s climate, the manufacturing industry is faced with particular challenges, from supply chain disruptions and economic pressures to heightened competition and complex regulatory demands.

Against this backdrop, we’re seeing more and more manufacturers turning to Luminance’s Legal-Grade™ AI. From the likes of Koch Industries and Yokogawa to Hitachi and LG Chem, let’s take a look at some of the ways Luminance is helping manufacturing firms to stay competitive…

Manage Supply Chain Disruptions

International affairs, ranging from the pandemic to the Russia-Ukraine war, have continued to affect global supply chains, posing a significant challenge to manufacturers depending on these.

Luminance’s AI-powered contract repository allows users to rapidly organise, understand and compare their organisation’s executed contracts. From here, teams can view and manage global supply agreements, keeping track of all requirements and surfacing any deviations in order to proactively spot potential disruptors.

What’s more, Luminance’s chatbot offers further granular insight, with instant responses to queries from across the entire dataset. For example, you might ask “Show me any anomalous wording across this dataset”, and Luminance will automatically surface all anomalies for your attention. By staying ahead of company-wide agreements and obligations, organisations can better manage the disruption caused by tumultuous supply chains.

Protect Revenue and Margins

The contracts manufacturers are dealing with often relate to especially large deals, meaning a subtle adjustment can have a large financial impact on the overall value. For example, a multinational utility company secured a 2% discount on supplier contracts thanks to Luminance exposing early payment discounts and will now be setting up automated alerts for that going forwards, ensuring this discount is always capitalised upon.

Luminance’s in-depth analysis of executed documents within the AI-powered repository can also be used to uncover lost revenue opportunities. Whether that’s automatic alerts flagging early renewal discounts, or automatic identification of data points to proactively spot new opportunities, Luminance has you covered. What’s more, this granular insight of business-wide activity enhances and expedites reporting.

Navigate Evolving Regulation

From labelling and product specifications to ESG requirements, it’s crucial that manufacturers comply with the latest regulation, for both reputational and financial protection. Luminance’s AI-powered legal spellchecker takes an automatic first-pass review of all incoming contracts, flagging risky clauses and offering alternative wording in line with organisational standards and best practices, whilst the AI-powered repository can be used to check that all pre-existing agreements comply with new regulation as soon as it comes into place. What’s more, Luminance’s pre-approved templates and customisable contract generation ensure teams across the business contract consistently.

At multinational conglomerate, Hitachi, thanks to Luminance’s automated contract generation, employees from across the business are able to take standard agreements such as NDAs from generation to signature in under five minutes.

Enhance Global Operations

For international companies, with offices around the globe and functions working in various languages, facilitating effective collaboration is key. Luminance’s powerful workflow tools help streamline communication across borders, making sure the relevant tasks and priorities reach the right people as soon as possible. Moreover, Luminance is completely language- and jurisdiction-agnostic, which means it can be used to negotiate and analyse multilingual documents from around the world.

Take LG Chem as an example – they’ve really benefitted from Luminance’s language capabilities, particularly when it comes to Ask Lumi, which enables the team to ask questions in any language, including Korean, and receive instant responses.