Wichita fine brand’s billing aligned – thanks to Luminance
Cambridge-based Luminance, considered the global leader for legal process automation, has scored a major success in the US.
The legal team supporting Koch Industries, Inc. in Wichita, Kansas, has adopted Luminance’s award-winning AI to transform internal legal processes.
The move has been made to enhance the way multiple Koch companies interact with Legal in what is now a $125 billion revenue group.
Koch Industries is one of the largest private companies in America. It owns a diverse group of companies involved in manufacturing, agriculture, pulp and paper, packaging, consumer products, building materials, glass, automotive components, refining, renewable energy, chemicals and polymers, electronics, enterprise software, data analytics, medical products, engineered technology, project services, recycling, supply chain and logistics, global commodities trading and investments.
Since 2003, Koch companies have invested nearly $150bn in growth and improvements. With a presence in more than 70 countries, Koch companies employ more than 120,000 people worldwide, with about half of those in the US.
The legal team for Koch is using Luminance’s technology to augment the lifecycle of legal document processing, from contract generation and negotiation to the review and analysis of executed agreements.
Luminance’s AI can read and form an understanding of any volume or type of documentation, surfacing key information and allowing users to gain an overview of the contractual landscape.
Using Luminance, employees within Koch’s legal team and across the group’s companies are able to generate compliant contracts with pre-approved wording that meets both internal standards and external regulations.
Luminance’s powerful workflow tools also allow employees to communicate directly with the legal department via a simple ticketing system, enabling sales and procurement teams to clarify internal legal standards or ask questions.
Having already rolled-out Luminance across multiple Koch companies, Koch’s legal team now plans to make the technology available to thousands of more employees in the coming months.
Laura Pickle, CIO & Discovery Director for Koch’s legal team, said: “Luminance will be transformational for legal services, providing us with the opportunity to enhance our legal processes.
“Importantly, Luminance’s AI is automating the repeatable tasks and administration associated with generating contracts, freeing up our in-house legal team to focus on higher-value work that drives business growth.
“Our non-legal functions can now utilise Luminance as a self-service way to generate new agreements quickly, while still ensuring compliance with internal legal standards. This empowers the business by embedding innovative technology into all areas of our enterprise.”
Eleanor Lightbody, CEO of Luminance, added: “I am delighted to welcome Koch to the Luminance family as they join the rapidly growing number of world-leading in-house legal teams implementing Luminance’s AI into their day-to-day work.
“Luminance Corporate can provide value to any business, from taking a first pass review of any incoming contract to automatically flagging contractual anomalies and highlighting areas of non-compliance to be remedied. I am excited to see the added value our AI delivers for such a distinguished company.”
Luminance is trusted by more than 500 organisations in 60 countries including all of the Big Four consultancy firms, over one quarter of the world’s largest law firms and in-house teams from leading organisations such as Colombian flagbearer airline, Avianca, and multinational pharmaceutical company, IDEXX Laboratories.