Instant Insight into Risk Exposure

Following the sudden introduction of sanctions in March 2022, IDEXX used Luminance to analyze 20,000 contracts across their supply chain in just 20 minutes. A task that they estimated would have taken over two weeks manually. Instead, Luminance provided a holistic overview of the organization’s business activities and identified all geographies present within their contracts, including any referencing Russian places or legal structures, within moments.

This task was enabled by Luminance’s AI-powered repository which instantly analyses key data points of executed contracts, allowing the team to gain greater insight into their contractual landscape. Luminance automatically highlights key information out-of-the-box, such as clauses, dates, governing law, parties and language, allowing the team to drill down into relevant data in moments.

Maintaining Compliance with AI

IDEXX also uses Luminance to perform a first pass review of all incoming contracts, providing a risk analysis of which clauses are acceptable, non-standard and risky, all within Microsoft Word. Critically, where terms do not meet internal standards or contradict compliance measures in the continuously changing regulatory landscape, suggested precedent and fallback positions are available at all times via the sidebar and can be inserted with a click. This has allowed IDEXX’s legal team to largely automate standardized, high-volume tasks such as reviewing NDAs.

“With Luminance, we are putting data in the hands of the attorneys who need to make decisions quickly, informed by previous decision-making elsewhere in the business.”