21 March 2023 | Reunert, one of South Africa’s largest industrial groups, has announced its adoption of Luminance’s AI to enhance contract and knowledge management across its subsidiaries.

With over 20 subsidiaries operating across three segments, managing the contracting process has proven complex for Reunert’s in-house legal team. Reunert needed a next-generation technology that could both streamline the review of high-volume, routine contracts, as well as provide AI-powered assistance with complex, bespoke contracts. Reunert’s legal team needs to centralise and manage a great volume of essential legal and enterprise knowledge across the organisation. By using Luminance’s AI-powered repository, Reunert’s legal team can now rapidly locate, review, and compare multiple contracts, whether under negotiation or already executed.

Luminance’s Workflow Editor automatically routes contracts, based on their properties, to the appropriate people and/or divisions in the Group. Reunert maintains compliance with Luminance’s ability to learn new concepts on-the-fly via point-and-click training, ensuring adaptability in an ever-changing regulatory landscape.

Reunert is also using Luminance’s highly customisable contract generation functionality: as an organisation with multiple subsidiaries, Reunert needs a technology capable of automatically building out contract templates dependent on the segment and jurisdiction. With all contract templates centralised within Luminance, Reunert’s legal team can minimise version control risk and ensure that internal standards are adhered to.

Hendrik van Rensburg, Group Legal Counsel at Reunert commented: “In such a large organisation, mitigating risk across different teams and jurisdictions can be a complex undertaking. Luminance’s AI will be transformational for our legal team, providing a complete overview of our contractual landscape and helping us to maintain internal compliance.”

Eleanor Lightbody, CEO of Luminance added: “Luminance’s AI can streamline contract management processes for organisations of all sizes, centralising institutional knowledge and ensuring cross-company compliance. This is essential for businesses operating in today’s challenging market conditions, so I am excited to see the value that Luminance will deliver for Reunert’s legal team.”

ENDS

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.

About Reunert

The Reunert Group was founded in 1888 and its shares are listed on the Johannesburg Stock Exchange since 1948. It is a constituent of the FTSE/JSE responsible Investment Index. Reunert owns and manages a portfolio of businesses in its Applied Electronics, Electrical Engineering, and ICT segments.

For further details, see www.reunert.com