Effective Contract Tracking
Source of Truth
Listed on the Australian Securities Exchange (ASX: REH), Reece Group operates Australia’s largest plumbing and bathroom supplies business for more than 100 years. All plumbing, bathroom, and HVAC-R products are sourced both locally and internationally from over 600+ locations across Australia and New Zealand. The group distributes plumbing, waterworks, and HVAC-R products to residential, commercial, and infrastructure customers through 800 branches in Australia, New Zealand, and the United States.
Reece handles a variety of contracts including procurement, sales, and other commercial contracts. Most of Reece’s contracts are 3rd party paper contracts. As a result, contracts were increasingly hard to manage and they had to spend significant time reviewing the contractual terms and amendments.
With the increasing contract volume, Recee’s team started facing difficulty in accessing contracts as there was no systematic way of storing them. Contract managers had to spend a great effort in monitoring contract status, so they needed a solution that can provide complete visibility into the contract and its lifecycle stage.
"It’s difficult to manage the process of contracts when it is a manual one and you have a huge variety of contracts, in a variety of different formats. Our contracts vary depending on the many different types of contract (considering procurement or customer, product, business unit, and other factors), so we needed a solution that was flexible, efficient, and collaborative.
By implementing Aavenir, Reece was able to standardize contract workflow that was formal and robust, but still flexible and user-friendly. We wanted a faster contract turnaround time, and Aavenir didn’t disappoint. I would absolutely recommend Aavenir for all ServiceNow Customers.”
- Alison Prior
Procurement and Contract Manager
Reece utilized the ServiceNow Platform for a number of tasks. When Recee’s team found Aavenir Contractflow, an enterprise-class contract lifecycle management (CLM) solution readily available from the ServiceNow App store, the immediate reaction was a positive one as Reece was already familiar with Service Now and it would make the process a lot easier to integrate. Alison and her team were thrilled with the quick realization of outcomes:
Centralized Contract Storage:
Reece could consolidate all contracts including 3-rd party paper contracts under a single, global, centralized repository on the Now Platform.
Aavenir Contractflow offered the most flexible workflow engine that can adapt to their needs and future requirements as well. They could quickly upload 3rd party contracts and drive them through the entire process of review, approvals, signatures, and managing renewals/terminations on a unified platform, thereby reducing contract turnaround time.
Contract Analytics Dashboard:
Aavenir Contractflow dashboard provides complete visibility of enterprise-wide contractual processes. They can monitor in real-time – all contracts with pending approvals, pending signatures, upcoming renewals/terminations, expired contracts, etc., and take immediate actions.
Reece wanted to make sure contracts were managed and trackable as part of a process robust enough to handle rapid growth. Taking out the manual steps in the process enables the process to be as frictionless and quick as possible, especially as the contract managers are interacting with both legal and non-legal people throughout the process. Another great benefit of the digital setup is vendors can e-sign contracts from anywhere anytime.
Reece wants to leverage AI features of Aavenir Contractflow to understand the commonly used clauses (or most negotiated) and create a clause library from that (or something to that effect) Reece would like to integrate with Salesforce so that they can import all customer data from Salesforce and eventually save the signed contract (with metadata) in Salesforce.