The recent economic downturn has significantly impacted the hospitality industry forcing properties to reduce expenses and lower occupancy rates. Further, the lack of visibility into specific costs and contract terms of each property's buy/sell agreements, the industry misses the opportunity to achieve efficiencies and effectiveness.
Moreover, the contract management processes pose a huge gap for reviews and error which delays the business process. Because of the old contract not being tracked and renewed according to the market, it poses inevitable loss for the business.
TLC’s Contract Lifecycle Management (CLM) Software has been uniquely configured for the hospitality industry to digitally store and retrieve all contracts from a central repository which helps teams in receiving periodic reminders along with the task summary before an important date. It automates the contract obligations and mitigates risks through system generated e-mail alerts.
From contract requisition to drafting and/or vetting, execution, obligation/ term management, and renewals, this platform ensures streamlined workflow and maintains all data, files, emails, individual audit trails which are recorded along with their supporting documents in one single platform and also provides multi language support feature which helps read contracts in multiple languages.