Contract Lifecycle Management

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Hospitality Contract Management Software Solutions

Reduce operating expenses and mitigate risks while improving compliance and productivity.

The hospitality industry has been significantly impacted by the recent economic downturn, forcing properties to reduce their expenses to offset lower occupancy rates and revenues. While the industry has developed specific software solutions to optimize room sales and manage revenues, the same cannot be said for managing operating expense and driving cost savings.

Most operating companies with multiple properties lack the visibility into the specific costs and contract terms of each property’s buy-side and sell-side agreements. Moreover, these companies lack the ability and resources to search both electronic and manual documents repositories to get a real sense of the legal and financial risks. As a result, the industry is missing an opportunity to achieve the efficiencies needed to improve operating profits. Many companies cannot answer these basic questions regarding the properties they own or manage:

How many third party contracts, licenses and permits do you have at each of the properties?
Do you know the renewal dates for each of these contracts, licenses and permits?
How many different elevator, pest control, trash removal, and related vendors are you using and which ones offer the best price value?
Do you have policies and procedures in place to comply with Sarbanes-Oxley and/or other compliance initiatives?

In order to achieve operating efficiencies, companies must first be able to answer the above questions. For a single property, this is a relatively easy task. However, if an operator/owner has multiple properties, this can become overwhelming and very labor-intensive process.

Hospitality Company Benefits

CLM Matrix’s collaborative workflow solution has been uniquely configured for the hospitality industry to:

Digitally store and retrieve all contracts from a central repository.
View a summary of key contract terms and conditions for each contract.
Aggregate like contracts to analyze potential cost savings by comparing master agreement terms or renewing agreements at negotiated market rates.
Automate your contract obligations and mitigate your risks through system generated e-mail alerts.
Drive compliance to audit policies and procedures.

Download our Industry Profile document here: CLM for Hospitality

For more information on how CLM Matrix can help you achieve greater operating efficiencies, please contact us.