Table of Content
Introduction
It’s imperative for HR managers and employers to find ways for streamlining contract management when they want to scale their business. Without going digital with contracts and maintaining the paper trail, it can be a challenging task to grow business partnerships.
So, with an intelligent HRM app like uKnowva, businesses can onboard the best talent, partner, or consultant/coach, for a defined period. The contract record remains intact. No one can mess or misuse the details.
In fact, with smart features like auto-saving and auto-scheduling, managing contracts and collaborations becomes transparent.
If you’re one such HR manager or a business partner, read the post below. The content below helps you to understand how to streamline the contact management smartly, driving effective results from purposeful partnerships along the way.
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What are the 6 steps for streamlining contract management in India?
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Ensure that the add-on integrates with the existing portal.
To streamline contract management one must ensure that the given module integrates with the current tool. You do not need extensive dependency on multiple tools for managing contracts with employees, vendors, or other external parties.
When this module integrates with the existing HRMS software like uKnowva, it becomes an integral part of it. Then, you can leverage it in one place instead of hopping on multiple apps or instances. That ends up saving your and everyone else’s time.
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Get centralised information of the contracts.
To streamline the contract management process, it must also provide you with a centralised directory. There you can find all the contracts in one place. You will know which contract you want to amend, fix, or renew.
Also, it gives you a bird’s eye view on the number of contracts you are exercising at the moment. Then, you can decide which ones to keep in the long run. Also, the contract documents with your freelancers, gig workers, part-timers, or vendors are important for audit purposes.
A centralised directory helps to access these documents whenever required by the finance and accounting department. They can leverage these documents for completing the quarterly compliance-related duties and responsibilities.
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Get automated notifications on the expiry and renewal of the contracts.
Get automated notifications on your system and registered emails. This makes the entire contract management process seamless and consistent. You will never miss an important notice, email, or alert to expand, terminate, or renew a contract.
It can help you build a better rapport with your fellow vendors and employees in the long run. This is most useful when you’re working with different vendors and workers at the same time.
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Make informed decisions with live reports and analytics on contracts.
Live analytics and reports are important to know how much money your organisation spends on contracts with external and internal vendors or workers.
This gives you a clear picture of the money invested in people who are working for you to keep the business process intact. You can then make strategic decisions on which employees to retain and which ones to let go of in the long run.
Moreover, you can download or view periodic reports in multiple formats. This gives you the flexibility and freedom to analyse the current situation for working with employees and vendors of different stature, experience, pay grade, and profiles.
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Automatically send or dispatch letters of termination.
Streamlining contract management with HR software like ours is easy, smooth, and fast. We offer you the automatic feature that sends or dispatches termination letters to the concerned people.
You don’t have to sit behind the screen and send the letters one after another.
If your firm is downsizing right now, if layoffs are going on in your firm, or if it is going through an economic shift, this is a feature you can leverage. That is because it allows you to automatically terminate contracts in bulk.
It will save you time and help you decide to make the process leaner in less time.
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Ensure that the contract management module is easily accessible.
You need an anywhere-accessible tool when it comes to managing contracts. If you’re a strategic leader of an organisation, you will be moving from one location to another.
Most of the time you will be on calls or going through meetings to close deals and partnerships. So, you need a contract management module or add-on that is easy to use, loads fast, has no lag or server issues.
Then, you can do that on your uKnowva instance. The contract management add-on we offer is in-built. So, it comes with all data privacy and security assurance as do the other modules on our software.
You can access this module on the go and on your mobile devices once you configure it when you set up your instance.
Conclusion
We read 6 ways of streamlining contract management with HR software like ours. There could be more. There is no limit to it as long as we offer limitless options to configure and customise your instance.
If you need more inputs and information on setting it up right away, contact our support and implementation team.
FAQs
- Can HR software handle various types of contracts?
Yes, modern HR software is designed to accommodate diverse contract types, including employment contracts, vendor agreements, and service contracts, providing flexibility for different organisational needs.
- How does HR software enhance compliance in contract management?
HR software often comes with built-in compliance checks and reminders, ensuring that contracts adhere to legal regulations and internal policies, reducing the risk of non-compliance.
- Can HR software integrate with other systems for seamless contract data exchange?
HR software often integrates with ERP systems, document management tools, and communication platforms, facilitating smooth data exchange and reducing the likelihood of errors.
- Does HR software provide access controls for sensitive contract information?
Yes, uKnowva’s HR software typically offers robust access controls, allowing organisations to restrict access to confidential contract details, ensuring data security and compliance with privacy regulations.
- How does HR software help in tracking contract milestones and deadlines?
HR software features automated alerts and notifications, enabling organisations to easily track important contract milestones, such as renewal dates and performance reviews, reducing the risk of oversight.
