What You Need to Know About Incentive Reward Platforms

BY Lucy Fang
Jan 29, 2022
What You Need to Know About Incentive Reward Platforms - ADR

When looking for the right technology for your incentive program, you need to ensure you get what is bargained for and the technology purchase addresses your overall organization’s incentives needs. It has to be able to solve the various engagement use case challenges identified to vendors when sourcing the incentive technology. Understanding what you’re looking at can keep you from implementing a system that stakeholders initially supported but within time proves to be unable to meet the organization’s short and long-term incentive goals

Platform solutions offer a robust technical foundation of multiple application solutions in support of different engagement use cases that can roll out across industries and organizational structures quickly and simultaneously.

While looking for reward management operations software, you are likely to come across two solutions types. Single application solutions have more targeted tools, and address single-use case reward issuance, and fulfillment processing challenges. In contrast, there are incentive platform systems whose sole purpose is their ability to solve many problems at the same time. 

Both types of technologies are important and have their place, but it might not be evident right away which is the right option for your incentive program management needs. We are going to focus on platform solutions.

What is an incentive Platform?

An incentive platform is a platform technology that enables businesses to process and fulfill incentive payouts to a number of client and/or customer engagement use cases across their organization’s marketing initiatives.

These are tools for lowering incentive costs,  improving operational efficiencies, increasing program engagement, and providing a centralized nested hierarchical view of incentives for reporting and real-time insights.

Platforms are generative and actively evolve based on new ideas, use cases, technology, and behavioral attributes of the participants. This produces novel solutions that will evolve to meet your unique incentive needs in one solution.

Advantages of Platforms

No two organizations are the same. Even if they’re looking to solve the same incentive challenge, they may have completely different requirements (rewards issued, integrations, regulations, etc.).

Platforms can offer the ability to tailor a solution to your needs without the huge outlays commonly associated with most “custom” solutions.

Platforms developed in an Agile, object-based environment can easily add or modify a pre-built template layer on the Platform core functionality to add use-cases and scale as the situation calls for it.

If you would like to learn more about platforms and what All Digital Rewards’ SaaS STACK™ platform and our portfolio of single applications can provide in supporting your incentive program initiatives, call 866-415-7703 or click the button to schedule a demo.