Uwin Iwin Newsletter 2023 Issue 2 - Data Analytics: The Vital Tool for Success in Incentive Programs

Data Analytics: The Vital Tool For Success In Incentive Programs

If you want to record results with your incentive planning, Data analytics is the tool in Incentive design and programming to achieve this. It provides insight into the motivating factors for rewarding and incentivising which will drive desired outcomes. It is a key element for creating an effective incentive program. The IRF (Incentive Research Foundation) in their 2018 report on “Predictive analytics and artificial intelligence on people management” opined that big organisations use big data, predictive analysis, and machine learning techniques to monitor and analyse their talents continuously. The usage gives the companies’ ability to make better decisions on recruitment, retention, development, and motivation of their employees. They suggest that it helps give these companies the ability to make better decisions about strategic initiatives designed to motivate, including those that incorporate rewards.

The below steps can help get the desired results from your data analytics in order to implement an effective incentive plan:

Behaviour identification:?Most times incentive plans are designed with just end result in focus without consideration to identifying the specific behaviours or outcomes that are to be incentivised. It is important to identify the key areas or pain points that affect performance and productivity, and then to design a reward system that will motivate performance. These areas most often are in sales targets, customer retention, productivity, or safety performance.

Data Collection:?The next step is to collect the relevant data that helps understands current behaviours or outcomes, these can be derived from customer feedbacks, surveys, sales reports.

Analysing the data:?Data needs to be analysed for trends and patterns. It helps looks for correlations between different variables and identify factors contributing to current behaviours and hindering desired behaviours and outcomes.

Incentive designing:?Results from the analysis helps as a guide in designing Incentive programs that drive the desired outcomes or behaviours that will be incentivised. The design will be able to determine the appropriate reward system for an effective plan. It could include financial rewards, recognition programs, travel incentives or other types of rewards that drives desired behaviours and outcomes.

Monitoring and Evaluating:?Data analytics is required to measure the effectiveness of the incentive program. Collecting and comparing the data of what is incentivised with baseline measures helps determine if the program is achieving its desired purpose.

The effectiveness of data analytics to incentive planning optimises business performance, efficiency, increases profitability and guides strategic business decisions.

The ways data analytics can be utilised for effective incentives planning are:

Benchmarking:?Data analytics helps keep in focus the business goals and objectives by comparing performance with competition and against industry standards. Its an easy guise for setting realistic targets.

Performance tracking: Data analytics provides the relevant information to measure performance, this is essential in determining progress against targets and necessitate adjustments if and where required.

Predictive analysis:?Predictive analytics helps with forecasting future performance and identifying potential problems before they occur. This helps with program adjustment to improve performance.

Personalisation:?Understanding motivating factors for improved performance is key, data analytics helps in this regard to tailoring incentives accordingly.

Overall, the incentives business and market is constantly evolving and growing, and data analytics is the one tool that is best utilised to scale up for growth and achieve results. Uwin Iwin Incentives Pty.?Uwin Iwin: Incentive & Employees Recognition Programs?has a powerhouse automated technology platform which supports data collection, data collation and report generation. It has a customised layer that works with supplied data in any format and performs the business logic of calculating performance elements. Our strategy lies in the use of technology to support uniquely tailored Incentive programmes for our clients and having end-to-end management of all the elements of the programme to generate results. We look forward to the opportunity to form strategic partnerships with you and improve your business performance. For more details, please contact us at?[email protected].

Author - Adeshola Ekpo, Business Development Director Nigeria

Adeshola Ekpo is the Business Development Director for Uwin Iwin based in Lagos Nigeria and has been with Uwin Iwin for 8 Years. In Her role as Business Development Director, she is responsible for business plan & sales strategy development, Designing and implementing Incentive Programs for Employees, Sales and Distribution channels as well as Business Relations and generation within Nigeria and Ghana.

Incentives in Africa for the Global market: Positioning for growth and visibility

Africa is an emerging business market for the global economy. The opportunities are vast providing expansion and market growth to companies and organisations seeking additional options to generate profits. For most of these organisations the long-term goal is to achieve an economy of scale to increase their profits and increase productivity amongst their employees. Motivating these employees using incentives is a key factor for their sustainability.

While the Incentive Rewards and Recognition business is big in the global market, it has barely scratched the surface for its potential in Africa. To grow incentive reward and recognition programs for African businesses in the global market, there are several strategies that can be implemented:

Innovation: Incentives in Africa needs innovative reward and recognition programs, programs that are unique, relevant, and appealing to the global market. These programs can be designed to reflect African cultures, values and traditions while also appealing to a global audience. In the travel incentives segments, more creative ways to showcase the African continent are being included in the experience. There are more creative channels in the rewards and recognition space as well using African branded products and souvenirs for rewards.

Capacity building: Promoting creativity, risk taking and experimentation will encourage innovation for incentives in Africa. This can be achieved through trainings mentorship programs and other capacity building initiatives at individual level. At an organisational level, scaling up processes resources is needed to survive adapt and thrive in a fast-changing business world.

Emphasising Social responsibility: Businesses that prioritize social responsibility and sustainability are more likely to succeed in the global market. Promoting social responsibility through reward and recognition programs for local communities and the environment is a good booster.

Technology: Use of technology is a powerful tool to grow incentives, rewards, and recognition programs. Digital platforms that promote programs, tracks progress, and engages with stake holders is a huge contributor to programs implementation and management which helps businesses make better business decisions. ?

Partnerships: Partnerships with global organisations to gain access to expertise, resources, and networks will fast track visibility and growth. These partnerships can help strengthen incentives, rewards, and recognition programs in the global market.

Overall, positioning the incentives business in Africa for the global market requires developing innovative and relevant programs that reflect African cultures and values, fostering innovation, prioritising social responsibility, use of innovative technology and partnerships with global organisations.

Author - Adeshola Ekpo, Business Development Director Nigeria

Breathtaking Bali: the Island of the Gods

Uwin Iwin Incentives recently had the honour of entertaining one of our clients on the stunning island of Bali, Indonesia. It was exciting and wonderful to be able to travel with such a large group (180 people, to be exact).

This incentive travel reward was earned by those who not only reached their target but exceeded it. With the ultimate reward of Incentive Travel, we aimed to give our clients and their partners an experience to remember, a magical collection of memories that would be treasured for a lifetime, and we succeeded in doing so. We were able to put together a world class experience thanks to our award winning Incentive Travel Team.

Our lucky winners got to travel to Bali, also known as the Island of the Gods. Bali is a popular destination for incentive travel due to its beautiful beaches, stunning landscapes, rich culture, and unique experiences. We stayed at the magnificent Melia Hotel, a stunning resort located near tranquil Nusa Dua Beach where visitors could enjoy a truly fantastic tropical getaway.

Some of the activities we arranged for our clients included:

Cultural Tour: Bali is known for its rich culture, and one of the cultural tours that was included was the Heart and Soul of Bali. Travellers got to take a scenic drive with a VW Safari Convertible through the Balinese countryside.

Adventure Activities: Our clients got to enjoy the Jungle Buggy, Bali’s first and only “purpose-built ATV track”, white Water rafting where our travellers were able to float down a river through some of the island's most spectacular landscapes. The Bali Swing, with its incredible views and surrounded by breath-taking landscapes its easy to understand why this is one of the most famous Instagram spots in the world!

Wellness Activities: Bali is famous for its wellness offerings, and we couldn’t resist including a luxurious and relaxing spa treatment on the itinerary. Guests were able to relax and unwind with a soothing and relaxing, deep tissue Balinese massage.

Beach & Boat Cruise Activities: A Boat Cruise to the tropical island of Nusa Lembongan, a destination known for its pristine beauty and crystal-clear water. This one-day cruise on a luxury catamaran allowed guests to embark onto an ocean pontoon where they could enjoy a plethora of water activities such as snorkelling, banana boat rides, scuba diving, water slides and parasailing. Thereafter guests continued on to Hai Tide Beach Resort where they were able to relax and enjoy the breath-taking beach of Mushroom Bay.

The trip came to a successful conclusion with a grand Gala Awards Dinner where all participants were honoured for their efforts and accomplishments. Traditional Balinese dancers, live singers, and delectable Balinese food were all part of the fantastic entertainment at the awards evening. This was truly a trip to remember, and it was all worthwhile when we saw how happy our clients were in the end. This motivational trip will inspire them to perform in order to reach next year’s targets and achieve winning results for their organisation.

Uwin Iwin is a pan-African full-house incentive company that has studied the needs of companies in need of agency incentive solutions. We provide end-to-end performance incentive management solutions for companies who are looking to help their Employees and Sales Teams reach peak performance.

Author: Marchel Van Wyk, Marketing Manager

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