Inspired Incentives

How To Predict The Future (Of Your Incentive Program)

Posted by Devin Ferreira

Thu, May 19, 2016 @ 12:00 PM

We’ve talked at length on our website about the ability of analytics to improve your existing incentive programs. We’ve also identified the 4 major phases of the analytics process, and described some of its mechanisms. Now I want to focus on two of these phases—which we call, respectively, the “Exploration” and “Envision” phases—and illustrate how predictive business analytics can help set your program up and facilitate its success. 

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Topics: analytics

The Cutting Edge of Performance Incentives

Posted by Devin Ferreira

Thu, Jan 28, 2016 @ 12:30 PM

Everyone’s heard the age-old adage, “knowledge is power.” However, as we in the business community find ourselves traversing through this data-driven decade, we have to realize that knowledge is no longer just power: it’s profit. With the exponential growth in value of analytics-based solutions, it’s becoming harder and harder to solve modern-day problems with antiquated (that is, data-less) strategies. In order to satisfy increasingly sophisticated demands, you need a tool, a module, a system that can provide the kinds of data points and analysis your clients are looking for.

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Topics: analytics

How to Encourage Participants Who Aren’t On Track to Meet Their Goals

Posted by Gene Dressler

Thu, Nov 05, 2015 @ 11:30 PM

In preparing monthly dashboards and other reporting and analytics evaluations, I have noticed some trends that seem to be occurring for a number of incentive programs. One that seems to stand out happens within programs where participants have to reach a particular goal before they can win some type of reward, be it a trip or something else.

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Topics: analytics

Big Data – Don’t Be Overwhelmed

Posted by Gene Dressler

Thu, Sep 03, 2015 @ 12:00 PM

Big data analysis is a fairly recent phenomenon which has come about through the advent of business intelligence software programs. Its application can be applied to any field of endeavor where problems need to be solved that include large amounts of data. The mathematical, engineering, scientific research, medical, legal and business professions all require an understanding of the problems at hand, and, given the available information, how does one proceed ahead to solve those particular problems.

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Topics: analytics

The Phases of Program Incentive Analytics

Posted by Devin Ferreira

Thu, Jul 09, 2015 @ 06:06 PM

When we consider the term “analysis,” I’ll bet most of us are usually inclined to think of something that comes after-the-fact. For example, we might assume that an incentive program analysis would occur once the program had finished, and not before. To be sure, this is a logical assumption, but it doesn’t paint the entire picture. Because, believe it or not, business analytics—particularly within the performance improvement industry—is a process, and one that must necessarily begin not at the conclusion of a program, but at its conception.

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Topics: analytics

RFM and its Role in Performance Improvement

Posted by Abby McMillin

Thu, Dec 11, 2014 @ 12:05 PM

Depending on what kind of business you’re in, you may or may not have heard of RFM, a method used in certain marketing circles to evaluate and segment customer databases. The acronym itself stands for “Recency, Frequency, and Monetary Value”, three variables that can help a given business identify its most profitable customers. That is, by determining which of your customers have purchased your products most recently, most frequently, and have spent the most on total purchases, you can effectively organize your customer database into those who are more, or less likely to purchase from you in the future.

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Topics: analytics

More Than Just Rewards — The Research Side of Performance Improvement

Posted by Brian Szymanel

Mon, Mar 10, 2014 @ 02:02 PM

In order to succeed in the world of performance improvement, you have to be smart and reliable when it comes to providing your clients with the right rewards structure. This includes everything from updated catalogues and breadth of offerings, to marketing savvy and fulfillment capabilities. You need to provide the merchandise, travel, and experience rewards that will motivate employees and customers across the whole spectrum of industry. Most importantly, you need to be able to do this efficiently, and at a price that’s competitive. All of this is a given.

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Topics: analytics

Analytics Q & A

Posted by Ben Griffith

Mon, Sep 30, 2013 @ 04:48 PM

In today’s world of Big Data, organizations large and small ignore the proliferation of analytics services at their own peril. From crunching sales figures to making sense of customer demographics, in-depth analysis is more and more frequently becoming the norm as companies seek to extract and utilize key segments of information in order to improve their business. This trend is one that knows no boundaries, with useful analytics services continuing to emerge in a variety of industries and serving a diversity of needs.

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Topics: analytics