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The Essentials You Need to Know About Awards Management Platforms

Better application management of scholarships, grants, awards, and more.

The Essentials You Need to Know About Awards Management Platforms

New services and technologies are released every day, which can make it difficult to keep track of everything. If you’re exploring options for new software or service that will benefit your company, you may want to consider an awards management platform (AMP).

An AMP is a comprehensive system that streamlines the management processes for award programs. Many businesses use AMPs to coordinate all aspects of their award programs so they are more efficient, organized, and streamlined.

Awards management platforms are designed to help companies navigate the complex world of recognition programs by providing them with software tools that standardize workflow and manage data from the application to winner announcements. They assist users in designing award categories, tracking entries, and judging performance as well as automating administrative tasks such as managing program data and facilitating communication among stakeholders.

What is an Awards Management Platform?

We’ve briefly mentioned what is an award management platform in the very beginning. Now, it’s time to go more in-depth.

An awards management platform (AMP) is a software solution that helps companies manage their award programs. AMPs are comprehensive systems that provide a single hub for managing all aspects of an award program including design, entry, judging, results, and communication.

Most AMPs are designed with business leaders and HR professionals in mind. AMPs are also designed to help companies manage their award programs more efficiently, organized, and streamlined. Not to mention that AMPs assist users in designing award categories and managing entries, as well as automating administrative tasks such as managing program data, and facilitating communication among stakeholders.

Why Use an AMP?

why-use-AMP

Award programs are critical because they help you to attract and retain employees, generate positive publicity and increase brand recognition. Use the services of a business logo maker and create one for your company's brand recognition. However, managing an award program can be time-consuming and difficult. This is why the award management program comes in handy in the first place.

AMPs can make the process much more efficient by helping you to streamline the management of award programs.

AMPs can help you to:

  • Manage award entries: AMPs have robust features that help you to collect and manage all of the relevant information associated with an award program including judging criteria, application criteria, and award details.

  • Manage judge information: Using an AMP, you can easily collect judge information to ensure that your judging process is fair and accurate.

  • Manage program data: You can use an AMP to manage program data such as award entries, judging results, prize information, and other useful data related to your award program.

  • Facilitate communication: AMPs enable you to communicate with stakeholders related to the award program such as judges, employees, and award winners, and provide a single platform to collect all of their information without having to manually enter it into a spreadsheet.

  • Stay organised: During the award program, you’ll likely have a lot of information to keep track of. AMPs provide users with an easy way to organise data related to the award program.

  • Track metrics: AMPs enable you to track metrics related to the award program. This is important because you may want to keep track of things like the number of award entries and the number of award winners.

Why Is It So Important to Have a Good AMP?

Awards programs help you to build a strong culture by providing recognition for employees. While awards are important, the tools that you use to administer them are critical as well. For starters, you will need to use your timesheet templates to check how well your employees have performed.

Robust AMPs help you to manage award programs more efficiently, organize data, and facilitate communication. Thus, you will have more time to focus on other important tasks, and employees will be more likely to participate in award programs when they are easy to navigate and use.

If you are on the verge of implementing an award program, or if you already have one and wish to improve it, you’ll need a strong awards management platform to do so.

How Do You Find the Best AMP for Your Company?

Choosing the right AMPs can be such a daunting task. Remember that what works for your competitors doesn't always mean it would work for you to

So, here are some factors you should consider when you’re looking for the right AMP:

Your company needs

Before you start searching for an AMP, you’ll need to understand the requirements of your company. This includes understanding the needs of employees and the type of award programs that you want to implement. You should also be sure that the AMP you select aligns with your company’s mission and vision as well as its core values.

Your company budgets

You can also use this as a factor when looking for an AMP.  AMPs come in a variety of price points. Some are free and some are very expensive. You’ll want to consider the cost of implementing an AMP, including the cost of implementation, the annual fees, and the cost of customizing your award program.

Your goals

One of the most important factors when choosing an AMP is your business goals. For example, if your goal is to increase employee satisfaction, then a traditional award program might be best for you. However, if your goal is to increase employee engagement, then an AMP may be better suited for your company culture.

Your company size 

If you’re a small company, you may not need a large and complex AMP. You can save money by choosing simple AMPs that are more affordable and less complex to use.

Besides all those factors mentioned above, you can also ask yourself:

  • What kind of award program do I want to implement?
  • How will this program benefit my employees?
  • What behaviors do I want to reward?

Must-Have Features in a Robust Award Management Platform

AMP-Must-have-features

There are a bunch of AMPs in the market out there. But of course, not all of them are the best and can be used for your award program. You have to consider the following factors when choosing an AMP:

Ease of use

The AMP should be easy to use and navigate through. There are a lot of award programs out there, so you don’t want your award program administrators to spend hours trying to figure out how they can use the AMP. AMPs with onboarding videos or training videos can be a good start, so all your employees have a solid grasp of the system.

Flexibility

The AMP should be flexible enough so that you can add or remove fields depending on the needs of your award program. Award administrators will definitely have questions about the data that you need them to collect for the award program, so you need a tool that can easily accommodate those requests without having to make major changes in the AMP itself.

Adequate support

The AMP should have adequate support from its developer team if there are problems with it or if new features are needed because it will help speed up the process of making changes and fixes in time for your award program or product launch date.

A good reputation

If you’re going to use an AMP, then it would be best if it has a good reputation as well as reviews from previous clients who have used their services in the past so that you’ll know what kind of quality service they provide before you decide to work with them.

Cost-effectiveness

In terms of cost-effectiveness, some companies charge a flat fee while others charge per user per month, so it really depends on the company and its pricing model.

Multiple languages

If you plan to launch several award programs in different countries then you’ll need an AMP that supports multiple languages because they would be used by users from different countries where your award program will be launched in.

Automatic notification system

Having an automated notification system will help keep track of when users are eligible for their awards so that they can easily receive them without having to worry about manually checking for updates or waiting for reminders from their application form submission date until their application status has been updated into “awarded” status by the company.

Data security

AMPs provide users with a central hub for managing data related to the award program. This means that all data is stored in one place which can make it more susceptible to security breaches. You’ll want to select an AMP that provides robust data security features.

Conclusion

Awards programs are critical to the success of businesses because they help you to attract and retain employees, generate positive publicity, and increase brand recognition.

To implement a successful award program, you’ll need a strong awards management platform. An AMP can help you to manage award programs more efficiently, organise data, and facilitate communication.

When choosing an AMP, you’ll want to be sure that it provides you with the robust functionality you need to manage your award program efficiently. It is important that you select a platform that is easy to use and provides you with visibility into all aspects of the award program that you require.

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