Cloud-based software plays a vital role in every sector of today’s economy. From payments to construction to hospitality, cloud-based software enables businesses to get to market fast and cater to evolving client requirements with ease. It allows companies to scale their operations and provides a highly available, cost-effective, cross-platform user experience.
Share plan administration platforms are no exception!
Like many cloud-based, Software as a Service (“SaaS”) platforms, share plan SaaS platforms provide capabilities that would ordinarily be prohibitively expensive. Cloud-based software is usually more economical than its traditional software counterparts and integrates the functions of many skilled in-house specialists online. Typically, customers are charged a regular subscription fee for SaaS products instead of a hefty up-front fee, as is often the case with on-site enterprise software.
SaaS platforms are generally more flexible than locally installed software and can cater to users in disparate jurisdictions and locales.
The headaches of legacy systems are partly caused by the inability of outdated, locally installed software to keep up with clients’ evolving needs over the medium and long term. Cloud-based, scalable systems provide a long-term solution for databases that continuously increase in size, and keep up with the times. Unlike outdated legacy programs, cloud-based software can expand its product range and functionality with agility.
Cloud-based solutions can provision computing resources, dynamically, based on the current workload so that computationally intensive batch processes can be handled with flexibility and efficiency, especially when there are hundreds of customers or participants, each with their unique requirements.
In terms of managing share incentive plans, economies of scale are needed to;
- onboard new participants effortlessly and cost-effectively;
- generate and issue batch grant letters and information almost instantaneously;
- communicate with all or a targeted group of participants efficiently and securely; and
- perform tasks swiftly and efficiently while maintaining the availability and performance of the cloud platform.
Cutting edge technology that puts the participant first
Another benefit of using cloud-based technology is that such software is usually delivered through a web browser, enabling information to be accessible on laptops, tablets, and even smartphones. The resulting user experience is responsive and cross-platform.
The user experience is particularly relevant to those employees selected to participate in their company’s incentive plan who need to access their incentive information anywhere, at any time. Among other things, participants need to track the value of their share awards, download statements, accept new awards and respond to elections and surveys.
Integration is commonplace nowadays
As technology products become more relevant in the modern world, companies have a growing need to consume data, connect information and communicate with other software components and applications. The connection tools used to integrate applications are Application Programming Interfaces (“APIs”). Cloud APIs facilitate development for cloud-based platforms and software. This level of integration is critical to most businesses nowadays.
As is the case with many products, shares plan administration can be enhanced by providing and collecting data from other applications to streamline a complete end-to-end experience for administrators and participants. For example, HR data can directly feed participant information; single sign-on can be used across applications; thousands of acceptance notifications can be instantly obtained by linking to communication applications.
ShareForce’s Software as a Service for Managing Incentive Plans
ShareForce provides a SaaS for managing incentive plans in the cloud, whether cash (phantom) or equity settled, long-term or short-term. Its platform is scalable and gracefully handles batch information and processes while maintaining availability and performance.
ShareForce has and can be integrated with other applications using APIs, including but not limited to HR Systems, CRMs, security applications, etc. ShareForce consumes data from customers and third-party data providers and publishes data using secure API protocols as a matter of routine.
ShareForce’s cloud-based software is flexible enough to cater for almost any incentive plan. In addition, it has a strong track record of implementing new features and functionality. Apart from understanding and implementing country-specific share plans, our platform is also fully localisable to any language and can be customised to fit your company’s branding or be white-labelled.
ShareForce uses bank-level security to protect data in transit and at rest and partners with world-class infrastructure providers to ensure maximum service availability.