Fun factor at work! (gamification in business applications)

Gamification: [noun] : the application of typical elements of game playing (e.g. point scoring, competition with others, rules of play) to non-game environment: "gamification is exciting because it promises to make the hard stuff in life fun".

In the working environment, gamification is increasingly used to stimulate employees motivation, reinforce retention, engagement, and satisfaction. Ultimately, it results in better sales, higher system uptake, reduced staff turnover etc… Quite often, it is a more powerful way to engage employees than standard monetary incentives alone.
The rationale behind it is really simple: work that feels like play is advantageous to an organisation and because of this simplicity, it can be applied to any function of the organisation. More specifically, gamification can make a significant difference in the rate of adoption of an application  be it a CRM, an ERP, a DMS or simpler tool such as a file sharing system. So how would gamification be translated in a professional application?