STRATEGIC MEETINGS MANAGEMENT

Transcription

1 WHITE PAPER THE BUSINESS BENEFITS OF STRATEGIC MEETINGS MANAGEMENT AUSTRALIA I CANADA I HONG KONG I MEXICO I NEW ZEALAND I UK I USA A STRATEGIC MEETINGS AND EVENT MANAGEMENT AGENCY I cievents.com.au

2 2 STRATEGIC MEETINGS MANAGEMENT NOT FOR THE FAINT HEARTED Meetings, conferences and other corporate events are a significant component of many organisations overall business strategies. Given the massive scope of most events, a careful approach is needed for planning and management but are companies today doing it right? Designing and planning a meeting of any nature from the start can be a sizeable challenge for many, given the opportunities for a number of risks and for cost efficiency. According to the McCrindle Group s 2017 The Future of Business Meetings Industry report, 70 per cent of businesses said cost management will be the meetings industry s biggest challenge in the next 15 years. Costs aside, meetings management is an incredibly multifaceted activity, requiring input from a variety of both internal and external stakeholders. Alignment of these disparate groups needs to be promoted to ensure effective event management, while also keeping strict controls on compliance, risk and other issues. Given the huge array of commitments meeting planners need to be across, a strategic approach complemented by the appropriate technology is required. This is where Strategic Meetings Management comes in. In this white paper, we discuss Strategic Meetings Management, the many ways it can help companies and how you can go about choosing the right SMM provider.

3 3 SMM WHAT IS IT? The Global Business Travel Association (GBTA), who first came up with the term, defines Strategic Meetings Management as: A disciplined approach to managing enterprise wide meeting and event activities, processes, suppliers and data in order to achieve measurable business objectives that align with the organisation s strategic goals/ vision, and deliver value in the form of quantitative savings, risk mitigation and service quality.

4 4 WHAT DOES SMM INVOLVE? Strategic Meetings Management is typically made up of a number of components that cover different areas of the event management mix, such as: Event management SMM can, first and foremost, help with the planning of the meeting or event. From specifying scope, purpose and schedules to approvals, budgeting and beyond, using Strategic Meetings Management allows you to start meetings management on the right foot. Sourcing and procurement There is a large number of disparate elements that need to be secured to enable the success of an event. SMM is of immense value in the procurement process, for example through streamlining the sending of RFPs via a venue sourcing tool, making it easier to source a range of assets such as venues, accommodation, travel requirements and activities. Financial management This is where many organisations draw the most value out of SMM. SMM assists organisations in keeping on budget both before, during and after the event. Expense reconciliation, for instance, is a key feature of SMM, accurately tracking the costs that need to be settled following the event s conclusion. Risk management SMM allows you to keep on top of the numerous contractual obligations you hold towards stakeholders such as suppliers. In addition, it helps manage your duty of care towards delegates by giving you better understanding of where they are at any given time. Measurement and reporting Data is now at the heart of business success. SMM allows your organisation to leverage the information it garners from its events to both measure its success and also provide direction for future meetings. With powerful analytics and reporting engines, you can turn raw numbers into meaningful insights and enhance the quality of future decisions. It s easy to see how these components can drive the success of your meetings and events activities. So, how does this translate into tangible benefits and business results?

5 5 SMM 1 BETTER CONTROL OF OVERALL EVENT MANAGEMENT THE TOP 5 BENEFITS As mentioned earlier, meetings management can be incredibly disjointed, requiring input and collaborating among many user groups who may not always be on the same page. Investing in SMM is the first step to consolidating this process, seizing control of it and ensuring the whole business is aligned in its event goals. The travel management team, for instance, may have different objectives to those of the event management department which in turn may be at odds with general management. SMM helps to bring these different groups together and work on the event management strategy in unison. In addition, the versatility of a SMM Program means it can be deployed by any of the numerous departments within an organisation that may use events as part of their business strategy from sales and marketing to HR and finance and beyond. 2 BETTER VISIBILITY OF MEETING SPEND One of the greatest benefits of using SMM is the transparency in expenditure it offers. The financial management modules built into SMM help to better track all meeting expenditure and envisage a more tangible and concrete ROI. Spending data is typically centralised into one database, and with the help of special budgeting tools, you can monitor expenditure across categories, events, vendors or other parameters. Customised calculations and costing methodologies mean organisations can extract the information that is most relevant to their needs. With this insight, businesses can latch onto greater cost saving and avoidance opportunities in their meetings management.

6 3 6 SMM GREATER COMPLIANCE WITH POLICIES Event managers cannot hope to be successful without complying with the relevant policies both internal and external to the business. THE TOP 5 BENEFITS From organisation-specific meeting policies to external regulations, such as those applicable to the pharmaceutical and finance industries, the integrated and transparent nature of SMM means you are able to stay compliant at all times. Not only can this reduce your chances of running into compliance roadblocks, it can also streamline the entire event planning process, boost consistency, organisation and execution, and lead to better business decisions. 4 IMPROVED RISK MITIGATION By helping make sure your meetings management processes are compliant, SMM also lowers the risks that are inherent in managing any type of event. SMM assists in mitigating a wide range of risks, both contractual and relating to duty of care. As contracts are centralised under the system, for instance, it is much easier to review them, set internal guidelines and ensure you have a full grasp of what each entails. 5 IMPROVED EFFICIENCY AND PRODUCTIVITY One of the key advantages of implementing a SMM tool and strategy is the substantial gains in efficiency and productivity that can be attained. By consolidating multiple functions into one application, SMM streamlines and automates vital process such as requests and approvals, procurement and selection, meeting and attendee administration and analytics and reporting. As these essential processes are standardised, it also cuts down the chances of duplication and inconsistencies, thus also boosting data quality.

7 7 HOW TO CHOOSE AN SMM PROVIDER 4 KEY QUESTIONS Data is at the heart of SMM however, this is just one piece of the puzzle. In fact, selecting an SMM provider that actively assists your organisation to get the most value out of the program is just as crucial as the software involved. There are four key questions to ask when looking for a SMM provider: 1 Do they support the technology with consultation and analysis? A great SMM provider should never leave you alone with the data but wrap consultancy and analytical services around the offering to ensure you leverage it to its full poåtentiaål. 2 Will they guide you through the entire process? On a similar note to consultation support, a SMM provider should be on hand every step of the way to answer any questions you have and guide you through implementation. They should provide guidance on best practices, implementation strategies and cost/ benefit analysis, for example. 3 Are they reputable? You should only aim to work with the best in the industry research factors such as the provider s size and reputation in the industry, how long they ve been in business, their typical client base and the other services they offer. 4 Do they offer a strong account management function? Is there a dedicated account management team taking care of your needs? This team should offer a range of services including regular, customised reporting and analysis of the data to guide future decisions, best practice suggestions and insights from the global meeting and events industry, to name a few.

8 8 CONCLUSION With the constant need to achieve harmony across multiple groups, save costs wherever possible and accurately track expenditure, a SMM Program can be an incredible investment that repays its value multiple times in the long run. By enhancing efficiencies, streamlining processes and maintaining visibility in a range of critical meetings management areas, SMM Programs allow your organisation to take a more measured and strategic approach to event management. Although the power of the technology is a crucial element when selecting a SMM provider, it s vital to remember that this is just one side of the coin. SMM Programs produce enormous amounts of data that can only be meaningfully analysed with an expert eye, which is why auxiliary consultation and analysis services are a key item to look for when selecting a provider.

9 9 ABOUT CIEVENTS Established in 1986, cievents has grown into a globally recognised, award-winning, full service strategic meetings and event management agency with offices in Sydney, Melbourne, Brisbane, London, New York, New Jersey, San Francisco, Toronto, Hong Kong, Auckland and Mexico City. cimeetings, our industry leading planning platform streamlines the planning and booking of corporate meetings. With 24/7 real-time access to this world-class technology, we supply an unrivalled entry point to reviewing thousands of unique meeting venues around the globe. Designed specifically with the professional planner in mind, cimeetings allows seamless search based on live availability, location, venue size, room configurations, food and beverage packages, entertainers, audio visual equipment and services. Trusted by planners around the world our live platform provides instant access to complete booking functionality, cost transparency, rapid reporting tools and comprehensive venue profiles. A truly unique platform that the puts the planner in complete control, enhancing the decision making process.

10 10 CIMEETINGS PLANNING PLATFORM DRIVE SAVINGS & COST CONTROL SAVE YOU TIME AND MONEY SPECIALIST PRODUCT We create bespoke change management programs that engage your employees and maximise policy compliance to drive cost-control and savings across your business. We save you time and money as the only global provider delivering a holistic solution for corporate meetings, conferences and events from procurement to execution. As the specialists in MICE sourcing, procurement and distribution, we give you access to product at globally negotiated rates backed by Flight Centre Travel Group. WORLD CLASS REPORTING PLATFORM DUTY OF CARE We offer a global marketplace for meetings management powered by an innovative reporting platform and strategic advice from your dedicated Account Manager. We help you to ensure employee duty of care by integrating with world leading traveller risk management solutions.

11 ci-meetings.com.au MEETINGS I LIVE EVENTS I CREATIVE SERVICES I GROUP TRAVEL