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Optimising Management Spend For Meetings & Events

spend management meetings and events

Managing a meeting or event portfolio for large companies often proves to be much more complex and expensive than it needs to be. Decentralised processes, coordinating suppliers, managing total spend, ensuring consistent quality and gathering accurate data can be extremely challenging, with several companies being left without clear visibility on who, what, where and when of their regional and local meeting or event portfolios.

This consequently leads to unnecessary costs and inconsistencies in business results, event quality and data generation. Especially for companies in highly regulated industries (eg. healthcare), there is a greater risk of compliance infringements. However, when managed correctly and driven by specific strategic objectives, meetings and events are unparalleled platforms to generate impact and improve business performance.

Initiating a Strategic Meeting Management Programme

How can a Strategic Meeting Management Programme address these key challenges? Strategic Meetings Management (SMM) is a structured approach to managing meeting and event activities, from processes and procedures to suppliers, technology and data collection. It can be implemented on a global, regional or local level, depending on the scope of the project and the company’s core objectives and helps achieve measurable business objectives, aligned with strategic goals.

What are the key reasons to consider launching such a programme?
1) Cost: generate cost savings and improve cost avoidance solutions
2) Communication: break silos and improve communication between teams
3) Quality: increase or at least ensure consistent quality of meetings and events
4) Productivity: cut head count and/or implement more time- and cost-efficient ways of working

Plugging into digital & embracing technology

It comes as no surprise that spend management and technology go hand in hand. From streamlining processes and boosting experiences, to providing meaningful data and measuring ROI,  the right tools can carve the path to success. And as technology is just the means to an end, take some time to define challenges, identify key areas for improvement and then choose strategically which technology to jump on. Ideally, you want to do less, more easily and more efficiently.

  • Spend reporting – creating value through automated reporting and documentation of cost savings
  • Virtual meetings – identifying when carrying out virtual meetings or events is a better idea than face-to-face
  • Data collection – building a comprehensive database of information which significantly increases the efficiency of your team
  • Supplier management – streamline and improve communication with suppliers, manage relationships and increase negotiating power

Some of the most efficient sources for optimising spend will come from automating processes, centralising contracts, consolidating suppliers and having real-time budget visibility. Do you recognise any challenges around spend management within your organisation? Let us know!

At MCI, we are using technology in alignment with the key needs and goals that organisations require in order to deliver impact and drive business results for our clients.  Contact us here to find out how we can help.

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