CPO Rising is excited to publish an interesting series of articles focused on the evolution of technology solutions and automated platforms within the greater spend management spectrum. In each article, we’ll dive into the “then” aspect of a particular solution and explain how it benefited enterprises years ago, and the “now”: an introspective look at how a solution has evolved to not only continue driving value to their users, but also the expansion of key capabilities and functionalities. Event management technology is the focus of today’s article.
When companies consider the totality of their travel and event spending, very few realize that, together, these two complex categories of corporate spend can eclipse 25% of their overall budget. This factor surely weighs in on those who do understand the significant spend management ramifications at hand, and also know just how important external outreach (to customers, potential clients, enterprise executive teams, etc.) is to the ultimate growth of the greater organization.
The most interesting aspect of the event / meeting complex spend category is that it “touches” multiple functions within the average company. Most professionals would assume that the marketing unit would hold the main responsibility for managing strategic meetings and events, however, the procurement function (at least in those companies who view events as a true spend category) must be involved to effectively spend on-budget. The technology of today is a pure indicator of this level of cross-functional coordination between the divisions that can (and should!) manage corporate events.
Then:
Like travel and expense management solutions, the most critical advents of event management solutions back “then” were the integration of event / meetings management (i.e., registration, meeting design, etc.) with eSourcing or spend management capabilities. With events management comprising a significant portion of the average enterprise’s overall budget, it was crucial to source from event suppliers (resorts, hotels, airlines, etc.) in a more strategic (and controlled) manner that would ultimately result in more on-contract spending, better visibility into total event spending, and an assurance that the category itself would be more strategic in nature instead of a financial ache.
Now:
The world of events management technology is certainly exciting when looking at today’s market. The events category has evolved significantly over the past few years by shifting to a more “engagement” focus that perceives events as engagements beyond the live, in-person meeting by involving social media, webinars, and various “touch-points” that are meant to improve the overall attendee experience.
Events management technology providers are now offering comprehensive, end-to-end approaches that not only blend the “then” of its capabilities (meetings management and spend / supplier management), but also offer mobile enhancements (i.e., apps for both attendees and planners that can improve the event experience and improve overall event management, respectively), social media / network integration (link engagement management efforts to the greater lifecycle of a corporate meeting or event), and more advanced, often “agile” analytics that can drive true “event intelligence” that can paint a picture of overall event quality, the “emotional ROI” of the event, and the total finance impact of a strategic meeting.
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