Earlier this month in this blog, I talked about the prize companies can claim (up to $2.2 million in annual savings) by centralizing event planning and employing a central meetings policy. That’s the primary finding of our new survey, Best Practices to Track, Manage and Measure Meetings & Event ROI .
Aside from the finding on savings, I found these other facts fascinating:
On the negative side
- 66% are unable to measure meeting/travel spend vs ROI at all times;
- 48% are unable to measure meeting/travel spend across entire org at all times.
Wow, what a handicap to achieving savings! If you don’t know what you’re spending, you can’t control it. As I’ve often said, where there’s mystery, there’s margin! And, if you can’t measure the return you’re getting from your events, those events – and maybe even your job – are in jeopardy.
On the positive side
- 84% of respondents who have a centralized structure for meeting planning and management can measure spend;
- 90%of respondents who have a central meetings policy, can track their spend.
It’s amazing that adopting these key event management best practices gives you so much more control over and insight into your spend … and, ultimately, helps you prove ROI. And I can’t emphasize enough the role that event management software plays here. Event technology automates and centralizes planning across an entire organization. And, it helps enforce a central meetings policy by including preferred, negotiated hotel partners in planners’ sourcing choices.
For more insights and findings from the survey, check out Lanyon’s new whitepaper.
Please share your experiences in centralizing best practices across your company. Has it helped you tighten control over costs and measure event ROI?