“Meetings are still one of the biggest areas of unmanaged spend,” says Betsy Bondurant, CMM, CTE, president of Bondurant Consulting. “Getting your arms around your process makes for more educated decisions about how to spend that money.”
The six questions below can give you insight into the right candidates for Strategic Meeting Management programs.
- Does your organization plan a high volume of meetings?
- Is your budget/spend decentralized?
- Are you engaged with a range of suppliers and many different contracts?
- Does your company have multiple locations?
- Do you have a meeting planning department?
- Do you employ seasonal planners?
If you answered “yes” to any of the above questions, it’s very likely that your organization would benefit from a Strategic Meeting Management program. Not to mention, typical first-year savings are between 12% and 20%.
The Four Big Benefits
Here are the main advantages when you employ a Strategic Meeting Management program:
- Mitigate contractual risk – Combine and/or consolidate vendor contracts, minimizing risk and increase buying power.
- Ensure compliance – Standardize a process, centralize data collection, offer incentives and establish checks and balances to optimize compliance.
- Improve ROI and ROE (Return on Event) – Wrap your arms around enterprise spend as well as individual event spend, supplier discounts, cost avoidance, and cost savings. Maximize the engagement of participants in order to enhance the effect of learning, collaboration and innovation.
- Eliminate inefficiencies – New efficiencies can be gained every step of the way. More education and more data lead to more knowledge and best practices.
Discover the value that an SMM program can bring you. Read more…
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