The benefits of consolidating meeting and event spend

Your employees travel for meetings, incentives, conferences or events - so why are you managing your events and travel expenditure independently?

Given the frequency of overlap between meetings, events and global travel, it only makes sense for competitive businesses to consolidate spend. As such consolidated programs have grown in popularity by 62 per cent since 2017, according to a survey by the Global Business Travel Association.

Adopting a Strategic Meetings Management approach, encompassing meetings, events and corporate travel is integral to cutting the fat from your budget and maximizing ROI where possible.

What benefits can your business reap by consolidating travel, meeting and event spend?

Strategic meetings management tools consolidate meeting and travel expenditure.

Use strategic meetings management tools to consolidate your meeting and travel expenditure.

Gain total transparency

Only 27 per cent of buyers surveyed by Egencia admitted to truly understanding their corporate events spend. If part of your business strategy is to reduce or consolidate event-related expenditure, bringing all your bookings and travel expenses into one package is crucial. Stakeholders can gain up-to-the-minute access to a company-wide overview of expenditure and service providers via sophisticated reporting systems that every employee uses. Decisions can be made in real-time rather than following lengthy cost reporting procedures.

Across each geographic base, every aspect of an event is recorded via the same system, allowing data-driven analysis of which providers are regularly used, where expenditure is highest and how costs relate to budget across all areas of corporate meetings.

Total transparency of information enables data-driven risk analysis and effective event management strategy. 

Leverage buying volume

Accurate and company-wide data can be the key to leveraging better costs and improving overall venue sourcing. In large companies especially, meetings are often managed by different departments, meaning that no one oversees total expenditure at one venue or provider.

Even if these meetings are small-scale, it's easy to underestimate just how many there are across the company and therefore how quickly expenditure adds up. 

The only way to gain an accurate and encompassing picture is to implement strategic meetings management, bringing all bookings into one company-wide platform. Management can see clearly just how much they are spending with specific venues and understand where their buying power is underused. 

Providers already in regular use are likely to provide a better pricing model when presented with the total amount of revenue you spend with them, rather than seeing it on a local level. Approaching new providers with powerful data around your expenditure with their competitors should entice them into giving you a good deal from the outset - meaning you can impress your delegates with better events without impacting your bottom line.

Gain total transparency around event spend across different offices, with strategic meetings management.

Strategic meetings management helps you gain total transparency around event spend across different offices.

Reduce risk

Strategic meetings management protects your business by reducing risk around cancellation penalties and duty of care. 

A global management system puts the power in your court when it comes to contract clauses and terms and conditions. With different contracts in use across suppliers, strategies around understanding and preventing loss become virtually impossible to implement. Have one contract that every procurement team uses with clauses that work for you and provide transparency around any risks you may encounter. 

One comprehensive management package enables your team to see in an instant where delegates and employees are located, across multiple meetings, at any given time. In the event of an emergency situation, messages and instructions can be sent to those at risk immediately. Instant and global event data allows you to react fast and prioritize the safety of all involved.

Protect your bottom line

A high-performing strategic meetings management tool streamlines costs - ultimately lowering the impact on your business' bottom line. With the data such a system provides, effective company policies can be put into place to protect corporate spend and strategically establish agreed protocols. 

  • Understanding what constitutes a corporate meeting should be clearly defined so employees across multiple offices understand when they have to apply strategic meetings management tools.
  • Processes around seeking authorization before spending over a certain amount, or dealing with a particular provider, should be funneled through one team - who have an overview of how all company events are stacking up. This centralized team can step in and negotiate or make suggestions where they know it can save the company some money.
  • Having a portal whereby staff can log in and submit meeting requests, with details around location and suppliers, makes it easier for a centralized events team to keep up-to-date with bookings. It also provides a resource for generating effective reports around global meeting spend. Data can be interrogated to provide a true picture of expenditure and work towards consolidating processes.

A good strategic meetings management system enables your team to organize events that excite and encourage delegate attendance, without eating into company profit unnecessarily.

With a strategic meetings management tool in place, organise great events without unnecessary costs.

Organize great events without unnecessary costs with a strategic meetings management tool in place.

About ciMeetings

ciMeetings combines all stages of the event funnel to provide you with an easy-to-use administrative system that also helps you manage return on investment. 

Our live venue search functionality allows event organizers to quickly review thousands of venue options. Filter by date, location, venue size and available amenities. Select catering choices, as well as technology services required. Availability and pricing is shown in real-time, ensuring you can narrow down the options straight away. Better still, we never charge you a fee for booking your venue.

We understand that securing bookings is important, which is why our buy now pay later feature is available on all bookings. Know your venue is booked while you finalize payments and logistics.

Our smart reports provide instant data around budget and costs, with built-in analytics to help drive your analysis quickly and clearly. Our reports drive smart business decisions, improving your bottom line while still delivering professional corporate events. 

Consolidating your events, meetings and corporate travel begins with a smart partnership. The ciMeetings team leverages global buying power and a network of meetings, events and travel experts to deliver streamlined reporting and technologically enabled consolidation, bringing the benefits straight to your bottom line. 

To find out more about partnering with ciMeetings, reach out to us today

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