No matter what type of convention, conference or meeting you organize, you’ve undoubtedly heard two questions from your boss. What can we do to shrink this budget? And tell me, what’s our ROI for this conference?
By now, meeting professionals have grown accustomed to requests to trim their expenses from senior-level executives within their organizations, but accommodating those requests can be very challenging. However, those challenges aren’t always due to the inability to cut costs. In many cases, it’s just simply impossible to understand where all the money is going.
“Meetings represent the last frontier in managed travel spend,” Kevin Iwamoto, Vice President, Industry Strategy of cloud-based event management software provider Lanyon, says. “It just hasn’t been tackled by most organizations.”
“You find meetings spend on the general ledger, in expense reports and channeled through various payment methodologies,” Iwamoto adds. “Anytime you have that sort of fragmentation, it’s hard to get to the bottom of it.”
For meeting planners who can get to the bottom of it, though, a big reward is waiting. According to data from Lanyon, planners can pare between 10 and 25 percent off their annual meetings and events budgets by using an end-to-end event management software system.
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Unfortunately, the vast majority of organizations still lack the ability to manage their meeting expenses. Lanyon surveyed more than 200 Senior Vice Presidents, Vice Presidents and Directors at companies with at least $1 billion in sales to gauge how these successful companies handle their meetings. The research uncovered that 66 percent of them are unable to weigh their meeting spend against their ROI at all times.
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Your ROI Relies On More Than Data
While big data findings play a huge role in managing money and proving the ROI of your meeting, Lanyon’s research revealed that organizations must do more than just invest in software. Fifty-one percent of respondents in Lanyon’s research do not have a centralized meeting policy, and 47 percent have no centralized global meetings and events team.
As budgets get tighter and organizations demand big results from their face-to-face gatherings, it’s clear that organizations of all sizes will need to take steps to make sure that each dollar is yielding a serious return.
Are you looking to learn more about how to make your meeting expenses more affordable? Click here
to download the new white paper “Best Practices To Track, Manage And Measure Meetings & Events ROI” from Lanyon.