Research shows how to save on meetings and events

Australian companies can optimise meeting and events spending by implementing strategic policies and optimising processes, claims a recent study.

The global study, undertaken by Carlson Wagonlit Travel (CWT), reveals that while companies are spending considerably on meetings and events, they rarely have a meeting and events policy needed to get the best bang for their buck.

According to the study, if companies actively employ an effective meeting and events strategy they can save, on average, 10 to 25 percent of their meeting and events spending.

So forget the days of handing a mass of receipts to Accounts, instead, the study recommends an eight step approach to maximise return on meeting and events investment.

Specifically, CWT advise that companies establish and enforce a rigorous meeting and events policy; analyse their current expenditure; plan future spending and budget accordingly; outsource or work with preferred suppliers; utilise the latest technology; and evaluate these policies accordingly. 

By utilising meeting and events agencies and working with preferred logistics and technology partners, companies can leave the details to the experts and take advantage of discounted rates and optimised spend.

CWT corporate marketing executive Christophe Renard claims optimisation of policy and procedures is key to effective meetings and events management.

“Companies with a high-performing meeting and events program do not seek savings at any price. Instead, they look for a real return on their investment. Their decisions are based on business objectives,” said Renard.