Do you know what your organisation actually spends on meetings? Most businesses spend more than they realise.
That’s because direct costs (such as venue hire and audio visual) equates to just 15% of the actual cost. The rest is eaten up by travel and other ancillaries.
As meetings cost an average of £316 per delegate (including travel), it’s not so surprising that UK organisations spent just under £20 billion on meetings last year. This equates to roughly half of their total business travel spend.
That’s where Strategic Meetings Management (SMM) comes in…
What is SMM?
SMM is the metrics and data-driven initiatives for managing meetings more efficiently and effectively. It aids smarter buying, giving visibility and control of meetings spend, while putting delegate wellbeing at its core. It helps your business work smarter and ensures a clear return on investment on your meetings.
Four stages to creating and implementing an SMM programme
Set objectives Engaging with key meeting stakeholders as early in the SMM process as possible is essential. Meetings can be an emotive topic, so any SMM programme needs to create advocates quickly.
Implement processes Many processes are implemented as part of an SMM programme. Typically, they are introduced in a phased manner based on selecting the processes most appropriate to organisational culture.
Technology An SMM programme should generate value throughout all aspects of the meeting process. Technology removes inefficiencies, supports online content and enables end-to-end management of internal or external meeting planning. NYS’ meetingsPro system has automated the approval, booking and billing process of an external meeting.
ROI and Reporting In order to set tangible and measurable goals, it is essential to understand meeting objectives and what ROI means to each stakeholder.
The further an organisation travels on their SMM journey, the closer it comes to achieving maximum business value. Although, it’s not just about the savings.
Other benefits to SMM
SMM makes meetings management more efficient by saving time and resource. Some programmes now focus on enhancing delegate experience and wellbeing by minimising meetings-related travel time and overnight stays, thereby improving productivity.
There is no standard approach to SMM. Take a fresh perspective. Look at meetings management differently and let NYS Meetings and Events make your assets work smarter, not harder. Contact us to find out more.