In the midst of all of this uncertainty, what we do know is that nothing lasts forever, not even the Coronavirus crisis. Undoubtedly, organizations hope to quickly bounce back to their pre-pandemic business as usual though all signs point to the creation of a new normal on every level.
In the coming months, the meeting industry faces a period of rapid evolution. Specifically, the culture and approach to meeting management must change, in order to suit a changing world, as corporations are now in search of easier, more efficient, and cost-effective meetings management strategies.
What will these best practices look like? We’re so glad you asked.Corporations (of all sizes) may be surprised to learn that out of the $225 billion spent in the U.S. domestic travel industry, 57% was for general business travel, and the remaining 43% was attributed to meetings. And yet, before the pandemic, most companies couldn’t answer the following questions:
- How many meetings do we have?
- How much do we spend on meetings?
- How many admins are signing contracts, and what clauses they are signing?
- Where are our meeting attendees?
- How many $25K-$100K cancellation penalties do we absorb a year?
- What data security risk do we expose the company to with all these manual processes and unsecured tools?
Moreover, only half of the corporations had a managed meetings program. The writing is on the wall — as an industry, we cannot continue to overlook 43% of our travel spend. We cannot ignore the demand for improved meeting management.
Redefining Groups and Meetings
A group is traditionally defined as ten or more travelers. Phocuswright defines a group as two or more travelers to the same destination. When we think about it, every business travel transaction is actually for a meeting of some sort. After all, it takes 2 to meet! As an industry, we have visibility into the conferences and the larger meetings. However, we have little visibility into multi-travelers, day meetings to simple to complex meetings. As an aggregate, the spend and the risks are enormous. Studies show that 60% - 97% of meetings can be defined as ‘simple’ and, as a rule of thumb, meetings represent:
- 1-3% of a company’s total revenue
- 25 -30% of total T&E spend
- 60-120% of corporate air volume
- 0.5 to 1% of annual gross sales
A Fresh Approach to Meeting Visibility, Controls & Spend Management
The “consumerization” of corporate travel technologies and the introduction of easy to use platforms facilitate gaining company-wide visibility and adoption. New meetings technology entrants worldwide have been gaining traction over the last couple of years as they take a fresh approach to meeting visibility, controls, and spend management. These newer technologies introduce the approach of self-service for meetings, mirroring the concepts of Online Booking Tools (OBTs). Corporations have all deployed travel programs to gain adoption of their transient spend.
Finally, corporations can revisit some of the pillars of those strategies as they approach modern meetings management with a hybrid of DIY for simpler meetings, combined with a full-service model for more complex meetings.
Of course, this is only the beginning… ready to learn more?
Download the complimentary ebook titled, Prepare for a Changed World, which delivers timely peer to peer advice from leading travel managers, meeting planners, procurement, TMCs, and industry partners.
To learn more about how Groupize helps organizations simplify meeting management, please visit www.groupize.com or call +1-508-232-7719.