Whether you’re in financial services, higher education, banking, or another industry, event management software (EMS) is a critical tool for managing every stage of the meeting and event lifecycle.
But because EMS programs can be pricy, it’s important for you to fully understand how they can save you money on your upcoming and future events. To help you, we have researched the top three ways EMS can help your company consistently save money.
Top 3 Ways EMS Saves You Money
1. Use EMS Sourcing Tool to Save on Venue Costs
Because major hotels like Marriot, Hilton, Intercontinental and Hyatt have slashed planner’s commission by around 10 percent, proving cost savings for third-party planners and sourcing agents is crucial for this business. In addition, internal planners and sourcing teams, are required more than ever to prove their financial spend to executives. That’s where an EMS venue sourcing tool can help.
Venue sourcing tools not only help planners find the ideal venue, but they also provide visibility into every aspect of the sourcing process. According to an interview with one of Aventri’s customers, an international meetings solution company integrated the EMS sourcing tool to maintain their clients after hotel commission cuts. After using the EMS sourcing tool, this business discovered that on average they saved each client 12x the cost of their services because they were able to negotiate more effectively and easily report those results to clients.
In a changing industry, integrating a venue sourcing tool into your company is a must, if you want to quantify negotiation and spend savings, gain visibility, easily analyze metrics, and your book of business.
2. Use Event Budgeting Management to Stop Overspending
There’s so much to consider when predicting your event budget, like staying within budget and not risk of overspending. But with an event budget management tool, you can eliminate all the stress around event budgets.
With an event budget management tool, you can track the projected, approved, and actual budget, allowing you to see how every dollar spent is attributed to revenue. Some EMS event budget tools also allow you to integrate live registrant data to make changes to your budget in real-time. In an interview with one of Aventri’s customers, a top computer and data storage company, the company found that by using the event budget management tool they stayed within two percent of their forecasted event expenses and outcomes.
Overall, using an event budget management tool is crucial in staying within your budget’s margin of error.
3. Use Event Automation to Reduce Resource Coordinator Hours
Instead of bombarding your event team with repetitive, low-value event tasks, like creating the website and email templates, you can let the event automation feature of EMS do the work.
By stopping your team from using antiquated, manual processes like spreadsheets, event automation creates more time for your team to focus on other aspects of your event. In an interview with an Aventri client, one of the largest global insurance and employee benefit providers, found that by using event automation, their resource coordinator saved 1,500 hours in the last year. In addition to saving so much time, event automation gave this company the ability to easily track important event metrics, like attendance, no-shows, and more.
Using the event automation feature of your EMS program will not only reduce event coordinator’s hours, but also will optimize communication and data collection.
Are you saving money in these ways by using an event management software program? What are the other ways EMS saves your company money? Let us know by commenting below!