Six questions on synergies between business travel and meetings
1.- ?Can there be synergies between corporate travel and meeting agreements? At what level?
The current trend we observe is that travel managers are increasingly involved in the management of events due to the synergies generated. In any case, it differs greatly depending on the type of event. The same suppliers are not always the most efficient for each purpose. According to the experience we have at American Express Meetings & Events, in the year there can be a supplier concurrence of 20-30% and in accommodation, over 40%, while in rent-a-car it is irrelevant.
On the other hand, the means of payment is of enormous value in business travel, but much less so in events. The billing system and methodology are not the same. In MICE there is more flexibility and, at least in Spain, cash payment is the norm. Aware of this, the payment methods are looking for solutions.
2.- ?Are the models used in business travel replicable to the agencies that manage meetings?
The business travel is more transactional. The fee over billing will continue to exist, although there is a perceived evolution toward the management fee. In events, this is much more complicated because of the great diversity of services, not only flights or hotel nights, but catering, creative concept, scenography, decoration and other services that are generated.
3.- How to control quality and risk management in business travel and meetings?
The company has to ask itself what quality is for it and define the criteria and objectives. Any agreement has to be linked to an SLA. Once again, in this field the business travel is more evolved, both in the application processes and in the reporting, among others. On the other hand, the personnel chapter is more critical in events. The needs of all users must be known. Therefore, satisfaction surveys are important, both to the travel manager and to the end user.
4.What are the sources of information?
The meeting planner must define well what are the KPIS he/she needs to control and, from there, shape the reporting system. Technology is advancing quite a lot in information for the MICE sector, an evolution that is somewhat novel, because until now there was not much demand. The exploitation and development of Big Data through technological platforms or the use of apps as part of the attendee experience at an event are essential to assess the impact of an event.
5.- At what level is the sector in the technological field?
Most of the processes in the organization of meetings and corporate events are done manually, but this is something that is also changing. Although incipiently, transparency systems are starting to land, especially in the pharmaceutical sector, which is a pioneer and is exploiting the possibilities of Big Data. Where there is greater development is in tracking and participation applications for events.
6.- How can you measure the return on investment (ROI) in meetings and events?
This is one of the main challenges in the sector. In every briefing you have to discuss the objectives of the event in order to establish, where appropriate, the KPIs and be able to monitor them. There is still a long way to go in this area. What must be taken into account is that the return on investment is more open in MICE than in business travel. It is not measured only in terms of savings or translation into sales, but also in terms of branding, customer satisfaction, etc.