Companies Also Missing M&E ‘Cost Avoidance’ Savings
19 July 2010
Recent media reports, which have suggested that companies could be saving up to 25% on meeting spend through better policy control & management, are welcomed by BSI; however, the leading meetings & event provider believes that organisations with sustainability high on their corporate agenda are also looking to agencies to be innovative in driving ‘cost avoidance’ as well as cost reduction.
As one of the leading players in the marketplace handling a combined client M&E spend in excess of £55m per annum, BSI has helped many leading corporate and public sector organisations achieve baseline savings of up to 40% on the M&E spend.
BSI’s considered approach to developing Strategic Meetings Management Programmes (SMMP) for customers is focused on delivering compliance, cost control & creativity. The specialist is optimistic of further growth in the meetings sector on the back of a continued increase in activity and a greater sophistication in their own clients’ procurement approach to meetings and events.
In February 2010, BSI’s own innovative online meetings technology which incorporates the management of a client’s internal meeting rooms was recognised as part of Tesco’s Best Innovation in a SMMP award at the European Travel Buyer Awards after helping save the supermarket chain £3m following the implementation of the internal meeting room management system.
Trevor Elswood, BSI’s Group Managing Director, commented: “As a business BSI was already well established as a procurement champion within the accommodation sector, and over the last couple of years we started to challenge the ‘old guard’ agency model of commission protectionism and recognised our responsibility to deliver sustainability and help customers to avoid unnecessary spend.”
“Managing more than 50,000 internal meetings per annum through BSI’s self-book technology, Tesco can now ensure more effective and optimum use of their internal meetings space, whilst robust authorisation policies managed not only online but also through BSI’s reservation centres, have delivered impressive reductions of 24% in spend per meeting.”
Whilst compliance and control are certainly pleasing to corporate and public sector procurement alike, the recent reports suggest that stakeholders also consider return on investment and objectives as key considerations.
Elswood commented: “Event planners need to retain an element of control when it comes to creative agencies. That’s why we work, for a number of customers, as an ‘over-arching’ agency providing venue sourcing, both internal and external, and acting as lead event agency whilst managing other retained event services providers. The model ensures that compliance and cost control are significant business drivers whilst creative choice is maintained for key event stakeholders with established agency relationships.”