Live events and meetings have a pivotal role in organisational change. They are instrumental in transforming attitudes, reinforcing messages, delivering cost savings, motivating teams, and nurturing company values.
And in recent years, the perception of events has shifted from being a luxury to an indispensable part of corporate communication. They are no longer viewed as optional extravagances but as vital tools for engaging with internal and external stakeholders. This shift in perspective underpins the importance of getting event procurement right.
So, in these times of unprecedented change, our industry is playing a critical role in helping businesses achieve their goals and drive success. Yet, the way corporates plan and execute meetings and events in the wake of a rapidly evolving business landscape has undergone a huge shift.
The challenges posed by the new normal have required a re-evaluation of corporate buying behaviour in our industry. As a professional venue procurement team, everyone at Trinity Event Solutions recognises the need to adapt to these changes and empower our clients.
The current economic climate has brought unprecedented challenges for businesses. Leaders are grappling with issues of corporate governance, sustainability, risk management, and financial constraints, all while seeking to retain staff, differentiate their brand, and drive growth.
In such a complex environment, partnering with experts in procurement has become an absolute necessity for event planners and procurement teams alike.
One of the most significant changes in recent times has been the transformation in the delivery of events. The rise of virtual and hybrid events has led to a surge in the expertise required to navigate this new landscape. Event teams, already burdened with the demands of the business, are faced with the additional challenge of adapting to these changes.
Moreover, given the constantly shifting economic climate, professional venue procurement has become more critical than ever. It serves to ensure budgets are allocated wisely and that the return on investment is not merely a hopeful outcome but a guaranteed result.
Jacqui Kavanagh, the CEO of Trinity Event Solutions and EDGE Venues – the cutting-edge venue find and procurement platform – has highlighted the importance of expert input in enhancing technology platforms to achieve optimal results. In a recent address at our Business Intelligence event, Jacqui emphasised the role of professional venue procurement teams in this shift.
“Let’s face it – every penny counts right now,” Jacqui stated. Technology can undoubtedly support transparency in the procurement process, but in times of uncertainty, people desire and require a sense of control.
Professional venue procurement teams excel in offering this control while ensuring there are no unforeseen surprises for any stakeholders.
These teams also play a crucial role in developing a strong mitigation strategy for cancellations and negotiating favourable terms and contribute significantly to enhancing corporate governance, particularly in sustainability and risk management.
While technology can simplify tasks and support professional organisations, it can’t replace the need for human expertise, especially when managing complex requirements in the meetings and events industry.
That’s precisely why EDGE Venues follows the model of ‘technology with personality.’ We recognise some businesses may not have in-house experts to handle their procurement needs. For such clients, our professional venue procurement experts work seamlessly behind the scenes, combining technology with a personalised touch to deliver the best of both worlds.
What’s more, while there may be a reduction in the small meetings sector, we are witnessing a remarkable growth in events catering to larger groups, particularly in the 40-80 person range. This indicates a shift in the scale and scope of events, necessitating an evolution in procurement strategies.
So, the changes to corporate buying behaviour for meetings and events demand an approach that merges cutting-edge technology with human expertise.
The challenges may be daunting, but with the right partners and solutions, corporates can thrive in this new world of corporate events and meetings. Trust us to be your expert guide, ensuring that your events are successful and contribute significantly to your business’s growth, values and sustainability. Let’s talk: visit us at the CHS Show in the PA lounge.