V is for Validating Value!
In order to keep ongoing support for your SMMP, you must consistently prove the ongoing value of the program to all of stakeholders in the meetings sphere. Since there is a spectrum of stakeholders who have varying needs, specific reports that validate the value of the SMMP must be developed to address the needs of these various stakeholders.
During process of developing the business plan, specific objectives for the SMMP should have been identified. These objectives translate to specific value targets for the program, such as increased visibility, improved risk management, incremental cost savings. For those in highly regulated industries such as finance and life sciences, compliance would have been called out as a significant motivator of value. Below are ways to validate some of these specific values:
Increased visibility can be validated by a higher volume of meetings processed through the centralized sourcing and contracting entity. For example you may have agreed that a 33% increase in meetings through the system in Q1 was a reasonable target.
Key values of this increased visibility are:
- Better understanding of how much is being spent with suppliers, which allows for the development of preferred supplier programs in order to drive additional savings and increased service levels
- Increased knowledge of who is planning meetings within the organization, thus improving adoption and compliance for the SMM Program
- Insight into new spending trends within the company for meetings and events
Similarly, the value of risk mitigation can be demonstrated by:
- Documenting re-use of cancelled meeting contracts
- Identifying duty of care issues that were resolved in a timely manner
- Ensuring that meetings and events are being held in appropriate destinations and venues - before they occur
For highly regulated industries, the value of compliance can be validated through:
- Demonstrating that all meetings were registered
- Documenting, via an auditable process, that all meetings were sourced and contracted according to policy
- Reporting on unique data points as required by internal and/or government policy
Certainly, savings are an expected outcome of any SMM, although as the discipline of SMM evolves, we find that savings is reducing in importance as the value targets described above are deemed as important or even more important than savings.
TIP #1: Measure value on pre-determined targets
TIP #2: Compare the current metrics with data from previous time period
TIP #3: Report metrics out to key Stakeholders on a monthly, quarterly and annual basis.
Hear more from Betsey Bondurant at Pharma Forum 2018 where she will be moderating a panel discussion, Cultivate Bold Simple Meeting Management Strategies!
About The Author
Betsy Bondurant, CMM, CTE offers a unique 360-degree perspective with over 30 years industry expertise in
hotel sales, meeting & trade show management, including 13 years of direct involvement in the
discipline of Strategic Meetings Management. This diverse background positions Betsy uniquely for the
successful development and delivery of projects in the category of meetings, events, and trade shows.
Betsy began her career in food and beverage in 1977, transitioned into hotel sales and ultimately found
her passion in meeting and trade show management. During her 15 year tenure at the world’s largest
biotech company, Betsy developed and implemented a pioneering corporate‐wide strategic meetings
management program. This experience also provided her deep insight into the regulations affecting the
Life Sciences industry. In 2007, she moved from the corporate meeting world to consulting, some of
which has been within procurement organizations. In addition to her current work with Fortune 500
companies, Betsy is considered a Subject Matter Expert in the area of Strategic Meetings Management
Programs and as such, has authored many articles, developed educational content, and presented to
audiences in North America, Europe and Asia.
Betsy holds a Bachelor of Science in Hotel Administration from the University of Nevada, Las Vegas. She
has been an active member of Meeting Professionals International (MPI) since 1994; having served on
many of international committees, and as a member of the International Board of Directors. Betsy
currently serves as Vice‐chair of the Global Business Travel Association (GBTA) Meetings Committee and
is a Women’s Business Enterprise National Council certified woman‐owned business. In 2009, Betsy was
one of the first to achieve MPI’s Accredited Trainer designation. Betsy has been recognized as one of
Business Travel News “Best Practitioners” and has been honored as one of Meeting News “25 Most
Influential People in the Meetings Industry”, and was awarded MPI “Chairwoman’s Award” in 2010.