2 Ways to Estimate Potential Cost Savings ff Your Meetings Management Program

My last post mentioned that, for many companies, cost savings is not enough of a driver to secure complete buy-in or get the go-ahead to implement a meetings management program, the question of financial implications will inevitably arise. Before undergoing any business case conversation with your executive team, it is important to at least have a baseline estimate.

I recommend that you walk yourself through the following calculation for your business:

Estimate both a low and high-end potential spend. Gut check these numbers and adjust the multiplier if it seems too high or low.

  • Annual Company Revenue X .01 = low-end estimate
  • Annual Company Revenue X .03 = high-end estimate

Estimate potential savings. Based on your meeting spend estimate

  • Meetings spend estimate X .25 = potential savings

Some of the most frequent sources of tangible dollar savings will come from automating manual processes, centralizing contracts, supplier consolidation, re-use of meeting space from cancelled events, reduction of printing costs through use of a mobile app, and real-time budget visibility. Based on your organization’s current processes, ultimate savings will be higher or lower than industry averages.

Cvent has developed a calculator to automate these calculations based on your industry.

This post is part of a series on strategic meetings management. To see other blogs in the series, click here.

This content was originally posted on blog.cvent.com in 2014.

 


Madeline Hessel

Written by Madeline Hessel

Maddy is on the Content Marketing Team at Cvent. When she’s not geeking out on lead gen tactics, optimizing processes, or cramming prospects through the funnel faster, you can find Maddy playing soccer, cooking a yummy dinner at home, or traipsing around the country to visit her geographically-challenged family.