The first ever third-party event spend tracker has been launched, according to Meetpie.
It tracks all third-party event spend, whether that’s audiovisual expenditure or planning costs to production and delegate management.
“Over the past five years we have achieved average savings for clients of more than 30 per cent on their venue spend and with the introduction of a full third-party event spend tracker this can only lead to greater cost and time savings and improve efficiency and leverage,” explained Des McLaughlin who works in venue procurement.
It’s thought the main benefit is that it helps businesses to fully see their event spend, boosting transparency of the planning and also allows conference centres or the businesses themselves to benchmark costs and performance. That would allow event venues to remain competitive when setting prices, and give businesses greater negotiating power.
Mr McLaughlin added: “Approved suppliers will be trained on the approach and supporting software, bookers will use the system to generate quote requests and book through the technology, so activity can be tagged and drive the level of visibility and compliance required to effectively monitor and manage spend.”
“The approach will not stifle the ability to select a supplied, based on their creativity or other factors typically in play when looking for production support, but will enable successful tracking of spend across all aspects of event-related activity.”