Meeting And Conference Facilities | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Meeting And Conference Facilities Procurement

Overview

Several macro changes in the dynamics of overall Business Travel Accommodation as well as Meeting And Conference Facilities procurement trends are poised to change the business practices and procurement thumb rules. The availability of advanced technologies has prompted travel and event service suppliers to heavily invest in them to improve efficiencies and customer experience. However, most have learnt that technology alone is not a replacement for the human touch when it comes to customer service. As a result, suppliers are spending on both counts - technology and customer service staff. Till the time a formula for perfect balance between the two is discovered, buyers should expect to bear some of this increased OPEX of suppliers.

Consumer markets are underpinned with apps and websites that offer a very friendly experience for bookings and cancellations - an experience that has not yet crossed over to the corporate segments. As executives grow more accustomed to self-planning and self-booking in their personal lives, they expect similar convenience in their business lives as well. In the absence of right tools and technologies, a lot of friction can be generated between employees looking for convenience and travel departments looking to enforce rules and policies.

To simplify the corporate travel and events process and enhance the end-to-end experience of users, suppliers are innovating with tools that aggregate the multiple fragments of this process such as booking, management of disruptions, customer service and spend within a single interface.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Meeting And Conference Facilities Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Meeting And Conference Facilities category procurement. The report offers a succinct analysis of Meeting And Conference Facilities procurement best practices.

For example, Engage with suppliers that use technologies, such as SMMPs and holograms, to enable buyers to track expenditure and save on travel costs. This will significantly reduce overheads for buyers.

Suppliers often charge substantial fees for cancelation and rebooking. Buyers should negotiate for low prices on these aspects to realize direct cost-savings.

Investing in benchmarking studies help category managers enhance their knowledge about market pricing or billing rates based on job roles and functions. This allows them to not only save costs but also negotiate with suppliers. For example, while negotiating on rates of bundled services, buyers can save significantly on a single service by cross verifying the rates quoted by suppliers against industry benchmarks.

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Risks in Meeting And Conference Facilities procurement

Meeting And Conference Facilities procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Meeting And Conference Facilities procurement. Some examples include:

Rise in fuel charges will lead to increase in logistics costs for travel management service providers. This could be passed on to buyers in the form of high service charges
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
An increase in real estate rates, specially across tier 1 cities has been observed in emerging economies. This will directly increase delivery costs of “Business travel accommodation” suppliers, leading to increased costs for buyers

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Who should read this report

The report is intended to serve as a one-stop reference guide for Meeting And Conference Facilities procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Meeting And Conference Facilities: Procurement Report 101” as well as for category experts actively tracking the global Meeting And Conference Facilities procurement market.

You may have just initiated your research to design a winning Meeting And Conference Facilities procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Meeting And Conference Facilities procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Meeting And Conference Facilities procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Meeting And Conference Facilities market?
What is the correct price to pay for Meeting And Conference Facilities? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Meeting And Conference Facilities Suppliers Market?
Who are the top Meeting And Conference Facilities suppliers? What are their cost structures?
Which negotiation levers can reduce Meeting And Conference Facilities procurement cost ?
What are supplier margins in Meeting And Conference Facilities market?
What are the best practices for Meeting And Conference Facilities procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Meeting And Conference Facilities Category Insights: What is inside

The Meeting And Conference Facilities market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Meeting And Conference Facilities procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Meeting And Conference Facilities. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Meeting And Conference Facilities market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Meeting And Conference Facilities category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Meeting And Conference Facilities procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.