Offsite Meetings | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Offsite Meetings Procurement

Overview

A changing ecosystem within the Business Travel Accommodation market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Offsite Meetings. With regional and national boundaries blurring in today's corporate world, companies increasingly find themselves with a latent need to bring together geographically distant teams, customers and stakeholders. Therefore, the demand outlook for Offsite Meetings is expected to remain strong.

As costs rise, companies will be pushed towards finding better cost efficiencies in their travel and entertainment programs. Buyers are leveraging new management tools to analyze the costs using a Total cost of trip/event approach as against cost of an individual trip/event cost item. It is now also expected of suppliers to assess the cost effectiveness of any service they provide from a more holistic point of view.

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.

Offsite Meetings Procurement Best Practices

Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with Offsite Meetings procurement insights and hand picks best practices that can work for category managers delving in this market.

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.

It is important for category managers to track and measure the performance of suppliers against a set of defined KPIs that are agreed upon during the contract negotiation phase. The performance of suppliers can also be linked to a portion of their fee that can be paid upon rendering of services in a satisfactory manner. For instance, category buyers should assess supplier performance for adherence to allocated travel budgets.

Buyers should seek collaboration with suppliers to identify demand patterns within the organization. This includes data sets for the time of booking, duration, and preference for time and days. Using such analysis, buyers can build a comprehensive corporate guideline and ensure that a specific set of service providers are used for services. Moreover, these data sets can be used to identify cost-saving opportunities.

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Risks in Offsite Meetings procurement

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

Outbreak of diseases or political unrest in certain parts of the world may lead to disruption of official travel plans for buyers
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
Procurement without consulting the actual users of Offsite Meetings may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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Who should read this report

The report is intended to serve as a one-stop reference guide for Offsite Meetings 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 “Offsite Meetings: Procurement Report 101” as well as for category experts actively tracking the global Offsite Meetings procurement market.

You may have just initiated your research to design a winning Offsite Meetings 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 Offsite Meetings 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 Offsite Meetings 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 Offsite Meetings market?
What is the correct price to pay for Offsite Meetings? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Offsite Meetings Suppliers Market?
Who are the top Offsite Meetings suppliers? What are their cost structures?
Which negotiation levers can reduce Offsite Meetings procurement cost ?
What are supplier margins in Offsite Meetings market?
What are the best practices for Offsite Meetings procurement and what are the potential risks?

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Offsite Meetings Category Insights: What is inside

The Offsite Meetings 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 Offsite Meetings procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Offsite Meetings. 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 Offsite Meetings 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 Offsite Meetings 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 Offsite Meetings 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.