Strategic meeting management, a concept which was coined back in the year 2004, by the Global Business Travel Association (previously known as the Groups and Business Committee of the National Business Travel Association), has gained widespread adoption in the corporate world.
Businesses, as well as corporations all over the globe, have adopted this method of managing global meetings and event planning, which primarily focuses on increasing profitability while reducing costs.
Event management, planning, and execution is a multifaceted activity involving the interest of various internal (company decision-makers, manager, etc.) and external (experts from the event planning industry) stakeholders.
An SMM program is designed with a goal to align the interest of both the internal and external stakeholders, while at the same time keeping factors such as risk mitigations, adherence to regulation and cost in mind.
| Aspect | Explanation |
|---|---|
| Definition | Strategic Meetings Management (SMM) is a comprehensive approach to planning, organizing, and optimizing meetings, events, and conferences within an organization. It involves the strategic management of all aspects of meetings, including budgeting, vendor selection, attendee registration, logistics, and post-event analysis. SMM aims to align meetings and events with an organization’s overall business objectives, enhance efficiency, control costs, and ensure compliance with policies and regulations. It is commonly used by corporations, associations, and institutions to achieve greater value from their meetings and events. |
| Key Concepts | – Strategic Alignment: SMM focuses on aligning meetings and events with an organization’s strategic goals and objectives. – Cost Control: It includes cost management strategies to optimize budgets and reduce unnecessary expenditures. – Data and Analytics: SMM leverages data and analytics to make informed decisions, track performance, and measure the ROI (Return on Investment) of meetings and events. – Policy Compliance: It ensures compliance with internal policies, industry regulations, and best practices. – Vendor Management: SMM involves selecting and managing vendors, venues, and suppliers to ensure quality and cost-effectiveness. – Technology Integration: The use of technology solutions, such as event management software, is integral to SMM for automation and reporting. |
| Characteristics | – Holistic Approach: SMM takes a holistic approach to managing all aspects of meetings and events, from planning to evaluation. – Strategic Oversight: It involves high-level strategic oversight, often led by a dedicated SMM team or department. – Customization: SMM strategies are tailored to meet the specific needs and goals of an organization. – Data-Driven: Data and metrics play a crucial role in SMM for continuous improvement and decision-making. – Compliance Focus: SMM ensures that meetings and events comply with legal and regulatory requirements. – Scalability: SMM can be scaled to accommodate small internal meetings or large-scale conferences. |
| Implications | – Strategic Impact: SMM aligns meetings and events with an organization’s strategic direction, contributing to overall success. – Cost Savings: Effective cost control and optimization lead to cost savings, which can be significant for organizations that host numerous events. – Data-Driven Decisions: The use of data allows for evidence-based decisions and performance evaluation. – Improved Quality: SMM enhances the quality and professionalism of meetings and events, leading to better attendee experiences. – Policy Adherence: Organizations can ensure that meetings and events adhere to internal policies and external regulations. |
| Advantages | – Alignment with Objectives: SMM ensures that meetings and events support an organization’s strategic goals. – Cost Efficiency: It leads to cost savings through better negotiation, budgeting, and resource allocation. – Enhanced Visibility: SMM provides greater visibility into the impact of meetings and events on the organization. – Risk Mitigation: By complying with regulations and policies, SMM reduces the risk of legal or reputational issues. – Consistency: It promotes consistency in planning and execution across all meetings and events. |
| Drawbacks | – Resource Intensive: Implementing SMM can require significant resources, including dedicated staff and technology investments. – Resistance to Change: Organizations may face resistance from stakeholders accustomed to traditional event planning methods. – Complexity: Managing all aspects of meetings and events comprehensively can be complex and challenging. – Initial Costs: There may be initial setup costs associated with implementing SMM processes and technology. |
| Applications | – Corporate Meetings: Large corporations use SMM to manage internal meetings, employee training sessions, and shareholder conferences. – Association Events: Associations and non-profits apply SMM to plan annual conferences, conventions, and member meetings. – Higher Education: Universities and colleges use SMM for academic conferences, alumni events, and student orientations. – Healthcare: Healthcare organizations employ SMM for medical conferences, symposiums, and continuing education programs. – Government: Government agencies utilize SMM for public meetings, conferences, and diplomatic events. |
| Use Cases | – Pharmaceutical Conferences: Pharmaceutical companies implement SMM to plan and manage medical conferences and product launches. – Corporate Retreats: Large corporations use SMM to organize leadership retreats, team-building events, and strategic planning sessions. – University Conferences: Higher education institutions use SMM for academic conferences that bring together scholars and researchers. – Association Conventions: Professional associations use SMM to host annual conventions, trade shows, and networking events. – Government Summits: Government agencies apply SMM to organize high-profile summits and international meetings. |
| Conclusion | Strategic Meetings Management is a multifaceted approach to planning and managing meetings and events within organizations. By aligning these gatherings with strategic objectives, controlling costs, and ensuring compliance, SMM enhances the value and impact of meetings while contributing to the overall success of the organization. As technology and data-driven insights continue to play a pivotal role, SMM is poised to remain a critical component of effective corporate event management. |
Functions of SMM
For those who are new to the concept of strategic meeting management and are looking to incorporate SMM program within their ecosystem, a meeting program generally comprises of four essential functions:
Planning and Managing Event
One of the most basic and well-known uses of an SMM program is event management and planning. An SMM program helps organizations plan a range of activities starting from the scope of meeting to booking accommodations and flights.
Connecting Disparate Elements
A meeting consists of some parties involved in its overall planning and execution. By using the SMM program, a company can synchronize and connect these different parties by streamlining the process of resource procurement.
For example, a venue sourcing tool – part of SMM programs – can be utilized for sending RFP’s which in turn can help in easy sourcing of things such as travel, accommodation etc.
Keeping a Financial Check
One of the key advantages which an SMM program offers is helping organizations with the management of their finances.
With an SMM program in place, an organization’s decision makers know in advance about the enablement cost of an event or meeting and thus can decide on the components to include or exclude. Strategic meeting management program can further help in expense reconciliation as well as can keep a company’s overall budget in place.
Risk Management
Strategic meeting programs further tend to help organizations mitigate risks and keep them aware of contractual obligations they hold towards vendors or suppliers.
They also allow organizations to keep track of delegates and their schedule so that the organizers know about an attendees schedule and hence can make sure that meetings don’t coincide.
Why Should You Choose an SMM program?
While there are many benefits an SMM program can have for your organization, we list below the top 4 which have maximum impact.
Strategic Meeting Management Helps In Generating Maximum ROI
The term maximizing ROI sounds boring, but it is one of the most important advantages you can fetch from an efficient SMM program.
While most of you might consider this process focussed towards optimizing cost, an SMM, in turn, enables organizations to design and conduct an event with clear goals in mind, aimed towards delivering quality.
The ROI here is measured in terms of satisfaction achieved by an attendee which in turn will help them produce better results for the organization.
Strategic Meeting Management Gives You An Increased Visibility of Spends
An effective SMM program provides you with greater transparency as well as visibility into the spends which are going on in conducting a global enterprise meeting.
Generally, with SMM, there is a single centralized database of spends where the organization’s stakeholder can have a look at what a particular department is making spends or where is their money going (to vendors, contractors, etc.).
This, in turn, provides them with more significant insights into the finances and gives them an opportunity to optimize these costs as well as decide on what costs can be reduced without actually hampering the event quality.
Strategic Meeting Management Helps You With Compliances
Any event conducted needs to be compliant with both the internal as well as external policies. Internal policies are the company-specific rules which are put in place by the company stakeholders and can range from the maximum budget allocated, to the frequency of such meetings.
External policies are policies specific to a region for, eg. U.S. Corrupt Practices Act, or compliances relating to pharmaceutical industries.
SMM having an integrated and transparent nature allows you to abide by these policies at all times and thus prevents your chances of running into a compliance roadblock.
Strategic Meeting Management AssistS with Risk Mitigation
With SMM all the contractual obligations, permissions, and authorizations are stored and recorded in a single central database.
This makes it easier for you to review and remember each commitment you have and prevents any risk of delaying or defaulting on payments or defiance of regulations.
Strategic Meeting Management Might Boost Productivity and Data Quality
By bringing all the vital processes of enterprise meeting management such as procurement and selection, proposal and approval, transportation and accommodation, etc. under one umbrella SMM program streamlines the entire process and thus boosts response time which further increases productivity.
The system also stores the analytics and data in one central database and thus can check and remove redundancies if any, thereby increasing data quality.
By streamlining all the processes of strategic management and optimizing the cost associated with same, SMM makes it easy for organizations to secure the highest ROE (Return on Event), thereby boosting overall company profitability and margins.
Guest contribution by Ethan Scott – he started his career in the publishing industry at a very young age. It was 2014 until Ethan realized that he needed to explore the terrains of writing and seek his passion for it. He worked, partnered and contributed to 20+ websites and blogs and constantly thrived by working on them.
Case Studies
- Large Corporations: Many multinational corporations and large enterprises across various industries, such as technology, finance, and pharmaceuticals, have implemented SMM programs to streamline their meeting and event planning processes. These corporations often host conferences, training sessions, and product launches on a global scale, making SMM crucial for cost control and compliance.
- Global Business Travel Association (GBTA): The GBTA, which coined the term SMM in 2004, promotes the adoption of SMM practices among its member companies. The association provides resources, best practices, and industry insights to help organizations effectively manage their meetings and events.
- Event Management Companies: Companies specializing in event management and planning have integrated SMM principles into their services. They assist clients in organizing and optimizing meetings and events, ensuring cost-efficiency and compliance with policies and regulations.
- Pharmaceutical and Healthcare Companies: Pharmaceutical companies that hold international conferences, medical symposiums, and training sessions often employ SMM strategies to meet regulatory requirements and manage costs effectively. Compliance with strict healthcare regulations is crucial in this industry.
- Technology Providers: Technology companies that organize developer conferences, product launches, and user conferences use SMM to align their internal and external stakeholders. SMM helps them control expenses, ensure regulatory compliance, and deliver successful events.
- Financial Institutions: Banks, investment firms, and financial institutions host global meetings and conferences for clients, partners, and employees. SMM assists them in managing costs, complying with financial regulations, and optimizing event planning.
- Consulting Firms: Consulting companies with a global presence rely on SMM to coordinate client meetings, training sessions, and workshops. SMM enables them to control expenses, maintain compliance, and enhance the quality of their services.
- Educational Institutions: Universities and educational institutions that host international conferences, academic symposia, and student events can benefit from SMM to ensure efficient event planning and compliance with educational policies.
- Government Agencies: Government organizations at various levels, including federal, state, and local, may use SMM principles to manage conferences, summits, and public events. SMM helps them allocate resources effectively and adhere to government regulations.
- Nonprofit Organizations: Nonprofits that organize global fundraising events, conferences, and awareness campaigns can adopt SMM practices to optimize their budget allocation, comply with nonprofit regulations, and achieve their mission objectives.
Key Highlights:
- Strategic Meeting Management (SMM) Concept: Coined in 2004 by the Global Business Travel Association, SMM has gained widespread adoption in the corporate world. It focuses on managing global meetings and events to increase profitability while reducing costs.
- Functions of SMM: SMM programs generally comprise four essential functions: event management and planning, connecting disparate elements involved in planning, keeping a financial check, and risk management.
- Benefits of SMM: SMM programs offer numerous benefits, including generating maximum ROI by delivering quality events and attendee satisfaction. They provide increased visibility of spends, enabling cost optimization. SMM also helps with compliance, ensuring adherence to both internal and external policies. Moreover, SMM assists in risk mitigation by managing contractual obligations and authorizations.
- Boosting Productivity and Data Quality: By streamlining the meeting management processes and centralizing data, SMM programs can increase productivity, response time, and data quality within organizations.
- Enhancing Company Profitability and Margins: Through effective SMM, companies can achieve higher ROE (Return on Event), leading to improved profitability and margins.
| Related Frameworks, Models, or Concepts | Description | When to Apply |
|---|---|---|
| Strategic Meetings Management (SMM) | Strategic Meetings Management (SMM) is a systematic approach to planning, organizing, and optimizing meetings and events within an organization to achieve strategic objectives, control costs, and enhance efficiency and effectiveness. SMM involves centralizing meeting planning and procurement processes, standardizing policies and procedures, leveraging technology and data analytics, and fostering collaboration and communication among stakeholders to streamline meeting activities, drive value, and mitigate risks. | Apply Strategic Meetings Management to align meeting and event activities with organizational goals and priorities. Use it to optimize meeting spend, enhance supplier relationships, improve attendee satisfaction and engagement, and drive continuous improvement in meeting planning and execution processes. Implement SMM practices to centralize meeting management, standardize policies and procedures, and leverage technology to achieve cost savings, risk mitigation, and strategic alignment across the organization. |
| Meeting Lifecycle Management | Meeting Lifecycle Management involves managing meetings and events through all stages of their lifecycle, from initial planning and budgeting to execution, evaluation, and post-event analysis. Meeting lifecycle management encompasses activities such as needs assessment, venue selection, agenda development, attendee registration, logistics coordination, content delivery, and post-event follow-up and reporting, ensuring that meetings are well-planned, executed, and evaluated to achieve desired outcomes and maximize return on investment. | Apply Meeting Lifecycle Management to oversee and optimize the entire process of planning, executing, and evaluating meetings and events. Use it to ensure that meetings are aligned with strategic objectives, meet stakeholder needs, and deliver measurable results, from initial concept and budgeting to post-event analysis and reporting. Implement meeting lifecycle management practices to standardize processes, improve efficiency, and enhance the quality and impact of meetings and events across the organization. |
| Strategic Alignment Framework | The Strategic Alignment Framework helps organizations ensure that their meeting and event activities are aligned with broader strategic goals and objectives. The framework involves assessing organizational priorities, identifying key performance indicators (KPIs) and success metrics, and mapping meeting objectives and outcomes to strategic initiatives and business priorities. By aligning meetings with strategic goals, organizations can maximize the value and impact of their meeting investments and drive business results. | Apply the Strategic Alignment Framework to align meeting and event activities with organizational strategy and objectives. Use it to identify strategic priorities, establish clear objectives and success criteria for meetings and events, and measure the impact and contribution of meetings to broader organizational goals. Implement the framework to ensure that meetings are focused on delivering tangible business outcomes and driving performance improvement and innovation across the organization. |
| Supplier Relationship Management (SRM) | Supplier Relationship Management (SRM) involves managing relationships with meeting suppliers, vendors, and service providers to optimize value, quality, and performance. SRM focuses on building collaborative partnerships, fostering open communication, and establishing mutually beneficial agreements with suppliers to ensure that meeting and event needs are met efficiently and effectively. By developing strong supplier relationships, organizations can access the expertise, resources, and support necessary to deliver successful meetings and events. | Apply Supplier Relationship Management to build and maintain productive partnerships with meeting suppliers and vendors. Use it to identify and engage reliable and cost-effective suppliers, negotiate favorable contracts and service agreements, and collaborate with suppliers to optimize meeting planning and execution processes. Implement SRM practices to enhance supplier performance, mitigate risks, and maximize value and quality in meeting and event delivery, ensuring that organizational needs and objectives are met effectively. |
| Technology Integration and Automation | Technology Integration and Automation involve leveraging software tools, platforms, and systems to streamline meeting planning, execution, and management processes. Technology solutions such as meeting management software, registration platforms, mobile apps, and data analytics tools enable organizations to automate routine tasks, improve collaboration and communication, and gain insights into meeting performance and attendee engagement. By integrating technology into meeting management processes, organizations can enhance efficiency, productivity, and effectiveness. | Apply Technology Integration and Automation to optimize meeting planning and execution processes. Use meeting management software, registration platforms, and mobile apps to automate tasks such as attendee registration, agenda distribution, and feedback collection, streamline communication and collaboration among stakeholders, and leverage data analytics tools to track meeting metrics and evaluate performance. Implement technology solutions to improve efficiency, reduce costs, and enhance the attendee experience in meetings and events. |
| Risk Management Framework | The Risk Management Framework helps organizations identify, assess, and mitigate risks associated with meeting and event activities. The framework involves conducting risk assessments, developing risk mitigation strategies, and implementing controls and safeguards to minimize the likelihood and impact of potential threats and disruptions to meetings and events. By proactively managing risks, organizations can ensure the safety, security, and success of their meeting and event initiatives. | Apply the Risk Management Framework to identify and mitigate risks associated with meeting and event activities. Use it to assess potential threats such as security breaches, health and safety hazards, logistical challenges, and financial risks, develop contingency plans and emergency response procedures, and implement controls and safeguards to protect participants and assets during meetings and events. Implement risk management practices to minimize disruptions, enhance resilience, and ensure the successful execution of meetings and events in diverse and dynamic environments. |
| Performance Metrics and KPIs | Performance Metrics and Key Performance Indicators (KPIs) provide quantifiable measures of meeting and event performance and effectiveness. Performance metrics such as attendance rates, attendee satisfaction scores, cost per attendee, and return on investment (ROI) help organizations evaluate the success of their meeting initiatives, identify areas for improvement, and track progress toward strategic objectives. By monitoring performance metrics and KPIs, organizations can assess the impact of meetings on business outcomes and make data-driven decisions to optimize meeting investments. | Apply Performance Metrics and KPIs to assess and improve the effectiveness and efficiency of meetings and events. Use metrics such as attendance rates, participant feedback scores, cost per attendee, and ROI to evaluate meeting performance, identify strengths and weaknesses, and measure the contribution of meetings to organizational goals. Implement performance measurement systems to track progress, benchmark performance against industry standards, and drive continuous improvement in meeting planning and execution processes. |
| Continuous Improvement Framework | The Continuous Improvement Framework involves establishing processes and practices for ongoing evaluation, learning, and refinement of meeting and event management processes. The framework emphasizes a culture of continuous learning, innovation, and adaptation, where organizations systematically collect feedback, analyze performance data, and implement improvements to optimize meeting outcomes and drive organizational excellence. By fostering a culture of continuous improvement, organizations can enhance the value, efficiency, and impact of their meeting initiatives over time. | Apply the Continuous Improvement Framework to drive innovation and excellence in meeting and event management. Use it to collect feedback from stakeholders, analyze performance data, and identify opportunities for process optimization and innovation, implement changes and best practices to enhance meeting outcomes and stakeholder satisfaction, and foster a culture of learning and improvement that enables the organization to adapt and thrive in dynamic environments. Implement continuous improvement practices to continuously elevate the quality and effectiveness of meetings and events and drive organizational success. |
| Strategic Stakeholder Engagement | Strategic Stakeholder Engagement involves engaging key stakeholders and decision-makers in the planning, execution, and evaluation of meetings and events to ensure alignment with organizational goals and priorities. Strategic stakeholder engagement fosters collaboration, transparency, and accountability among internal and external stakeholders, enabling informed decision-making, resource allocation, and risk management. By involving stakeholders in the meeting management process, organizations can leverage diverse perspectives, expertise, and resources to drive successful outcomes and build trust and credibility with stakeholders. | Apply Strategic Stakeholder Engagement to involve key stakeholders in the planning, execution, and evaluation of meetings and events. Use it to identify stakeholders’ needs, expectations, and priorities, solicit input and feedback on meeting objectives, agendas, and outcomes, and foster collaboration and alignment among stakeholders to ensure that meetings are relevant, impactful, and value-driven. Implement strategic stakeholder engagement practices to build relationships, gain support, and enhance the success and sustainability of meeting initiatives and organizational objectives. |
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