Event management: Can Procurement help bring the event industry into a new age?

The global pandemic has effectively forced several industries to rethink their strategies and develop new ones. Last year, as stay-at-home directives began to be rolled out, arguably few industries were confronted with such a bleak outlook as the event management industry. Currently, event management has changed significantly, and as it continues to adapt it has its closest ally to thank for: Procurement. Here is why.

As concerts, festivals, sports, conferences and other small and big events came to a halt, people were forced to hope for the best while preparing for the worst. Almost two years after, as vaccination rates grow higher around the world and directives slowly come to an end, cautious but decided steps are being taken. What is already evident to many is that achieving the so-called “new normal” will depend on how well event professionals take advantage of current Procurement technologies and capabilities.

The global pandemic also had quite the impact on the Procurement world. Suddenly, new challenges emerged: severe supply shortages driven by unprecedented demand, under-utilized or leveraged technologies that suddenly became vital. Companies that dealt with the public sector and public bodies had quite the trouble acting, and most professionals found themselves extremely confused with the instability at the time.

But the world goes on, and new and exciting solutions have already started to emerge. Companies are having to relearn what the procurement function is able to achieve in this new normal, and today we will tell you why the foreseeable future in the event management area is looking good, mostly thanks to Procurement.

An old model but with new systems. Like we stated before, new and exciting solutions have taken center stage for now. But what is more exciting than having an old and reliable model being reinvented and made to fit the current situation?

Procurement has advanced quite a lot in the previous couple of years: adoption of digital and analytics solutions is growing, and e-procurement keeps revitalizing old capabilities and strengthening new ones. Great opportunities are starting to multiply, especially for those ready to take unprecedented steps.

Event management is unequivocally related to Procurement. It’s not hard to wonder why, as most event (or marketing) teams know firsthand that obtaining the right goods and services at the right price is fundamental for the success of the event. This relationship has been tried and tested, and in 2021 is still as strong as ever, if not more.

For example, in our Contracts Forecaster solution, you can see the number of public contracts set to expire in the next 12 months. Or even access detailed information about those contracts. As the number of events is set to increase this year, specifically this summer, this is a great tool to keep track of how the event management industry is shaping up, and also a great opportunity to branch out your opportunities.

Modern problems require modern solutions. Events and gatherings still have quite a question mark on them. There are always risk factors to consider, directives to follow and recommendations to important to ignore.

This is where event planners can regain some security, as they can dictate what they need, and make sure they get the best deal possible. One example is the possibility of negotiating a contract with the venue that contains a flexible cancellation policy, should unexpected new restrictions arise.

Event planners have to take into consideration new needs and requirements. Face coverings, restrictions on food and drink, testing, ventilation and social distancing are now top of mind priorities, and by effectively using Procurement, businesses can work smarter and still add value to their organizations in the best possible way.

Currently the governments of several countries have already begun to require that various precautions be taken, and the success of current pilot events depends on everyone involved playing their part correctly. Not only must attendees show up tested (and probably vaccinated in the future), but businesses must also follow all the requirements. We can predict sanitizing stations, digital registration systems, and catering services prepared to offer safe food experiences. Other predictions include the presence of sniffer dogs at events.

Most events already required a great deal of planning before the pandemic, and that effort has only increased now. The best way to do this without complications is through Smart Contracting. What the future holds for event management is still unknow. The virtual is here to stay, in some shape or form, but it won’t replace in-person gatherings. Maybe we are looking into a hybrid format for the future, but the truth is that, no matter what, Procurement will still be greatest ally an event planner can have.

Public Procurement, Events

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