The cost savings associated with implementing a Strategic Event Management (SEMP) or Strategic Meetings Management Program (SMMP) can vary widely depending on the organization, the scope of the program, and other factors. However, studies have shown that organizations that have implemented an SEM/SMMP can typically save anywhere from 10% to 25% on their meetings and events spend.
One study conducted by the Global Business Travel Association (GBTA) found that companies with an SMMP in place saved an average of 19% on their meetings and events spend, compared to those without an SMMP. The study also found that companies with an SMMP were more likely to have negotiated favorable contracts with suppliers and to have centralized their meetings and events planning process.
Another study by the Aberdeen Group found that companies with an SMMP were able to reduce their meetings and events spend by an average of 13.5%, while also achieving better alignment between their meetings and events and organizational goals.
While the cost savings associated with an SEMP/SMMP can be significant, it’s worth noting that implementing such a program can require an initial investment of time and resources. Yet many organizations have found that the long-term benefits of a streamlined, efficient meetings and events program outweigh the upfront costs.
Overall, the cost savings associated with an SEMP/SMMP can be substantial, with studies suggesting savings of anywhere from 10% to 25%. However, the actual savings achieved will depend on the specific organization and the scope of the program.
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