Eved's 2018 Benchmark Assessment for Meetings and Events Reflects Statistics and Trends from Top Fortune 500's
The study measures where organizations fall on the maturity curve and how are they benchmarking against their peers in a range of areas like supplier management and savings.
CHICAGO, Sept. 19, 2018 /PRNewswire-PRWeb/ -- Eved (http://www.eved.com), the leading spend management software provider for the $500 billion Meetings and Events industry, today announced the publication of 2018 Benchmark Assessment: Meetings and Events. This is the first in-depth survey of the Meeting and Event Spend Category with leaders from Procurement, Strategic Meeting Management and Event Marketing from Fortune 500 organizations across a range of verticals including Technology, Retail, Financial Services and Life Sciences.
"The Meetings and Events category is very far behind other industries when it comes to spend management," said Bill Stirling, Former VP of Procurement at BMS. "This assessment offers a rare glimpse into the history and practices of one of the more complex spend categories. It's an opportunity for businesses to see how they compare to industry leaders and access a proven playbook to unlock significant value capture for their organizations."
Among the key findings:
- 47% of respondents - including the most mature of those taking advantage of a combination of SMM tools, agency partners or card products - were less than 80% confident that their data was correct.
- For 57% of respondents, there is no visibility into their data for at least 30 days or more after an event, rendering it less useful for predictive savings and proactive strategic decision-making.
- On average, 25% or more of planners' time was spent on a financial process.
The research was conducted by William Stirling, Independent Procurement Consultant / Former VP, Global Procurement - Bristol-Myers Squibb, Harold Tenbarge, Reagan Enterprises, LLC / Former Sr. Director, Procurement - Eli Lilly and Company and Talia Mashiach, CEO, Founder and Product Architect of Eved. Together, the team compiled, validated and analyzed respondent data from Fortune 500 organizations to measure where they fall on the maturity curve and how they are benchmarking against their peers in the following areas: Supplier Management; Data & Reporting; Budget Management; Procure-to-Pay Process; and Savings.
For more information or to request a copy of this research, please visit: https://www.eved.com/benchmark-assessment-2018/.
ABOUT EVED
Eved is the only purpose built spend management software solution for the $500 billion-dollar Meetings & Events category. The platform vastly improves the process and methods that large corporations use to request, order and pay for event services. Eved delivers increased transparency, significant efficiencies in the billing and reconciliation process, improved compliance and control, and access to one-click data insights to inform strategic decision-making. Visit http://www.eved.com to learn more.
CONTACT
Eved
Amber Ciotti
312.902-3833
aciotti(at)eved(dot)com
SOURCE Eved
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