Event planning and management is a multi-billion dollar industry that is projected to add more than one hundred thousand jobs to the U.S. economy by 2022. According to the Bureau of Labor Statistics (BLS), event planning and convention employment will grow 43.7 percent from 2010 to 2020. As the number of event management providers has increased, so has the pressure to deliver better quality services to clients.
Letting a third party handle the responsibility of organizing an event, meeting or conference is a big decision for any business. Whether or not to outsource event planning depends on the size and complexity of the event and the ability of the company’s in-house team to manage and execute the event successfully through completion.
Another key consideration is the amount of money that may be saved if the events are managed in-house versus outsourcing them to a third party. When companies decide to manage everything, they must understand that some of their key personnel will be tied up for a long time looking up venues, managing attendees and sign-ups, creating event materials, and performing other time-intensive tasks. Besides the time investment, lack of experience in this area can end up costing the business more than if an expert takes over.
Event management companies themselves may also look to outsource certain specialized, labor-intensive tasks such as back-office support and estimation so that they can optimize the efficiency of their services and provide their clients with the lowest costs and most robust service possible.
Event Tasks to Outsource
Event services providers create, plan and manage corporate events, conferences, networking events, road shows, entertainment programs, exhibitions and seminars. Clients include everything from start-ups and mom-and-pop businesses to blue-chip companies in a wide range of industries. The key is for companies to partner with a service provider that has extensive experience handling industry and company-specific event planning.
Event planners can cover specific items on a client’s agenda or take charge of the whole thing from start to finish. Tasks that can be outsourced include:
- Budgeting (generate a budget with realistic options)
- Creative thinking (doable out-of-the-box ideas)
- Back-up and risk management plan development
- Venue pre-selection and selection
- Supplier coordination (includes catering, transport, AV and entertainment, online registration, webmaster tasks, sponsorship, etc.)
- Events communication management and creation, both digital and physical
- RSVP management
- Payments and cash flow management
- On-site management
- After-event management (invoicing, thank-you letters)
Outsourced Event Management Benefits
Consider the following benefits of outsourced event management and planning:
Outsourcing Event Planning & Management to the Philippines
Few companies have personnel who are also expert event planners and managers. By hiring a third party to organize their event, they gain instant access to knowledge of the best venues, proven logistical workflows to deal with challenging situations, creative input for social and networking programs, sourcing expertise (from catering to sound systems to printed material), the ability to negotiate the best deals for their company (discount volume pricing for example), and an understanding of requirements to manage a multicultural delegation.
Access hidden resources. Event management providers have extensive networks that can open doors not available to anyone else. This includes access to premiere private venues, clubs and destinations.
Save time. Hiring an events company can save businesses time on research, negotiation and creative planning. The company’s key staff can then focus on delivering high-quality content and other core activities for the event attendees.
Get volume purchase discounts. Companies that are new to event planning are less likely to get volume buying discounts when sourcing compared to service providers that have been doing this for years. Volume buying allows them to buy supplies at significantly discounted prices, which in turn helps their client save money and meet budget line items.
Better objectivity. Regarding what creative ideas work best, an outside expert can better separate the wheat from the chaff. A third party event planner can offer high-value suggestions for theme, décor, materials and supplies that meet the budget.
Outsourcing of event management and event management support roles to an experienced offshore provider such as Sourcefit can help businesses of all sizes realize cost savings and ensure quality results.
Please contact us to find out about Sourcefit’s custom events solutions.