Is the Consolidation in Meetings and Events Technology Keeping You Awake?

20150709With the most recent merger announcement of the top two meetings and events technology companies, Cvent and Lanyon (both part of Vista Equity Partners’ extensive portfolio of leading tech companies), one thing is certain – change management is around the corner for the industry ecosystem and especially the buyers.

The many coming changes and potential disruptive developments will impact accounts of all sizes.  How will you know if the technology partner you have today or tomorrow will be able to manage your account?  Should you issue a RFP to see what else is out there?  Or should you stay put and hope things will work out?

In most cases, customers do not have the luxury of the time or in-house expertise required to do tech platform comparisons, much less conduct an RFP for Strategic Meetings Management.  This is where engaging with an experienced third-party consultancy can make things easier and provide more clarity around strategic planning, continued program management, and the impact on any existing SMMPs.

Before you go off and hire any third-party, however, here are three things to consider:

  • Do your research on the background and qualified experience of the consultants who will be engaging in this work for you. It seems everyone these days claims to be an SMMP expert, but are they really?  What experiences do they have to qualify the work they will potentially be doing for you?  Separate the theory or textbook qualified from the actual SMM experienced consultants.  As in any area, theories often fail with lack of actual hands on experience.
     
  • Think long term results and avoid hyper-focusing on the short term. Your program was built on a lot of blood, sweat and tears – don’t shortchange your hard-won results with short term thinking.
     
  • Is your consultancy truly independent? Don’t be afraid to ask for any affiliations that could have potential conflicts of interest baked into the results of the work or findings presented to you.  Don’t wait until it’s too late – ask in advance of the project, not during or post-engagement.

It’s wise to look at various meetings and events technology options today based on the sheer number of changes in the industry, especially with regards to mergers and acquisitions.  These activities will have an impact on your programs so do your due diligence, and revalidate your program strategies and policies – but most importantly, if you seek outside help, qualify the credentials of the third-party.

For assistance in optimizing your meetings and events program, please contact us.

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