Achieving a 20% global saving is a tall order but by using our experience and knowledge of centralized venue sourcing strategies we were able to meet the target time and time again.
A high-profile technology company asked CWT Meetings & Events to create a centralized venue-sourcing program that could help save at least 20% globally on their annual meeting spend. The procurement-driven organization needed help building systematic efficiencies, as well as improving reporting procedures to increase visibility of their spend.
The company selected CWT Meetings & Events because they have more Strategic Meetings Management certified professionals than any other travel or meeting company. CWT identified a dedicated global supplier specialist, to manage preferred suppliers and measure compliance on preferred properties.
They also developed a global sourcing strategy that addressed numerous areas including: ensuring consistency between planners and sourcing specialists, introducing benchmarking and negotiating competitive attrition and cancellation terms and conditions.
The team implemented a number of initiatives aimed at improving the project’s efficiency and transparency.
In one year CWT Meeting & Events helped the company save on average 22% on hotel costs globally, exceeding its 20% target. This translated into a financial savings of US$5.3M.
The CWT Meeting & Events team continues to work with the company and has consistently exceeded 20% saving on meeting spend year-on-year. As a result of the strengthened relationship, the company has committed to a five-year contract with CWT.
SERVICE: Venue sourcing
EVENT BUDGET: US$111m in events and meetings spend
RESULTS AT A GLANCE
Reduced total hotel spend by US$5.3m
Used CWT Meeting & Events’ expertise to consistently reduce meeting costs by 20 percent year-on-year
Streamlined existing processes to improve project efficiency and transparency