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SAVINGS ON VENUES

Venue sourcing program revamp

Global technology firm

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.


The objectives


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 solution

 

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 results

 

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.

 

THE FACTS 

 

INDUSTRY: Technology

LOCATION: Global

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

 

 
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