Pharmaceutical firm looks to CWT Meetings & Events to implement a new worldwide strategy due to the agency’s global footprint, strong SMM experience, and ability to offer travel and meetings support.
A global pharmaceutical and healthcare corporation wanted assistance in the implementation of a new strategic meetings management (SMM) structure. With a focus on a global approach to service-level agreements (SLAs), key performance indicators (KPIs) and savings management, the company also needed to improve supplier management oversight and reporting.
Program improvements included the creation of a central, global repository to manage and document all processes and changes, as well as significantly downsizing the number of suppliers from more than 35 to two global, two regional and 18 local meeting planning companies.
Training and sharing best practices was highlighted, as was negotiating preferred rates with global hotel and ground transportation suppliers and measuring stakeholder satisfaction.
CWT Meetings & Events achieved a more efficiently managed SMM program. This resulted in improved performance visibility and accountability through contractual SLAs, KPIs, reporting and supplier performance reviews.
Greater compliance transparency was also achieved and the client was better equipped to demonstrate compliance with strict industry regulations.
In one year, CWT Meetings & Events generated US$12 million in hotel and ground transportation savings through preferred supplier programs. These preferred vendor agreements, combined with tighter process controls and added supplier accountability, saved an estimated US$62 million over three years.
EVENT BUDGET: US$350 million globally
RESULTS AT A GLANCE
Saved US$62 million over three years
More than 90 percent of performance targets reached consistently