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Philips realized it was spending three or even four times more on meetings worldwide than it originally believed.
“In fact, Philips has discovered it was spending as much on meetings as on regular transient travel,” says Peter Bregman, senior director for BCD M&I in EMEA.
Integrated sourcing typically leads to better policy control, data consolidation and savings.
When consumer electronics giant Philips consolidated its global meeting spend at the beginning of this year, it saw immediate savings.
The quoted cost of venues dropped by 20% because Philips’ larger volume gave it much more spending power with global hotel suppliers.
BCD M&I, a meetings and incentives company specializing in strategic meetings management (SMM), guided Philips to these savings.
Then it began doing detective work on the company’s behalf—uncovering the mystery of hidden meetings spend.
Few companies have integrated travel and meetings at the enterprise level with a single travel and meetings supplier and a unified internal structure.
One type of meetings spend consolidation involves moving to a global meetings provider.But another type may bring even more value: consolidating spend across your company’s entire meetings and transient travel programs.BCD Travel, BCD M&I and Advito are working with clients to help them figure out what level of integration is right for them.At the most basic level, a company can integrate sourcing of travel and meetings across major spend categories—air, hotel and transportation.
Multinationals are going global with their meetings management for several reasons, Bregman says.Not only do they achieve better savings and consolidated data, but they also can do more to minimize reputational risk by using the same processes in every country.