Travel & Leisure

GBTA Foundation Survey: Consolidation of Event Programs Leads to Future Success for Travel Managers, Event Planners

Travel, meeting and event program consolidation has grown 62 percent since 2015 according to new research released by the GBTA Foundation, in partnership with Cvent.

If this trend continues at this rate, the gruops noted, two-thirds (68 percent) of programs will be fully consolidated by 2019.

"Organizations can increase efficiencies, reduce redundancies and ultimately save time and money by bringing together travel, events and even marketing programs," said Patrick Smith, Chief Marketing Officer at Cvent. "These programs should work hand in hand with each other, instead of operating in silos. We are seeing more travel and events programs come together at a faster rate than ever before, pointing to growing industry recognition that all of these functions support and reinforce each other and generate better business outcomes."

"Patience is key when it comes to consolidation," said Kate Vasiloff, GBTA Research Director. "Consolidated programs have enjoyed incredible successes, but the benefits may not come immediately. Travel managers and event planners with consolidated programs report greater success now than they did two years ago, making the value of consolidation well worth the time and investment it takes to implement, troubleshoot, and streamline a unified program."

According to a release, the research is the second edition of a survey of travel managers and event planners in North America, aiming to discover what portion of the market includes consolidated programs, what factors drove the move to consolidation, and what successes, if any, companies have experienced as a result. Nearly all respondents with consolidated programs reported great success, more so than two years ago a sign that the full benefits and value of consolidation may not be realized immediately after implementation.

Key findings

Over the past two years, the trend to collapse meetings, events, and/or travel program management has nearly doubled.

-Nearly all (97 percent) of those with fully consolidated programs report great success in achieving their consolidation goals, marking a 14 percent increase in reported success from two years ago.

-Nearly two-thirds (64 percent) of meetings, events and/or travel programs are either fully consolidated or in the process of consolidating.

-Since 2015, the proportion of travel managers saying they are currently considering consolidation dropped by nearly one-half (46 percent), with many more adopting consolidation than not.

-When looking at specific consolidation goals, improving transparency (83 percent), leveraging spend/maximizing spending (79 percent) and increasing efficiencies (77 percent) remain the top drivers, with many citing improvements in these areas as significant benefits to consolidation.

Challenges to consolidation are changing

In 2015, securing leadership buy-in for consolidation and using management technology were the greatest challenges for travel managers. A lot has changed in two years, however, as reported challenges to securing leadership support have dropped (47 percent in 2017 versus 56 percent in 2015). This is likely due in part to the growing use of technology, with the number of travel managers using meetings, event, and travel management technology nearly doubling over the same period (60 percent in 2017 versus 34 percent in 2015). Even though more programs are consolidating at a faster rate, nearly one-quarter (23 percent) of travel managers and event planners do not have a consolidated meetings, events, or travel program, with no plans to implement one, while just one in seven (14 percent) are considering consolidation.

Motivations for consolidation

Over the past two years, consolidation has become increasingly attractive to organizations as they begin to recognize its benefits. Seventy-five percent of travel managers and event planners expressed interest in improving visibility and transparency of overall travel, meetings, and event costs via consolidation. Other factors for moving towards consolidation included obtaining better negotiated rates and dynamic pricing (69 percent) which increased 35 percent since 2015 and better leveraging of spend and maximized spending (66 percent).

More Information:

http://www.Cvent.com

http://www.gbta.org/foundation

((Comments on this story may be sent to newsdesk@closeupmedia.com))

THE DAILY VIEW

  • Alexandra Scarborough
    Tea Forté Introduces ‘Matcha’ Collection

    Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.

    The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.

    "The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."

    Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.

    According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.

    Available now in select stores and online at teaforte.com.

 

 

QUICK 5


Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.

Among other insights, the roundup revealed:

  1. Labor Day was the busiest weekend for car rental
  2. Disney Theme Parks topped the list of things to do
  3. The average hotel stay was two nights
  4. Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
  5. Popular tourist destinations included Orlando, Cancun and Las Vegas