SmartBiz IT Research Library

Strategic meetings are an often over-looked category of spend that represents, on average, nearly 3% of an enterprise's total revenue. Strategic meetings are also referred to as M.I.C.E.- Meetings, Incentives, Conferences, and Exhibitions / Events. Strategic Meetings Management refers to the strategic management of processes, policies, and tools to effectively administer corporate meeting functions of various types that support business strategies, development, and operations. This area of spend has eluded the focus of executives across the globe, as the many complex facets of the event lifecycle are being managed by disparate business units and internal groups. Lack of visibility into this spend category has resulted in non-compliant events (in both the travel and lodging arenas), indicating a need for more control. Aberdeen research has found that although both the mid-market and large sectors have similar performance results and organizational structures for meetings management, large organizations are better positioned for long-term success. This is in large part due to the increasing involvement of procurement in meetings management, as well as the utilization of key meetings and events technology solutions.