Breaking news has been nonstop in the events industry in the past few weeks. Acquisitions have been frequent, showcasing the staggering revenue to be found in events. As expert Julius Solaris sees it, growth in the years to come seems nearly inevitable.
In recent years, investments in events have been in the billions, and for good reason. As the post-pandemic shift has been toward in-person events, marketing teams have become increasingly aware of the impact of events, especially in the age of AI. Solaris has been vocal about this as well.
New tech is increasingly in the spotlight, with all-in-one platforms at the top of the podium. While companies are aware of the pitfalls of legacy software, they have yet to find a solution that makes the jump worthwhile.
The Industry-Wide Pain Point
My team has spoken with more than 250 procurement and event experts at Fortune 500 companies over the last couple of years.
The pattern is clear: legacy strategic meetings management tools are not up to date with current usability and automation standards. They’re hard to scale across the company because of their pricing model and required training. But making the jump to a newer solution comes with its own risks.
It’s clear that the ultimate event tech platform will cater to every event need in one centralized, intuitive platform — and that companies who centralize their event spend stand to win economically and culturally with innovation at their side.
Certainly, there is an allure for legacy software in its familiarity, and challenges when embracing new technology.
But what about the risks of not embracing change and new efficiencies? More and more, we are seeing and hearing that the risks are outweighing the benefits.
The time has come for procurement professionals to consider the benefits of modern event tech. These are the reasons why we believe it is wise to make the shift from legacy software to modern solutions that offer greater savings, efficiency, and user satisfaction.
The Legacy Software Safety Net
For decades, one legacy giant in the industry has been the popular tool for event planners. However, it was designed for an old world of events. Capable in the areas of large conferences and hotel bookings, the legacy software falls short in areas that are becoming increasingly key to industry event trends.
Not to mention, it requires using separate platforms to reconcile guest management and sourcing. To manage their events, users must log in at two separate sites. This creates room for error in a decentralized process.
With Planned, every aspect of planning occurs in the same place, simplifying the user flow with clean centralization.
Imagine if you still had to work with Windows Vista, Sharepoint, or any CRM from the ‘90s, the list goes on (if you do, I feel for you). These old, clunky tools lacked in user experience and required a ton of manual input.
At a certain point, the limitations were clear and new tech came in to elevate processes.
The Cons of Legacy
→ Reduced productivity
→ Poor user experience, difficult and expensive user training required
→ Lack of scalability due to software limitations
→ Lack of scalability due to lack of intuitive interfaces
→ Inability to integrate modern technology such as AI
Over the years, its faulty familiarity has provided comfort and certainty, as it has been used by professionals throughout the industry. In the past, this predictability offered a way to mitigate risks sometimes associated with new, unfamiliar technologies.
See what new-generation tech looks like
Recognizing the Shift in Risk
Now, the risk lies with legacy. In the race toward efficiency and optimization, companies can no longer afford to play it safe. Despite the number of events increasing post-pandemic, event planning teams have been reduced. That being said, the need for automated tools is higher than ever.
New platforms are designed to streamline event planning processes across organizations, whose planning efforts are increasingly decentralized. New technology is able to automate repetitive tasks and offer a user-friendly experience.
By embracing innovation, organizations can unlock the efficiencies and cost savings that come with centralization, oversight and control.
How Planned automates processes with real technology
- the search for suppliers is automated with a ChatGPT integration that helps source three suppliers for each event need instantaneously
- with a detailed Meeting Request Form in the platform, custom triggers per company are set up for who should be notified for certain choices, such as alcohol being served triggering a notification to Safety and Security teams
- the platform integrates the existing data to inform iterations with future events
- centralized payments enable real-time dashboards with comprehensive visibility for key stakeholders
- stakeholders maintain the ability to download data and pull data into other tools
Embracing User-Centric Solutions
A new trend in the industry is the increased frequency of small events. Nowadays, everyone is an event planner. EAs, team managers, marketers, workplace teams… In a company of 5,000 employees, you now have 5,000 planners.
And you can’t train 5,000 planners on a complex solution. You need it to be intuitive.
A new planning platform is one of the few changes that your employees will thank you for. It frees up their time, is easier to navigate, and allows them to focus on other work that helps your company to scale. With intuitive interfaces, planning a complex corporate event becomes as easy and enjoyable as booking a weekend getaway.
By equipping teams with tools that resemble the ones they use in their daily lives, these solutions result in positive user experience, less human error, and more time to focus on the strategic aspects of their jobs instead of tedious tasks.
Future-Proofing with Event Tech
Procurement professionals play a critical role in shaping their organization's technological landscape. By investing in modern event tech like Planned, they can future-proof their events, equipping their teams with the tools and capabilities needed to succeed in an ever-changing industry.
for event planners
- easy-to-use, intuitive interface
- unique and traditional venues
- automated sourcing
- quick supplier response
- quote comparison tool
- user-friendly RSVP tool
- in-platform payments & contracting
for admin and executives
- option of embedding policies
- customizable approval flows
- real-time reporting
- unlimited users
- simplified pricing
- centralized processes
Time for New Tech
Change requires work, but the event industry is due for it.
Event planners and sourcing specialists deserve modern, automated tools that allow them to face the increased demand for in-person events.
Embracing modern event tech not only empowers planners to create memorable experiences but also enhances collaboration, data-driven decision-making, and overall event success.
The question isn't whether you will make the change, but when?
We'll be here when you've decided.
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