In the first issue of Keeping it SiMMPle, we discussed how to overcome "Analysis paralysis" by taking some simple steps to begin gathering meeting spend data.  In this issue we will take a deeper dive into data analysis and reporting, which is a key component of your SMMP. In addition to being a critical component of the SMMP, data analysis is likely the least understood aspect of the Strategic Meetings Management Program.   Why do we need to collect all of this information?  Once we have it, what do we do with it and how do we convert the information into business intelligence?  

We need to collect data to either gain support for or identify needs for additional resources for an SMMP. Or if there is an SMMP already in place, data is used to show you are achieving specific metrics such as savings targets, as well as to indicate trends like spend by hotel chain and volume of meetings by business unit.  Keep in mind that data integrity is a must.  If the accuracy of the data is suspect, the validity of your entire program will be suspect. Another important use of the meeting spend data is to drive informed business decisions.  If your data is inaccurate, you will make incorrect decisions. Once we understand the details of the spend, we can begin to make qualified decisions, such as:

·         Make adjustments to staffing models based on the composition of the meeting portfolio

·         Modify preferred supplier programs based on customer satisfaction scores

·         Decide to shift market share to preferred business travel hotels to further leverage savings

·         Identify changes to agency SLA's based on data driven performance assessments

As meeting planners, we are accustomed to reporting savings on a meeting by meeting basis, but not typically on an enterprise-wide basis.  If data analysis and reporting is new to you, I suggest reaching out to both your procurement and travel departments as they have been analyzing and reporting data for years. They can provide insight on what you might want to consider examining, and how you might best develop compelling reports for senior leadership.  Suppliers, this is where you can bring best practice to your clients by sharing what you are seeing from your other customers.

For this issue, I have reached out to Kimberly Meyer of Meetings Analytics to share her ideas for our SiMMPle Tips section. Meetings Analytics is an independent, unbiased firm focusing on providing corporations with sophisticated reporting and analytics around travel and meeting spend. 

• The landmark Economic Significance of Meetings to the U.S. Economy study was released last week, indicating that the Meetings Industry's Direct Contributions to the U.S. Economy is 1.8M corporate and business meetings, trade shows, conventions, congresses, incentive events and other meetings take place in the U.S. resulting in: $263 in direct spending and 1.7 million jobs. More info can be found at: http://www.meetingsmeanbusiness.com/ 
• Kimberly Meyer can be reached at: kmeyer@meetingsanalytics.com
• More information on data management can be found in the article "Capture, Track & Report Meetings Data from Medical Meetings Magazine at http://meetingsnet.com/medicalmeetings/news/0407-meetings-data-value/

Bondurant Consulting provides the following services:  

• Assessment of SMMP potential for your organization   
• Development and implementation of SMMP for meeting & travel managers.
• Training programs for hotel companies and 3^rd party meeting planning agencies which increase their understanding of Strategic Meetings Management, resulting in more successful engagements with clients who are involved with SMMP.
• Support for the RFP response process