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Article: Purchasing's new frontier: meetings spend.
- Article from:
- Purchasing
- Article date:
- September 17, 2009
- Author:
CopyrightCOPYRIGHT 2009 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Susan Avery
Buyers bring negotiation skill and expertise at managing supplier relationships to the spend.
There's no question that purchasing should be involved in managing spending on meetings and events. But not just for reasons one would expect.
Obviously, purchasing involvement in consolidating spending on meetings and events can help reduce costs. Industry experts say companies can save about 20% annually in the first year and 7% each year thereafter from consolidating spending. And these figures can add up over time. For some companies, spending on meetings can amount to 1% to 2% of annual sales.
Perhaps more important is ...