The desire to ensure we’re getting the best bang for our buck is universal – and rightly so. Whether it’s personal or business, resources are finite, so when we shell out, it’s important to know that whatever we’re getting in exchange was worth the cost. The same is true for venues of any size – but particularly so at smaller facilities where budgets don’t often match up with expectations.
Considering all that, is there any universe in which event management software makes dollars and sense for smaller venues? If the experience of our clients is any indication (and it is), the answer is YES!
The ROI Factor
Thanks to SaaS, we know there are affordable event management software options out there for smaller venues but to determine if the benefits truly justify the expense, you have to figure out how to calculate ROI. The easiest place to start is an apples to apples comparison between what you’re spending today on disconnected products for sales, event planning and implementation and financials against a single system that manages all three. One fee for licensing and maintenance or several?
Event Management Software: 1
Status Quo: 0
Next up, productivity gains. Generally, clients using our software report saving between three and 10 hours per week, per user on administrative tasks. The figure is specific to Ungerboeck but the basic reasoning behind it is not:
- A single system eliminates the need for duplicate data entry
- Easily accessible data and built-in reporting functionality drastically reduces the time spent gathering information and compiling reports
If you’re not tied up with busy-work, you’ve got time to focus on activities with a direct link to revenue generation.
Event Management Software: 2
Status Quo: 0
Finally, opportunity costs. Have you ever heard of the 1:10:100 rule? Generally, this rule is used as a tool to describe efficiency (or lack thereof). It goes like this: It costs $1 to verify the accuracy of data at the point of entry, $10 to correct or clean up mistakes in batch form and $100 (or more) per inaccuracy if the mistake is never caught. That last figure includes the costs associated with something like low customer satisfaction and retention that can be hard to quantify but has an indisputable impact on your bottom line.
Can you guess where I’m going with this? Human error is inevitable, there’s no way around it. The difference is in whether or not your processes are set up to maximize or minimize those errors. If your event information has to be entered multiple times in separate systems, you’re setting yourself up for expensive mistakes in the long-term. Enter it only once in a single system and you cut that risk immeasurably.
Event Management Software: 3
Status Quo: 0
Risk management certainly isn’t the only way that comprehensive event management software can benefit a smaller venue (last minute change orders that never find their way to a final invoice, anyone?), but with a score of 3-0, I’m inclined to show a little mercy in the name of sportsmanship!