If you own a car and you want to destroy the engine, one way to accomplish this goal is to never, ever invest in vehicle maintenance. Don’t get the oil changed. Ignore the air filter. And while you’re at it, forget the radiator fluid.
Would you ever actually do this? My guess is no, because most people who own cars understand the importance of maintaining this vital asset to get the greatest return on their investment (ROI).
Think about it from your business’ perspective. Besides your employees, the software your organization invests in to manage your event business is one of your most important assets. If you get the sense that you aren’t getting the best return from your event technology investment, the cause might be one of these 7 event technology ROI killers:
- A good percentage of the tools available in the software remain underutilized
- Employees leave your company and best practices go with them
- Your existing staff is insufficiently trained
- New work flows or changes in business processes are not accounted for in your software’s workflows
- Your current business processes are inefficient
- Communication gaps exist between departments
- Reporting needs are not being met, so half of the time nobody really knows if you’re getting a good return on your investment or not!
All of the above negatively impacts your software investment and results in user dissatisfaction, decreased user adoption and lower customer service levels. This can translate into less event profit for your organization, making it sub-optimal.
Get an action plan in place
One way to ensure you are getting the most from your event management software investment is through a Business Process Optimization (BPO). Whether your organization has been using an event management technology product or software platform for 1 year or 10 years, a BPO is one of the best ways your company can maximize its ROI from your technology assets.
Here are 5 steps to a successful Business Process Optimization:
1. Process Evaluation: Invite your software provider in to meet with specific departments and discuss current business processes and work flows. Then, they can help your company formulate recommendations for improvement by harnessing the power of your software. A lot of improvements fall into one of these categories:
- Quick hit improvements that instantly increase user satisfaction (a.k.a. the “I didn’t know it could do that all along!” improvement).
- New software features that can be implemented to overcome current inefficiencies or roadblocks.
- Procedural improvements outlined to increase operational efficiencies.
2. Summarization: Deliver the BPO analysis, summary of findings, accomplishments, recommendations and next steps to business stakeholders.
3. Configuration: Perform configuration tasks in order to prep the database to meet the business objectives.
4. Validation/User Acceptance: Hold proof of concept sessions designed to showcase and garner feedback for specific processes recommended.
5. Training: Round out the BPO process to put the recommendations into action via end user training.
Continually invest in your investment
I recommend undergoing a BPO annually or every two years in order to successfully maintain your event technology investment. Or, sometimes opportunities present themselves. For instance, the period of time when there is a new software version release serves as a great chance to participate in and undergo an organization-wide BPO. You can conduct a BPO while taking advantage of the latest features and tools that are available in a new release, which can add value for the benefit of your operations and, ultimately, for your clients.
By continuously investing in the technology that manages your business, you can benefit from maximum efficiency gains, happier staff, and increased customer service levels which, in turn, will increase the bottom line.