That requires measurement.
However, measuring SMM performance does not mean looking only at cost savings. Organizations should consider financial, operational, risk, attendee, and business outcomes to build a more complete picture of performance.
What Should Organizations Measure?
The right KPIs will depend on the objectives of the SMM program, but they can generally be grouped into several categories.
Look Beyond Direct Cost Savings
Cost savings are important, but they are only one part of SMM performance.
A program may also create value through better supplier terms, reduced risk, improved attendee experiences, greater management visibility, or stronger business outcomes.
This is why success metrics should ideally be defined before an event takes place. Teams can then compare actual results against the original objectives rather than trying to determine success afterwards.
Turning Data into Continuous Improvement
Collecting data has limited value unless organizations use it to improve future meetings.
Post-event reporting can help teams identify what worked well and what should change. Supplier performance can be reviewed, budget variances analyzed, attendee feedback assessed, and operational issues documented.
These insights can then be applied to the next event.
This cycle reflects the concept of Kaizen, or continuous improvement: making ongoing, practical improvements based on experience and measurable results. Rather than treating each meeting as a standalone project, organizations can build knowledge from one event to the next.
Making Meetings More Strategic
Across this three-part series, we have explored what SMM is, how organizations can implement it, and how its performance can be measured.
Ultimately, Strategic Meetings Management helps organizations move beyond managing individual events toward managing meetings as strategic business investments.
By creating greater visibility across spend, suppliers, risk, attendee experience, and outcomes, organizations can make more informed decisions and continuously improve the value generated by their meetings and events.
How JTB Can Support Your SMM Journey
For organizations looking to gain greater control and visibility across their meeting programs, JTB can support the design and management of an SMM approach tailored to their business needs.