INDUSTRIES
Outsourcing events tasks
Event planning and management is a multibillion dollar industry that generates more than a million jobs annually in the US alone. Despite the unprecedented disruption caused by the pandemic, the market value of the events sector is projected to soar to $538.6 billion in 2030, representing a CAGR of 13 percent. In American Express’ 2025 global forecast for the sector, surveyed planners said they expect in-person events to return to pre-pandemic levels within the next two years. There is also a growing demand for unique experiential events as millennials – 70 percent of whom prioritize experience over material possessions – exert their influence on the market.
Letting a third party handle the responsibility of organizing an event, meeting, or conference is a big decision for any business. Whether or not to outsource event planning depends on the size and complexity of the event and the ability of the company’s in-house team to manage and execute the event successfully through to completion.
Another key consideration is the amount of money that may be saved if the events are managed in-house versus outsourcing them to a third party. When companies decide to manage everything, they must understand that some of their key personnel will be tied up for a long time looking up venues, managing attendees and sign-ups, creating event materials, and performing other time-intensive tasks. Besides the time investment, lack of experience in this area can end up costing the business more than if an expert takes over.
Event management companies themselves may also look to outsource certain specialized, labor-intensive tasks such as back-office support and estimation so that they can optimize the efficiency of their services and provide their clients with the lowest costs and most robust service possible.
Event tasks to outsource
Event services providers create, plan, and manage corporate events, conferences, networking events, road shows, entertainment programs, exhibitions, and seminars. Clients include everything from start-ups and mom-and-pop businesses, to blue-chip companies in a wide range of industries. The key is for companies to partner with a service provider that has extensive experience handling industry and company-specific event planning.
Event planners can cover specific items on a client’s agenda or take charge of the whole thing from start to finish. Tasks that can be outsourced include:
- Budgeting (generate a budget with realistic options)
- Creative thinking (doable out-of-the-box ideas)
- Backup and risk management plan development
- Venue pre-selection and selection
- Supplier coordination (includes catering, transport, AV and entertainment, online registration, webmaster tasks, sponsorship, etc.)
- Events communication management and creation, both digital and physical
- RSVP management
- Payments and cash flow management
- On-site management
- After-event management (invoicing, thank-you letters)
Benefits of outsourced event management
Few companies have personnel who are also expert event planners and managers. By hiring a third party to organize their event, they gain instant access to knowledge of the best venues, proven logistical workflows to deal with challenging situations, creative input for social and networking programs, sourcing expertise (from catering to sound systems to printed material), the ability to negotiate the best deals (discount volume pricing, for example), and an understanding of requirements to manage a multicultural delegation.
Consider the following benefits of outsourced event management and planning:
Access hidden resources. Event management providers have extensive networks that can open doors not available to anyone else. This includes access to premiere private venues, clubs, and destinations.
Save time. Hiring an events company can save businesses time on research, negotiation, and creative planning. The company’s key staff can then focus on delivering high-quality content and other core activities for the event attendees.
Get volume purchase discounts. Companies that are new to event planning are less likely to get volume buying discounts when sourcing compared to service providers that have been doing this for years. Volume buying allows them to buy supplies at significantly discounted prices, which in turn helps their clients save money and meet budget line items.
Better objectivity. Regarding what creative ideas work best, an outside expert can better separate the wheat from the chaff. A third-party event planner can offer high-value suggestions for theme, décor, materials, and supplies that meet the budget.
Outsourcing event planning and management to the Philippines
Outsourcing event management and event management support roles to an experienced offshore provider such as Sourcefit can help businesses of all sizes realize cost savings and ensure quality results.
Please contact us to find out about Sourcefit’s custom events solutions.
