From Efficiency to Innovation: Embracing Technology in Events

The Event Industry is currently undergoing a profound transformation, driven by the integration of cutting-edge technology. At Kershaw Partners we have noticed the change within the Event Industry.? From our perspective, It is becoming increasingly evident that technology plays a pivotal role in enhancing operational efficiency. Those companies that are focused on driving operational efficiencies are experiencing overall growth as a result.?

Technology and Its Impact on The Event Industry

Over the past five to ten years, and especially in the last five years, there has been a noticeable trend among organisations towards leveraging technology to enhance operational efficiency and sales effectiveness. This shift has seen the emergence of various tech platforms tailored specifically for event companies, aimed at optimising their workflows and overall business operations. These platforms, such as EventWorks ( https://geteventworks.com/ ) are designed to streamline processes and boost efficiency within the industry. Additionally, many successful businesses have taken the initiative to develop their own proprietary software solutions to further enhance their operational capabilities. This significant adoption of technology within the event industry has undoubtedly made a tangible impact, driving improvements across various aspects of business management and performance.?

Case Study: Yahire

There are many companies in the industry leaning into this technological change.? Companies like YaHire, a furniture rental business, which operates on a large scale, delivering furniture across London up to 50 times a day. They've developed their own proprietary software solution to streamline their entire operation, from sales to delivery to pick-up and warehouse management. This sophisticated system allows them to efficiently handle online bookings and execute them seamlessly, with minimal human intervention. Furthermore, they utilise specialised software to optimise delivery routes, reducing carbon emissions and environmental impact. This serves as a compelling example of a business leveraging technology to gain a competitive advantage in their industry.

Enhancing The Sales Processes

The prevalence of customer relationship management (CRM) systems, such as HubSpot, has surged in the event industry. These systems play a crucial role in managing client interactions, tracking leads, and facilitating remote work. Several studies have highlighted the positive impact of CRM systems on sales processes within the event industry. A survey conducted by Gartner found that companies using CRM software reported a 25% increase in sales productivity and a 30% increase in customer satisfaction compared to those that did not utilise such systems. These findings underscore the importance of leveraging technology to enhance sales processes and drive business success.

Case Study: In Person VS Remote Sales People

Technology has allowed sales teams to work completely remotely if they choose to. However not all have fully considered the implications of this. I recently had a conversation with an Event Business owner? who expressed a desire to bring the team back to the office, emphasising the importance of fostering a cohesive sales team environment with common goals. However, some team members argued that they would be more efficient working from home.

This sparked an interesting discussion about the potential consequences of remote work. The individual pointed out that if remote work proves successful with the existing technology and systems in place, it could lead to outsourcing roles to individuals overseas who can perform the same tasks at a lower cost. This raises concerns about job security for current team members. This situation highlights the transformative power of technology in reshaping the traditional workforce dynamics and enabling new ways of working.

Improved Financial Reporting and Analysis

Robust financial reporting systems are indispensable for informed decision-making within any Event Businesses. Accounting software solutions like Xero have emerged as fundamental tools for managing financial data efficiently. A research study conducted by Deloitte found that companies that implemented robust financial reporting systems experienced a 20% increase in profitability compared to those that relied on manual methods. These findings underscore the critical role of technology in driving financial success and sustainability within the event industry.

While there are various accounting software options available, such as Xero and Sage, which offer robust features and easy integration with other tools, simpler solutions like Excel or Google Sheets can also suffice for basic financial tracking needs. The key is to ensure that the chosen system is used effectively and consistently, enabling us to generate accurate reports that provide meaningful insights for decision-making.

It is worth noting that we've observed a common challenge among businesses in the Event Industry in terms of duplication and overlapping use of different software suites. Many organisations rely on multiple tools such as Excel, HubSpot, and accounting software simultaneously, leading to inefficiencies, limited adoption and overall confusion. It's crucial to streamline and harmonise these processes to avoid redundancy and ensure accurate reporting.

In addition to financial tracking, it is important to prioritise monitoring profitability on a per-job basis. Utilising sophisticated project management software can help businesses analyse resource allocation, overhead costs, and other expenses associated with each project. This enables you to assess your margins effectively, inform pricing strategies, and make informed decisions about resource allocation.

Adopting a systematic approach to financial tracking and profitability analysis is essential for businesses in the Event Industry to maintain financial health and make informed decisions. By leveraging appropriate technology and streamlining processes, you can enhance efficiency, improve financial reporting accuracy, and drive overall success.

The Real Life Challenges of Tech Adoption

Many of us have experienced frustration while using software. We use the software for 1 or 2 core features and we know we are only scratching the surface of its capabilities because we lack the time or resources to fully understand its potential. This often results in using different tools for different tasks, leading to disjointed workflows and inefficiencies.

Harmonising these tools is crucial for businesses, and there are companies like MethodWorx ( https://methodworx.com/ ) that specialise in integrating various software solutions into a seamless workflow. By leveraging APIs, companies can link different systems together, maximising efficiency and user experience.

So Introducing new technology into a company comes with challenges. It requires extensive training and testing, which can be both expensive and time-consuming. Additionally, convincing organisations to replace their existing tools with new ones requires the new technology to offer significant advantages. It's not enough for the new software to be marginally better; it must be truly game-changing to justify the transition.

This challenge is particularly evident in the event industry, where companies are bombarded with new event technologies claiming to revolutionise their operations. However, many organisations are hesitant to adopt these new solutions unless they offer substantial improvements over their current tools.

Indeed, the allure of shiny new technology fades quickly if it doesn't deliver on its promises. It often takes time for new software to be fully integrated into workflows and for users to become proficient with its features. Only then can businesses truly realise the benefits of these technological advancements.

It is evident that the Event Industry is experiencing a significant shift propelled by technological advancements. This transformation presents both challenges and opportunities for businesses within the sector. From enhancing operational efficiency to improving sales processes and financial management, technology offers a multitude of benefits for those willing to embrace it. However, navigating this digital landscape requires careful planning, investment, and ongoing adaptation. By prioritising innovation and leveraging the right tools, event businesses can position themselves for long-term success in an evolving market.?

For a personalised consultation on how your event business can harness technology for greater efficiency and success, contact us today. Our team of experts is ready to guide you through the process and help you unlock the full potential of technology in your operations. Let's revolutionise your event business together.??