Like all other industries and business spheres, the domain of event management is undergoing an incredible transformation. Technological advancement being the major catalyst, new trends are on the rise. The transformation is more evident in areas such as event designs and operational procedures.
The industry is continuously shedding its conventional approach and practices and reinventing their shift of operational dynamics on more advanced and automated paradigms. Here is an insight into some major trends that are influencing the transformation of event management industry.
Shift in operational dynamics
There has emerged a clear shift in the overall mindset of the event management industry. While initially, it was more inclined toward leveraging operational excellence, supply chain, logistics management and managing finances to optimise profits, it is now becoming more inclined towards delivering a strong business value and providing an exceptional experience to the clients.
Event management is adopting the operational credo of marketing, designing each event with certain strategic goals attached that not only complements the business goals, but also makes it up the expectations and beyond.
Using technology for better engagement
Customer and audience engagement has become a defining factor to drive the success of the event. The event professionals are seeking to use all tools and technology to create a holistic, multi-faceted and multi-dimensional communication mix to engage the audience and create a strong impact.
Integrated digital marketing, mobile apps, and smart devices are used to automate all aspects of an event and provide digital solutions to the customers as in online registrations and instant and personalised communication.
Advanced metrics for financial analysis
Every event is backed by a strong objective and is organised to fetch certain benefits that will make up for all the investments made. The industry is adopting more accurate tools and metrics to devise on-point budgets, manage expenses, inventories and other budgetary controls.
Maintaining equilibrium between costs and expenditure and controlling the flow of finances is a critical task to ensure the deliverance of destined objectives while maximizing the performance bars. Therefore, graduates seeking entry level event management roles need to equip themselves with some financial knowledge, since this will soon become a prime requisite for the jobs.
The diminishing demarcation between physical and virtual
The influx of advanced technology has extended the outreach of an event by leaps and bounds. Out beyond the confinements of physical premises, the events are going virtual with remote audience and participants. The use of advanced virtual technology in the domain of events transformed the idea of digital events and has made them more realistic and interactive.
Live events will further transform
The use of technologies such as Virtual Reality and Augmented Reality will further transform live events. Meetings, conferences, and live seminars are stepping beyond the contemporary practices, as in the conventional use of multimedia.
The live events of future will be driven by digital technology such as virtual meetings and discussions, live streaming through drones and creating artificial environments through AR and virtual reality.
Author: Eva Davies