Global 2000 companies often spend as much on conferences and events as they do on advertising — and some spend more. All of this adds up to annual event expenditure easily exceeding more than $500 billion per year, with some estimates putting global spending significantly higher than this. To put this number in perspective, global conference and event spend is larger than the individual GDP of all but roughly the top 20 countries in the world. Yet unlike advertising spend, which is now often tightly managed and controlled through digital platforms — and even benchmarked competitively on an automated basis — event and conference spend is largely unmanaged, at least as we would define the process from a procurement perspective.
Conference and event savings opportunities abound not only through better sourcing, contracting and supplier management but also through active compliance and better payment models. Traditional “event” software companies like Cvent focus on helping companies make events better, not minimizing expenditure while maximizing event value across the procurement lifecycle. But Eved, which provides what amounts to a highly specialized source-to-pay (S2P) —with an emphasis on “pay” — suite, is bringing a closed loop supply management approach to events and conference spend in a manner that has not been done before.
This Spend Matters PRO vendor profile provides facts and expert analysis to help procurement organizations make informed decisions about whether they need a solution like Eved in addition to the event management, travel and expense (T&E) and related applications their organizations are likely already using. This multi-part research brief includes an Eved company and solution history and overview, company-level SWOT analysis, product strengths and weaknesses, competitor analysis, user selection guides and insider evaluation and selection considerations.