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.
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 Plus analysis provides an introduction to the Eved solution for procurement organizations looking to understand whether they should consider adding the provider to their shortlists and competitive alternatives.