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Eved: Vendor Analysis (Part 3) — Summary & Competitive Analysis

Eved

The market for event management software is saturated — especially in the areas of planning and marketing. From targeting potential delegates to making attendee registration as simple as possible and coordinating disparate activities, traditional event management software can enable the basics operationally. And there is a broad range of providers to choose from. Yet the market for event management technology centered on procurement is nascent. Because of this, procurement has had only a limited ability to influence and manage spend effectively — and close the loop on supplier performance and payment — in targeting a spend category that only grows larger by the year (at least until the next global recession). Eved is hoping to change this, as well as drive seven- or even eight-figure annual savings for individual Global 2000 customers in the process.

This final installment of our multipart Spend Matters PRO Vendor Snapshot series covering Eved offers a competitive analysis and comparison with other similar or related vendors that companies may wish to shortlist. It also includes a user selection guide, user interface and user experience (UI/UX) analysis and summary evaluation and selection considerations. Part 1 and Part 2 of this PRO research series provide a company and deep dive solution overview, a SWOT analysis, product strengths and weaknesses and a recommended fit analysis for what types of organizations should consider Eved.

Eved: Vendor Analysis (Part 2) — Product Strengths & Weaknesses

Eved

One procurement technology size does not fit all for specialized and complex services categories. There is no better poster child for this statement than Eved, a technology vendor that has set out to build a closed-loop source-to-pay (S2P) platform for managing corporate events spend, creating value levers and capturing potential savings throughout the buying and management lifecycle. Since launching, the Eved platform has evolved to provide end-to-end event management capabilities that can go beyond simply sourcing and engaging event vendors but can also manage programs, schedules, budgets, purchase orders, services, invoices, receiving and other event-related requirements.

Eved supports the full event procurement process, including sourcing, supplier management, award, contract, change orders, invoices, reconciliation and payment, capturing all of the necessary data for analytics and tax management. The system also handles registration, attendee management and related activities. Expense reconciliation is in real time, budget updates are real time, purchasing policies can be created and enforced and the platform can be integrated with accounts payable (A/P) processes (which enables an especially clever savings lever compared to alternative event payables models).

This Spend Matters PRO vendor snapshot explores Eved’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide if they should invest in a specialized event procurement platform. Part 1 of our analysis included a company and detailed solution overview, a SWOT analysis and a summary recommended fit suggestion for what types of organizations should consider Eved. The final installments of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.

Eved: Vendor Analysis (Part 1) — Background & Solution Overview

Eved

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.