by Michael J. Shapiro | August 07, 2013
Companies that are complying with federal or regulatory policies report a 167 percent higher cost savings from strategic meetings management programs than their counterparts who are not in compliance, according to an Aberdeen Group research study commissioned by Active Network, a meetings technology provider. The independent study surveyed 100 global supply management and procurement business leaders, and compared the SMM practices of companies in compliance with policies such as the Sunshine Act or the Sarbanes-Oxley Act to companies that plan to comply in the future. The researchers found that such compliance drives adherence to a strategic meetings management program; compliant companies are more likely to regularly report on their meetings spend, conduct audits to ensure SMM compliance, and involve C-level executives in global SMM planning. Nearly two-thirds of respondents (63 percent) said the top factor driving the need to improve their SMM programs was the requirement to reduce meeting costs; compliant companies reported a 29 percent higher rate of strategic meetings that were on or below budget. "The study reinforces the need for SMM in this day and age, where companies are required to provide visibility into their business in order to enhance compliance," said JR Sherman, senior vice president and general manager of Active Network's Business Solutions Group. The complete study is available through Active Network here.