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Article Excerpt
A procurement-driven approach launched in mid-2004 has helped pharmaceutical giant Bristol-Myers Squibb Co. save 10 percent of its corporate meeting spend by setting maximum per-attendee costs, combining similar events and selecting sites strategically. The multi-departmental program, named the consumption and specification management initiative, is an alternative measurement of success in strategic meetings management, according to the company's director of meetings.
Lynn Ridzon, director of global meeting management for New York-based BMS, said the industry's focus on return on investment may be misguided, as current ROI metrics focus on meeting content--something for which most meeting buyers are not responsible. Instead, CSM is the next phase of evolution for a consolidated meetings program, she said, and has helped...
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