3 ways how event technology can defeat inflation
Inflation was a persistent challenge for economies and the just-about-to-start recovering event industry in the preceding months. It's going to stay with us for sure, as food costs are still rising, announcing that the battle is about to continue. At the same time, the event industry returns in full force, challenged by the ongoing economic downturn, rising costs, and staffing shortages impacting event budgets. According to the source, there are some promising signs as inflation in the eurozone eased for the first time in 10 months, hitting its lowest levels.
If you have doubts about how event technology can defeat inflation, let's go through 3 ways that help control costs and combat inflation.
Table of Contents
How technological growth help defeat inflation
Virtual & hybrid events and cost reduction
Automation and streamlining processes
Event technology helps event planners stay competitive while defeating deflation
How technological growth help defeat inflation
One of the purposes of technological advances is to make products and processes cheaper, faster, and more applicable everywhere. Famous Gordon Moore posited that roughly every two years, the number of transistors on a piece of silicon would double, and prices would halve. Under Moore's Law, computing power ramps up exponentially with failing costs, assuming that products and processes are cheaper, faster, and better alive and well. Event technology develops faster than ever, making event management platforms particularly beneficial when defeating inflation.
Data-driven decision making
Event technology allows event planners to gather valuable data about their target audiences, including their interests, preferences, and behaviors. Event organizers usually face a comprehensive list of setbacks leading to higher licensing, maintenance, and operational costs. To name a few:
- Too much time and money are spent on maintaining different tools
- More personnel needed to operate different platforms
- Complex data migration requires the introduction of different software tools
By leveraging event technology, such as event management software and analytics tools, businesses can defeat inflation by gaining a competitive edge and making more informed decisions.
Virtual & hybrid events and cost reduction
According to Forbes, virtual events boomed in 2020, up to 1000% from the previous year. Virtual events have many advantages when in-person attendance is impossible or when event planners consider extending their reach using hybrid ones. With its ability to be held anywhere at any time and accessible to people with a range of physical impairments, they also bring advantages in cost reduction.
Inflation affects travel, accommodation, and other expenses, making it more difficult for businesses to participate in trade shows, conferences, and other events. Virtual events eliminate many of these expenses, making them cost-effective solutions at a fraction of the cost. But in many cases, virtual events demand different collaboration tools to make a success, which is counterproductive from the cost perspective.
This type of modernized approach allows event planners to provide unique offerings for all types of audiences, at the same time defeating inflation by:
- Reduction of catering costs
- Travel expenses
- Speaker rates reduction
- Reduction of marketing expenses
Virtual events eliminate many of these expenses, making them a cost-effective solution for businesses looking to stay connected with customers and clients, at the same time aiming with event technology to defeat inflation.
Automation and streamlining processes
Inflation can result in increased labor costs, making it crucial for event planners to streamline processes and reduce inefficiencies. Event technology can defeat inflation in many ways, especially when automating tasks associated with event planning and management, such as registration, ticketing, and marketing.
For example, the badge printouts can be done on-site or remotely, which strongly affects processing speed and whether or not you will have nervous queues at the registration desk. Making no need to lose time digging around in a pile of already-printed badges when you can issue them the moment the attendee approaches the registration desk.
Additionally, event technology helps organizers to identify further areas of inefficiency, allowing them to optimize their processes and reduce costs even further.
Event technology helps event planners stay competitive while defeating deflation
Event technology can be a powerful tool for event planners looking to defeat inflation using these 3 ways and stay ahead of the competition. Event organizers can use virtual events, data-driven decision-making, and automation to reduce costs, make informed decisions, and streamline processes. For sure, inflation will continue to impact businesses across the globe. In contrast, event technology continues to offer a viable solution for those looking to stay competitive in a challenging economic environment.