Hire Space 360 is an enterprise events solution that helps companies streamline their event processes. It provides concierge venue and supplier sourcing, contracting, and management to make the event planning process faster and more efficient.
For one client of Hire Space 360, a global financial analysis firm, the key value of the service is improving efficiency in their team and overcoming operational delays.
Here’s how using Hire Space 360 has helped the firm utilise resources more effectively, and strengthen their events programme.
Understanding the Client’s Pain Points
Before partnering with Hire Space 360, our client faced several pain points in their event operations. These included:
Frequent High-Profile Events and Limited Resource
In-house event planners in the company often juggled a high volume of critical events, making resource management a challenge. Venue finding also proved to be a time-consuming process, even with established in-house practices.
Internal Blockers with Payments and Contracting
Contracting and making payments to new suppliers often led to internal delays, particularly in international settings. Different payment systems and contract terms occasionally resulted in blockers from their finance and legal department.
These pain points made it necessary for the company to look for a solution that could streamline processes, save time, and enhance overall efficiency: enter Hire Space 360.
The Impact of Hire Space 360
Since on-boarding the firm as a Hire Space 360 client a year ago, we’ve helped them deliver over 50 events, with a near-even split between UK-based and overseas events.
From alleviating pressure on their team, to negotiating savings for event suppliers, here’s how Hire Space 360 has boosted the firm’s events output.
Improved Resource Management and Increased Productivity
When the company joined Hire Space 360, a relationship manager from our team came on board as an extension of the client’s in-house events team, getting to know the brand inside out.
They support our client on everything from global venue sourcing to negotiating contracts and chasing up suppliers, taking the strain off the team and allowing planners to focus on other critical event aspects.
With their relationship manager’s expertise, the financial services company is able to quickly identify and book suitable venues around the world based on their specific event requirements, and stay on top of events more effectively.
According to the firm’s Head of UK Events, having a relationship manager on hand is like “having support from an internal logistics manager”, at a fraction of the cost.
Faster Venue Finding and Procurement
A major benefit of Hire Space 360 is unparalleled access to a comprehensive database of global venues and suppliers.
Our client has benefited from our expert venue sourcing across the world, with their relationship manager finding event venues, accommodation, activities and suppliers in 19 countries this year.
Having vetted options around the world provided by Hire Space 360 has saved the company a significant amount of time in research and ensured that the standard of venue always meets and exceeds the firm’s expectations.
Our relationship managers constantly have their ear to the ground for new openings and venue refurbishments, attending global site visits and exhibitions to make sure that Hire Space 360 clients stay ahead of the curve at all times.
Streamlined and Simplified Contracting
One of the most beneficial aspects of Hire Space 360 for this particular client is standardised contracting. This is offered in the form of a master service agreement which is signed by every event supplier, and incorporates the firm’s addendum terms.
This means that the client signs the same contract for every event, simplifying the process and eliminating the need to negotiate terms with each venue and supplier.
The main terms of each event remain the same, meaning that the legal team only need to review small particularities: this both saves time, and reduces the risk of mistakes and delays in contracting.
Having these consolidated processes in place has allowed their events team to secure venues more quickly and easily thanks to Hire Space 360’s connections and contracting process – in their words, this “effectively gives us more lead time for our events”.
Flexible Finance Options
As a large global corporation, there are strict payment processes in place for our client, which dictate when invoices can be paid, and to which companies. Before working with Hire Space 360, this often created extra administrative to-and-fro with the accounts department for the firm’s events team, and led to blockers on payments.
With Hire Space 360, the client has been able to take advantage of our flexible payment options, including advanced payment plans and emergency invoice payments for payment on the day of the event.
Our client’s in-house team is able to make payments within the platform, saving the considerable hassle involved in on-boarding suppliers with different financial processes. This has allowed them to broaden the list of suppliers they can invoice, facilitating them to bring on local AV companies and new suppliers, rather than using the same suppliers time and again.
Smoother International Events
Managing international events traditionally presented challenges for the financial services company as they were bound by tight restrictions concerning where they could make payments.
Hire Space 360 has addressed these challenges by being able to make payments to international institutions while maintaining compliance for the client. This flexibility has enabled the company to expand their pool of potential suppliers and smoothly execute events across borders.
Knowledge Sharing Across the Team
As with each of our Hire Space 360 clients, this client benefits from a tailored content hub that can be easily shared with their entire team. This hub is fully customised to their company, allowing them to request and store relevant information for easy reference between international teams.
This content hub, and the client’s events dashboard, encompass a wide range of information, from the clients’ own addendums and historic invoices, to a curated list of their favourite venues categorised by event type and location. This provides a ready-to-use starting point for all events in the programme.
Improved Operational Efficiency
By leveraging Hire Space 360’s services, the financial analysis company has seen significant improvements to efficiency in their event operations. The streamlined venue-finding process has given back valuable time for planners to execute their events, while the standardised payments and contracting has alleviated bottlenecks with their finance and legal teams.
As the firm’s Global Events Director told us: “Hire Space 360 has been a good string to our bow, and has helped make our event programmes better”.
Hire Space 360 has become an invaluable partner in our client’s event management journey: to see how we could help streamline internal inefficiencies and scale your events programme, book a call with our experts below.
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