Importance of Collaboration in Event Management
The year 2020 has been a debacle year for the world. A lot of industries have reeled back during this year, thus affecting the job market and the economy further.
One such industry that has been hit really bad is the events industries. Some say Event industries are the first to get hit, and the last to recover.
But during this time of pandemic, the events industries have really shown resilience by finding new ways to rethink the future of the events industries. One of the ways that is being highly discussed and talked about is collaborations.
What does collaboration in the event industry mean?
Collaborations in the events world is when two or more firms work together. This usually helps in segregation of functions more easily while planning for an upcoming event.
Many experts believe that collaboration is the way forward when it comes to the future of the events industry, especially to pull it back from the debris of this pandemic.
A time to relearn, restructure and recuperate, the need for event professionals to collaborate and join forces has never been more important. While the path ahead may seem uncertain, through the emergence of stronger collaborations, the industry can not only prepare for any sort of shortcomings but also create opportunities that can make a significant impact on the industry going forward.
Benefits of a collaborative style of event management
1. Sharing of Expertise
Collaboration opens up a platform for bigger players to share their knowledge and expertise to smaller players. This will bolster the growth of the smaller players. This is really important especially at a time like this because the bigger firms have their own inventories to keep them surviving during this period, but the smaller firms are the first ones to hit badly. Thus sharing of experience will help the smaller firms to get back on track eventually. This in a way is like mentoring the smaller firms and preparing them for bigger things ahead.
Sometimes, this exchange of experience could be between two big firms of different expertise. For example a firm that is experienced in doing corporate events collaborates with a firm that is well equipped with technology. Now that virtual events are a new normal, such a collaboration would have only been fruitful for both the parties.
2. Saves Time
Collaboration helps in proposing a well designed plan, and executing this plan. This allows managers to delegate the work easily on the basis of specialisation. This helps in saving a lot of time, and things are done much more efficiently. Firms that are well versed in their line of work, can bring out a well designed plan and can connect with vendors of that field easily. For example, a florist will be able to design plans about the floral decoration of a wedding, connect with the best of vendors and all of this is done efficiently without consuming much time.
3. Reduces the Workload
The fact that collaboration involves people from different fields of expertise, it helps in delegating and distributing work. This helps in reducing the workload big time. People specialised in their departments will look after the job delegated to them, thus reducing the chances for anyone to do extra work. This eases pressure on the managers.
4. Saves Money
Collaborations help firms save a good amount of money, which otherwise would have been spent on unnecessary expenditures. The fact that during collaborations, a lot of delegation of work takes place, thus this entirely helps in saving a lot of extra cost. The right expert will know the right vendor to contact, and will have first hand information on the right market price.
Many of the experts who have attended our live instagram series talk, have had one thing to say and that is collaboration is the key to success in future. The experts believe that it’s the way forward to re establish the events industries as it’s entering into a new normal. At a time when things seem to go downhill, collaborations will help in uniting the players of our industry and stand like a pillar while helping each other out. Being competitive right now will only make matters worse for the industry. Yes, collaborations may not yield the desired profit, but it will definitely help in surviving this rough sea.
The key to successful events – Collaboration
While the above mentioned benefits very rightly highlight the importance of why collaborations in the field of event management is the most effective route to take going forward, it is also a great means to expand boundaries and engage in challenging ventures. With the right collaboration comes a great team of talented and dedicated individuals looking to put their skills to the best use to ensure the success of any event. An increase in the capital being used adds greatly to the risk taking factor, allowing event professionals to seek out better opportunities on a global scale. Encouraging innovation, sharing knowledge and bringing in new and exciting ideas to the table are key factors that point towards a successful event, don’t you think?
Tips for a useful and successive event collaboration
1. Making the perfect team
For any collaboration to be a success it is important that the parties involved are equally invested in the idea of the joint venture. Working together to create an amazing experience requires 100% commitment from all parties involved and in order to achieve this, it is important to have a strong connection from the get-go. Shared views and ideals go a long way in ensuring a smooth working relationship and in turn the success of any event.
2. Understanding the terms of the collaboration
While there are certain standards that need to be met when it comes to the legality of a collaboration, there are other factors that need to be considered before going into business. The contribution by each party, both financial and otherwise for instance, needs to be established well in advance in order to prevent any misunderstandings that could arise.
3. Capitalizing on the advantages
Understanding the team of individuals who make up the collaboration is an important step in any joint venture. Allocating tasks, brainstorming ideas and taking forward any business deal can be greatly impacted if the talent and specialities of each contributing member is not capitalized upon. Time and efforts should be made to engage in team building activities, training and skill development programs and other activities to build a holistic environment for the team to grow and thrive in.
Collaboration is the future of the event industry and there is no better time than the present to start working on building this future the best way we know how.