Back in 2003, the Global Business Travel Association Meetings Committee developed the first strategic meetings management "wheel," identifying for the first time the necessary components for a robust SMM program. There have been a few iterations over the ensuing years. The latest version was released by the current GBTA meetings committee this fall.
Previously, the wheel was mainly focused on procurement activities, such as cost savings, risk mitigation, and process efficiencies. The recent changes reflect the increasing need to address return on investment and the attendee experience within a strategic meetings management program. This is a logical next step because no matter how much money you can save as a result of an SMMP, you are still wasting all of your money if meetings and events have poor outcomes. In addition, the committee felt that stakeholder engagement and technology needed to be inverted; thus, stakeholders are now the core of the wheel, while technology encircles all of the components.
As a picture is worth a thousand words, below is an annotated graphic of the updated GBTA SMM wheel for your review: