How Key Performance Indicators Apply to Meetings

With the success of strategic sourcing, companies are starting to apply another procurement practice to their meetings: key performance indicators.

Take Toyota Motor Sales USA Inc., Torrance, Calif. The company developed a strategic sourcing group within its meetings and events department in January and has been diligently tracking sourcing-related KPIs such as turnaround time for site searches and cost savings on F&B, room rental, reused space, and cancellation fees. Since the pr

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