#

The Cost of Waiting

Feb 7, 2024

In the fast-paced world of events, time is of the essence, and every second counts in ensuring a successful and memorable event. Event professionals often grapple with the decision of whether to invest in event management software. While the initial implementation time may seem daunting, the consequences of waiting can be far greater. Waiting too […]
the-cost-of-waiting

In the fast-paced world of events, time is of the essence, and every second counts in ensuring a successful and memorable event. Event professionals often grapple with the decision of whether to invest in event management software. While the initial implementation time may seem daunting, the consequences of waiting can be far greater. Waiting too long in the fast-paced realm of event production can result in missed opportunities, increased costs, and decreased efficiency—factors that can hinder your ability to deliver successful events. 

Procrastinating on investing in event management software means risking missing out on the latest features and functionalities crucial for staying ahead and enhancing the overall attendee experience. Additionally, delaying the adoption of event software means missing out on potential cost savings, efficiency gains, and valuable insights. Automation of time-consuming tasks and streamlined workflows provided by event software becomes more essential the longer you wait, as reliance on manual processes can lead to errors and inefficiencies. Now is the perfect time to make the investment and avoid the pitfalls of delayed adoption.

What happens when you wait to invest in event management software?

Waiting to invest in event management software can have several negative consequences for your business. Here are a few of the most significant:

Wasted Time & Resources 

Event production is a complex and time-consuming process. Without the right software, you’ll likely spend hours manually tracking down manually preparing proposals & quotes, booking AV crew, reserving travel, managing inventory, or tracking shipments. These tasks can take away time that could be better spent on other aspects of your business.

Missed Opportunities 

The event industry is constantly evolving, and new opportunities are emerging all the time. If you’re not using event management software, you may miss out on these opportunities because you won’t be able to keep up with the latest trends. For example, you may miss out on a chance to host a major festival, concert, award show or conference because you didn’t have the software in place to manage the event.

Increased Costs

Without event management software, you’re more likely to make mistakes that can cost you money. For example, you may double-book a venue or send out incorrect inventory quotes. These mistakes can add up quickly and eat into your profits. Additionally, you need the ability to accurately identify and calculate hidden or overlooked costs. If you have two crew members that are both at $55/hour, one might hit overtime sooner than the other, which could drastically reach up to a $1000 difference in labor costs. 

Decreased Efficiency

Event management software can help you streamline your event production process and make it more efficient—spreadsheets are notoriously prone to errors. This can free up your time and resources so that you can focus on other aspects of your business. For example, event companies default to hiring more staff to offset the inefficiencies in their processes or their lack of automation—but the overhead cost of hiring more people is massive.

Competitive Disadvantage

In today’s competitive business environment, it’s more important than ever to have the right tools to succeed. If you’re not using event management software, you’re at a competitive disadvantage to businesses that are. They’ll be able to plan and execute events more efficiently and effectively than you, and they’ll be more likely to win new business. Only 41% of our recent survey respondents are moderately satisfied with the access to data and insights needed to do their job—are you?

If not now, when?

If you’re still hesitant about investing in event management software, consider this: the longer you wait, the higher the cost will be as technology advances. Your competitors are likely already using event management software to streamline their operations and enhance their event experiences. Delaying your investment will make it increasingly difficult to catch up.

By investing in event management software now, you can immediately benefit from increased efficiency, reduced costs, improved accuracy, and enhanced attendee experiences. Don’t let fear or the initial investment hold you back from making this important decision. The cost of waiting far outweighs the cost of investing in event management software. The future of your events depends on it.

_

Learn more about LASSO, the leading, all-in-one event management software, and discover how it can help you save time, money, and streamline your event production process.

Most popular

15 Hidden Costs Causing Event Companies to Lose Six Figures a Year

Similar posts

2024 Events Industry Outlook

2024 Events Industry Outlook

The events industry is a dynamic and ever-evolving landscape, where businesses must strike a delicate balance between...