The COVID-19 pandemic has sparked new challenges for the global business events sector. The Singapore Tourism Board, in partnership with the Professional Convention Management Association (PCMA) and UFI (Global Association of the Exhibition Industry), presents a white paper that outlines how the sector can reimagine its offerings and better future-proof itself through innovation.
The impetus for change
In 2020, the global travel and hospitality industry suffered a staggering loss of US$935 billion. The business events sector, which supported nearly 26 million jobs and contributed US$1.5 trillion to global GDP in 2017, can no longer operate in the exact same way as it did before. For a sector heavily dependent on physical interaction, the onset of the pandemic was a wake-up call for reinvention.
Innovation will be key as business events gradually resume around the world. Industry players need to adopt a growth mindset, rethink their business offerings, redesign delegate experiences with safety at the core, and reassess how they engage with their teams.
This white paper provides an overview of global industry insights and the biggest questions that need to be addressed, and highlights innovative solutions and forward-thinking approaches to overcome evolving challenges. It takes the discussion beyond the need to adopt digital technologies and provides ideas for business events organisations to transform across three pillars: Business Models, Delegate Experience, and Talent and Capabilities. Case studies within the white paper demonstrate how industry players around the world have stayed agile through innovative tools and creative approaches.
Key takeaways from the white paper:
- The current state of the business events sector globally
- Benefits and challenges of leveraging technology to evolve business events
- Global case studies from Singapore, Australia, Italy and the United States including:
- Thought starters on innovation and resilience
- Stories of business transformation and future-proofing
- Examples of operational changes and gains that business events organisations have obtained from pivoting