Data is key to a successful meetings management program. But the larger question is how to make sense of the data and gain insights to drive decisions that can positively impact your organization. This is where the art and science aspect comes into play. Data science is about methods, processes, and systems to extract knowledge from data in various forms. More sophisticated analytical skills also require more sophisticated visual presentation skills. It is important to combine elements of design, such as harmony, rhythm, flow, balance, and focus, together in appropriate proportions to convey the messages in interesting and informative ways that grab and keep the attention of your audience.
In practice, the art of data for meetings management is often a team sport. The creative process includes divergent thinking, which involves the generation of multiple answers to a problem; conceptual blending, in which solutions arise from the intersection of different frames of reference; and, honing, in which an acceptable solution emerges from iterating over many successive unacceptable versions of the solution. The art is the ability to bring together individuals with diverse backgrounds, look at things differently, and solve real business challenges.
Then there is this idea of “big data.” But, what exactly is it and how does it relate to meetings management? In 2001, Gartner analyst Doug Laney came up with the famous three V’s of volume, variety and velocity of data that inundates a business on a day-to-day basis. In 2011, Gartner expanded this to definition of data management. “Big data” is high-volume, -velocity and -variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.
But it’s not the amount of data that’s most important. It is what organizations do with their data that matters. Business Intelligence (BI) technologies can handle large amounts of structured and sometimes unstructured data to help identify, develop and otherwise create new strategic business opportunities. They also provide a historical, current and predictive view of business operations. Whereas business intelligence comprises the set of strategies, processes, applications and technical architectures used to support the collection, data analysis, presentation and dissemination of business information.
Recently, Lisa Palmeri, Vice President of Global Enterprise Solutions with Meetings & Incentives Worldwide and Linsey Giant, Technical Event Consultant with Anthem, presented on this topic at Cvent Connect 2017. Specifically, they focused on leveraging BI tools with Cvent and shared their knowledge of meeting management applications such as; team management and workload distribution, benchmarking and strategic decision-making. They discussed the business information that can be gained from meeting data and how to apply those insights and make an impact in your organization. They stressed that acting upon the insights is imperative.
So, the question we are often asked by our clients is how to get started, connect data, tell a story and benefit their organization’s meetings management goals. “In response to an ever-increasing need for business insights, BI software has flooded the market. And, with the benefits of BI being numerous and the cost of not having BI growing, it is easy to want to quickly adopt a solution,” said Mona Lebied, Online Marketing with Datapine. But, she also cautions this approach could be disastrous and investing in BI shouldn’t be taken lightly.
Understanding what drives success in your organization is tough stuff, and you should not expect to get it right the first time. It is an iterative process. And, before you get started you need a strategy and roadmap if you are looking to launch and manage your business intelligence. Even the best BI software needs some initial heavy lifting to maximize its potential. It involves stakeholders, sponsors, technology, data cleansing, KPIs, the right tool and/or partner, and a phased approach according to Lebied.
“M&IW was on the verge of working with a third party to create a data warehouse. However, what we learned is that the effort is always in construction. ETL (Extract, Transform and Load) is a process in data warehousing responsible for pulling data out of the source systems, normalizing the data, cleaning, applying filters, loading it into the data repository for other reporting applications and then pulling data to run queries,” said Lisa.
Duplicating the data in a DW and transporting data from multiple sources to a centralized repository eats up network bandwidth and time and consumes endless CPU cycles in the transformation process. Whereas, in a BI system, you leave the data in the sources where it exists. BI without a DW is a valid approach for some organizations if you trust the raw data in your systems. You are then essentially creating a virtualized data warehouse environment that allows for continuous data loading for dynamic elements that can render real-time dashboards and scorecards. You are not dealing with huge volumes of data. You are extracting only what you need to answer the business question at hand.
There are a lot of BI technologies in the marketplace and this is not an endorsement of any one tool. We determined DOMO to be the best solution based on our needs and requirements. One of the benefits of using DOMO is early “dirty data” detection. We can apply business rules to a meeting request and see if the results don’t look right at the time of extract. This helps to ensure the data is going in correctly.
Columns and rows are great for storing data, but not for telling stories. Whereas the Domo card builder interprets the data and suggests how to visualize it for maximum impact and clarity. Or, a multitude of other options for charts, cards and more are available essentially making complex data sets consumable and meaningful for answering a specific business question. Dynamic cards allow for instant filtering, date range updates and can be readily shared.
By way of example, let’s say we want to answer what was the average hotel rate for programs held in the United States in 2016? We source thousands of hotels representing hundreds of thousand contracted room nights annually. For this exercise, Domo is connected to three data sources, two through Cvent and one flat file in a financial system. Those three data sources are 579 MBs of flow. And, after the output it represents only 21MBs which is much more manageable.
Because it notifies us of missing data points, null values, or invalid data, nothing falls through the cracks. In our example above, the average negotiated domestic rate was showing as $277. But, a quick look at the data revealed that one rate was not divided by the number of individuals so the real average, once the anomaly was fixed, was $198. That is the beauty of having that level of data transparency. There is lots of information we can glean to make decisions. When we look at cost savings, we save the most on sleeping rooms. However, we can dig deeper to see where are the best opportunities for additional savings for our clients.
Another benefit for us as a third-party is scheduling and assigning workload. We can get a view of our team to see when we have multiple resources out and time constraints to work around. This helps us ensure we are responsive to our clients by assigning an individual that has the bandwidth to fully support the request and meet the deadline. Domo also assists us in continuing to provide world class sourcing services and outperform our competition by using it as a performance monitoring tool in looking at the number of projects per buyer, average hours to contract, cost savings achieved, and more to ensure they are exceeding established goals. “Our clients expect us to be as efficient and productive as possible. And, having a BI strategy and software platform helps us drive results based on facts. It is an iterative process. The more you learn, the more application it has and the more opportunities you have to use it,” said Lisa.
Because of interest we received at Cvent Connect regarding this topic, Lisa presented a follow up webinar in June. It was the first of a two-part series and will be available on demand soon. Or, if you are interested in receiving copy of the presentation or connecting with Lisa, email us at firstname.lastname@example.org. The second webinar will take place in September so stay tuned for more information.