How to optiMICE the MICE maze
Forecast MICE market size for 2035: €736 billion.
That's 87% growth compared to 20221
Digital integration
The adoption of digital platforms and apps has revolutionized event planning and management. According to a recent survey 78% of marketers say their marketing strategies are now more data driven thanks to digital tools.
Virtual & hybrid events
Virtual and hybrid events have expanded MICE activities, blending in-person and online elements to reach a wider audience. According to a recent report, 67.8%³ of those surveyed prefer in-person and hybrid events.
These events are flexible, accessible, and eco-friendly, offering diverse engagement options like live streaming and virtual networking.
Sustainability
Sustainability is a growing focus in the MICE industry. Event planners are laser focused on using renewable energy, reducing waste, and making sustainable venue choices. This is going a long way toward protecting the environment while also flying a sustainable corporate image flag.
Data analytics
Leveraging data analytics provides deep insights into attendee behavior and event ROI. In fact, according to a Bizzabo report, 87%³ of event managers say data analytics improves event planning and outcomes.
-
1. Before the event
Budgeting and planning
Booking and down payments
Negotiating event contracts
-
2. During the event
Managing on-site expenses
Tracking payments
-
3. After the event
Settling final payments
Reconciliation and reporting
Challenge 1: Long internal processes
Inefficient workflows can lead to missed booking opportunities.
Example: Internal approval for a conference speaker was so delayed that the speaker was no longer available by the time you got the go-ahead.
Challenge 2: On-site expense management
Managing ad hoc expenses can be chaotic without a centralized system.
Example: During a large conference, you struggled to track numerous last-minute expenses, leading to budget overruns.
Challenge 3: Lack of MICE management process
The lack of a structured process can lead to inefficiencies and costly errors.
Example: Without a clear MICE process in place, your event faced multiple logistical issues, resulting in higher costs and a disorganized experience for attendees.
Challenge 4: Booking difficulties
Event managers need autonomy to book hotels quickly without finance and treasury involvement.
Example: You lost a block of discounted hotel rooms because you had to wait for finance’s approval before booking.
Challenge 5: Delayed payments
Internal authorization delays for vendor payments can cause missed bookings and strained vendor relationships.
Example: A vendor threatened to pull out of your event due to delayed payment approvals, risking the event's success.
Challenge 1: Limited cost transparency
Lack of visibility into expenses can lead to budget overruns.
Example: You overspent on event services because hidden fees and extra charges weren’t tracked well in the MICE payment process.
Challenge 2: Pressurized payment processes
Urgent or large payment requests can strain cash flow and disrupt operations.
Example: Last-minute payment requests for bulk catering supplies threw off your cash flow, making it tough to handle other event expenses.
Challenge 3: Inability to extend payment terms
Difficulty in extending payment terms affects cash flow management.
Example: You couldn't extend payment terms with your regular supplier, which strained your cash flow and impacted your budget for other vendor services like catering and transportation.
Challenge 4: Trouble managing expenses with standard processes
Standard financial processes may not provide the flexibility needed for MICE payments.
Example: Traditional expense processes made it hard for you to handle fluctuating costs from different event vendors, leading to payment delays and inefficiencies in managing services.
Challenge 5: Difficulty integrating new payment solutions into existing ecosystem
The absence of a modern payment solution on board is leading to inefficiencies and errors.
Example: You faced challenges integrating a new payment solution with your current corporate systems, resulting in workflow disruptions and compliance issues.
Challenge 1: Inflation, budget control, and on-site payment visibility
Rising costs require effective budget management to avoid financial strain, and monitoring on-site expenses in real-time is challenging without the right tools.
Example: Ballooning prices for catering made it tricky to stick to your budget, forcing last-minute cuts to other event expenses. Additionally, you struggled to track real-time spending on event day, leading to unexpected budget overruns.
Challenge 2: Data reconciliation issues
Manual reconciliation of payments and expenses can be time consuming and error-ridden.
Example: Your expense reports from a number of different vendors didn't match up, making balancing your event’s final budget a challenge.
Challenge 3: Lengthy contracting processes
Protracted negotiations and approval processes delay event planning.
Example: Slow contract negotiations with your supplier had a ripple effect on your entire event schedule, pushing back crucial planning stages.
Challenge 4: Tracking and reconciling deposits or down payments
Managing multiple deposits and payments requires robust tracking systems.
Example: Keeping track of various down payments to different vendors was confusing, resulting in missed deadlines and late fees.
Challenge 5: Managing cash flow
Balancing outgoing payments with incoming revenue is crucial for healthy MICE management
Example: Frequent, large payments to vendors strained your cash flow, making it difficult to manage day-to-day expenses and long-term financial commitments.
AirPlus Company Account
With AirPlus Company Account, you can book, pay, and reconcile all your expenses from one central account, giving you total control.
You’ll streamline your MICE payments by consolidating everything into one account, resulting in less paperwork and more efficiency. You'll enjoy easy booking, quick admin tasks, and clear overviews of all your expenses.
Plus, better data means better decisions and compliance with your company's policies. Not to mention AirPlus is eco-friendly, so you can manage your payments while being kind to the planet.
AirPlus Company Account
With AirPlus Company Account, you can book, pay, and reconcile all your expenses from one central account, giving you total control.
You’ll streamline your MICE payments by consolidating everything into one account, resulting in less paperwork and more efficiency. You'll enjoy easy booking, quick admin tasks, and clear overviews of all your expenses.
Plus, better data means better decisions and compliance with your company's policies. Not to mention AirPlus is eco-friendly, so you can manage your payments while being kind to the planet.
AirPlus Corporate Card
The AirPlus Corporate Card simplifies MICE payments by offering global acceptance and top-notch security.
Your team can effortlessly handle all event-related expenses, from booking venues to covering incidental costs.
You’ll be able to enjoy real-time control over spending, flexible payment terms, and comprehensive transaction visibility, which helps improve decision-making and compliance with company policies.
AirPlus Virtual Cards
AirPlus Virtual Cards Classic and Virtual Cards Procurement make managing MICE payments seamless and secure.
You can instantly generate virtual cards for booking hotels, transportation, and event services, giving you full control and transparency over every transaction. Your virtual cards can be customized for specific amounts, periods, and currencies, ensuring each payment is secure.
AirPlus Virtual Cards
AirPlus Virtual Cards Classic and Virtual Cards Procurement make managing MICE payments seamless and secure.
You can instantly generate virtual cards for booking hotels, transportation, and event services, giving you full control and transparency over every transaction. Your virtual cards can be customized for specific amounts, periods, and currencies, ensuring each payment is secure.
