The Joint Meetings Industry Council (JMIC) has released a research report commissioned to determine the state of industry value measurement and to make recommendations as to how those measurement processes might be enhanced in the future.
The study was carried out in response to recommendations developed by
delegates at the Value of Meetings Conference held last year at the
Royal College of Physicians in London under
JMIC’s auspices.
“Good and consistent measurement procedures are essential to maintaining
industrycredibility in the face of increasing expectations in this
regard from governments, organisers and
participants,” said JMIC President Philippe Fournier.
“In
a time when the Meetings Industry has a great deal to contribute to
global economic recovery and development, we need to be able to advance
our value proposition as effectively
as possible and demonstrate the ability to measure our value in terms
that will resonate with the broader global community.”
The study was carried out by Dr Leo Jago, the Australian Government’s Chief Economist for Tourism and General Manager of Tourism Research
Australia.
Value measurement models from around the world were analysed to determine how
well theu served existing and future needs along with recommendations
of how any identified gaps could
best be addressed. Among the study conclusions were:
1.
That the calculation of national economic contribution estimates is
well served by the use of an approach originally developed under the
auspices of the UNWTO and applied successfully
in a number of countries since;
2.
That the use of this model was limited by the substantial cost of
collecting the necessary data and the difficulties of applying the
results to local orregional situations where
investment decisions relating to the industry aremost often made;
3.
That the need for models with regional or local application requires a
different approach which is outlined. It was noted that a number of
models have been developed in recent times
to assess the economic contribution of business events at the regional
or local levels.;
4.
That the ‘beyond tourism’ or legacy value of business events is
substantial but very difficult to measure in a credible fashion. The
contribution of these values, which include
the economic, professional, academic and business advancements benefits
of business events are more effectively demonstrated via case studies
rather than trying to convert them to a financial equivalent;
5.
That acceptance of the economic contribution of business event figures
is greatly enhanced by using models or approaches that are consistent
with an endorsed approach.
“The
completion of this report puts us in a position to provide some
guidance to jurisdictions that are now looking for credible ways to
document their contribution to the economy
and to supporting local business, professional and community
aspirations,” said Fournier.
“It
will also provide us as JMIC with a framework for documenting and
communicating the values we see as associated with our sector and
facilitate the completion of a directory of
value models and a toolkit for using such data in advocacy, which were
other recommendations arising from the Value of Meetings Conference.
“I’d
like to thank everyone who contributed to the success of this work and
lookforward to the role it will play in creating better and more
consistent value measurement in the future,”
Fournier added.
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