A recent study by Aragon Research has identified Meeting Automation Platform (MAP) as a software category that is gaining importance. The study estimates that 50% of enterprises will adopt a Meeting Automation Platform within a short span of three years. The study also goes on to state that the category is projected to grow to $3billion by 2023.
In our previous blog, we defined MAP as a category of software that automates pre-meeting, in-meeting, and post-meeting workflows of strategic meetings. It essentially transforms the traditional meeting scheduling process by eliminating the need for spreadsheets and converging the end-to-end scheduling, management, and analysis of strategic meetings into a single platform. In this blog, we explore the business imperatives of deploying an enterprise-class MAP.
Improving the quantity and quality of strategic meetings
The first thing that Meeting Managers notice after deploying a MAP is the increase in the number of qualified strategic meetings. But how does this happen? With a spreadsheet-based meeting management process, tracking meeting updates in real-time can be a challenge. A MAP automates the meeting approval workflow process. It helps Meeting Managers identify the right meeting participants and this means that the value of these interactions is magnified and sales cycles are shortened due to the presence of decision-makers.
A MAP also helps Meeting Managers set precise, action-oriented meeting agendas. This ensures that conversations are kept relevant and updated. Any changes in the meeting schedule or agenda is communicated. Additionally, a Meeting Automation Platform greatly influences meeting attendance by alerting attendees through reminders.
Optimizing resource utilization
Enterprises spend millions of dollars on marketing campaigns like events, trade shows, and briefing centers in a bid to effectively engage with their target audiences, boost top line and accelerate business growth. However, these campaigns rarely exact the full value of their investments.
A Meeting Automation Platform optimizes the time C-suite executives and SMEs spend in meetings. Moreover, increasing the number of strategic meetings means that executives and SMEs spend more time augmenting sales and qualifying prospects. This means that these executives have a definitive impact on ROI and business outcomes.
Events, trade shows, briefing centers, and roadshows are campaigns that use a number of software to manage different aspects. For example, a meeting may use a CRM to keep track of sales cycles, a marketing automation to use targeted messaging, an event registration software to keep track of registered attendees, a badge scanner to scan name badges at the booth, and an event mobile app to help attendees manage certain aspects on-the-go. These software are necessary to help organizations create effective campaigns. However, more often than not, these functions are isolated. A comprehensive MAP integrates with these platforms and eases the flow of information between these systems to enhance the experience.
Security and compliance
Security and compliance is an integral part of any SaaS solution. Any SaaS solution that deals with critical enterprise information is required to be secure. With the recent rollout of General Data Protection Regulation (GDPR), the EU has made it mandatory for companies to abide by certain data handling protocol. A comprehensive MAP offers security while handling and operating sensitive information. It should offer a role-based security where internal attendees can view information on a need-to-know basis.
Strategic meetings are a hive of information that is more often than not left untapped. Analyzing strategic meetings can not only help marketers better the experience but can play a predictive rather than prescriptive role in improving interactions that have a direct role on top line and sales. A MAP also consolidates insights across touchpoints with detailed dashboards to help CMOs accurately attribute value to specific touchpoints. Moreover, measuring influenced revenue and attributing the value of meetings can paint a clear picture of ROI and help marketing professionals justify spends.
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