Federal Reporting Requirements Boost SMM Effectiveness

A new study shows that companies that comply with federal and regulatory expenditure-reporting practices realize their strategic meetings management cost savings more often that companies who do not report to the federal government.

New research from The Aberdeen Group included data from self-reported companies in mid-2013 by “global supply management and procurement business leaders” from 100 companies, some of which comply with federal reporting requirements. Others complied with the Physician Payments Sunshine Act, a provision of the Affordable Care Act that went effective this month.

According to the study, the companies that did report are more likely than other companies or firms to report on spending in meetings, and involve executives in the SMM planning and develop better programs resulting in significantly higher cost savings for the company. In fact, The Aberdeen Group determined that compliant companies report 167 higher realized and implemented cost savings than non-compliant companies.

JR Sherman, Active senior Vice President and general management for a business solutions divisions said their findings validate the theory that strategic meetings management works. According to Sherman, compliant companies are seeing huge returns from a return-on-investment standpoint to cost savings, so even if companies aren’t required to report to the federal government, it is in their company’s best interest.

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