Recommendations for optimal supplier management at events

When it comes time to put on an event, it is important to select the right suppliers. At the end of the day, they’re the ones who provide the company with the material, human and financial resources for its proper production.

It is a good idea to hire event suppliers considered to be in good standing, who are recognized and respected for what they do, and who offer conditions that are consistent and aligned with your event’s overall purpose.Want to know how to optimally manage event suppliers? Find out about the most common mistakes people make in selecting event suppliers? Then keep reading! 

What is supplier management? What kinds are there?

The process of initiating and developing relations with the suppliers of goods and services that a purchasing company (the purchaser) requires for their daily operations and fulfilment of their mission is known as supplier management.

When choosing these partners, you’ll need to analyse a number of factors to evaluate their quality. Furthermore, it is best to shop around and compare offers before choosing the best alternative. Your main goal in this process is to get the highest quality at the best price (which does not necessarily mean going with the lowest bid). 

But you should also remember that no two events are alike. It only follows that there is no single set formula to select which will be the best event supplier for an event. The best option is to study apparently similar companies (specialization sector, materials and tools they work with, differentiating factors, timings, budget, etc.) and compare them with the needs for your event to find the ideal alternative.

Types of suppliers

1. Event Agencies such as Producers, Event agencies, Professional Conference Organizers (PCO’s), communication and marketing agencies, DMC’s, etc.
2. Venues (or spaces for events): this includes hotels, conference or convention centres, auditoriums, restaurants, unique spaces, night clubs, etc.
3. Technical services: this includes audiovisual companies like Dushow, and providers of accreditation systems for events, generator sets, event software and apps, etc. 
4. Design and decoration: such as scenography, furniture rental, health care personnel, tents, design and construction of stands, digital printing, etc. 
5. Transport services:truck, coach and car rentals, etc.
6. Catering: to select the menu items that will be offered to event attendees.
7. Event professionals:for example speakers, interpreters, hosts and hostesses, security personnel, photographers, etc.
8. Activities and entertainment: this includes artists, professionals devoted to team building and gamification, bands, etc.
   
   

12 Keys to choosing the right supplier

We’d like to sum up the most important points in 12 keys to the event supplier selection process that will help you choose the best strategic partner:

1. First you must be keenly aware of the goal of the event and what you need from each event supplier. That way, the decision process will be much easier.
2. Hold a good briefing with all of the necessary information about your event. This will be very useful to communicate with your event suppliers.
3. Clearly know your budget that you have overall, and for every item of the event. This will help you stay focused and correctly choose the ally best adapted to your needs. 
4. Seek out different event suppliers to have alternatives to choose from. This can be done with different search engines, because the event suppliers have been recommended by someone else, or because you’ve worked with them in the past.
5. Request 2 or 3 quotes and compare them.
6. Double-check all contracts. Make sure everything is clear from the very beginning to avoid any surprises.
7. Select the event supplier or suppliers that best meet or fit the needs of your event.
   Here are a few of the most common things to consider:
   1. Prestige of the company
   2. Response capacity
   3. Degree of specialization 
   4. Find out whether they offer guarantees or quality certificates for their products or services

1. Analyse the risk of the selected event supplier and any necessary preventive measures.
2. Draw up purchase orders, and make any purchases necessary to do so.
3. Create a good supplier payment system that will help ensure a good long-term relationship is built with them, in addition to a robust network of loyal contacts.
4. Keep up fluid communication throughout the entire process holding weekly/monthly meetings, giving feedback by email, calls, video-conferences, etc.
5. Seek new event suppliers constantly in case any other needs arise, or another partner is up to date on industry innovations, and can help you improve.

Common mistakes made when choosing event suppliers

There are a few mistakes that people frequently make when choosing a supplier. That’s why we want to tell you about the most oft-repeated missteps, and give you a few recommendations to avoid them.

TIMING ERROR

• What is it?: Not starting the event supplier selection process with enough time in advance.
• Recommendation: make up a calendar well in advance.

COMPREHENSION ERROR

• What is it?: Lack of comprehension of the economic proposals, or misinterpretations.
• Recommendation: Make sure you understand every last detail, and when in doubt, ask!

SELECTION ERROR

• What is it?: Selecting a supplier with no experience in the type of event you’re going to hold.
• Recommendation: Ask for references, or examples of recent success stories.

You can also make a SELECTION ERROR if you do not thoroughly research the financial status and solvency of your event supplier.

• What is it?: Not looking into your supplier’s financial health. Selecting a supplier that is on the verge of closing down is the worst choice you can make.
• Recommendation: Get reports on your supplier.

ECONOMY ERROR

• What is it?Choosing the lowest-price quote, without considering other parameters. Sometimes, what was cheap turns out expensive!
• Recommendation: ask your event supplier before hiring them: how can you do it for such a low price?

Why should you work with suppliers at your event?

Here are just a few of the advantages that come from working with suppliers when organizing your event:

• They anticipate problems and provide solutions when markets change
• They raise the quality level of your event’s products and services
• They help you be well-prepared and advised
• They make a contribution in creativity
• You will get better prices
• You will have professional experts working in every discipline
• You will save cost, time and energy
• You will guarantee safety in all processes of your event

To sum up, when it’s time for you to organize an event, teaming up with top-tier event suppliers will help you make the difference, in addition to achieving success.

This article was first published in Dushow Spain, you can read the original Spanish version here.