Individuals within a company who are not part of a traditional meeting planning team are oftentimes asked to determine the best location for team meetings, and are held responsible for booking venues. How does one go about this process? Many simply turn to an internet search to determine the cities they believe to be the best destinations. Today, this process will change as CWT introduces CWT Meeting Optimizer, an online benchmarking tool that helps meeting arrangers define the optimum destination to hold their meeting based on air and hotel costs, mileage, or CO2 emissions.
CWT Meeting Optimizer is the first in a suite of innovative meeting products that will be available to CWT clients. The tool uses CWT’s extensive range of data – over 14 million hotel transactions and 34 million air transaction – to instantly compare nearly 2,000 destinations. To plan a meeting, meeting arrangers simply enter the number of participants, their locations and the meeting dates, and with the click of a button CWT Meeting Optimizer will generate a list of worldwide destinations, including telepresence options, to help determine the smartest and most cost-effective meeting destinations.
CWT calculated the cost of 15 hypothetical international meetings in 2011 using no planning tool, and then estimated the cost of the same meetings benchmarked and planned using CWT Meeting Optimizer. The results showed that an average savings of 25 percent could be achieved. Furthermore, a study conducted by the CWT Travel Management Institute found that companies spend on average almost 1.5 percent of their annual revenues on meetings and events, so this tool has the ability to offer significant savings. The tool is based on new generation technology and a patent-pending algorithm and is being made available through CWT’s exclusive client interface, CWT Portal.
Have you ever been tasked with planning a meeting for your organization? How did you go about selecting a meeting location? What are some of the challenges you faced?