Recent media reports (Sep 08) indicate that the M.I.C.E. (meetings, incentives, conventions & exhibitions) industry in Singapore has been holding its own despite the current downturn in economies and markets around the world. The Singapore government has been paying close attention to this industryover the past few years, facilitating and encouraging the set up of new convention facilities (the integrated resorts); hotels etc. We can expect to see most of these new facilities start to come on-stream from late 2009 onwards.
It not quite enough just to have such facilities, event organisers are attracted to a destination/city for a variety of reasons (the availability of facilities being one of the factors). Costs, accessibility, political stability, vibrancy, service-oriented culture, support services......the list just goes on.
My two personal concerns with the industry in Singapore are costs and flexibility. M.I.C.E. event organisers are a cost-conscious lot (at least the ones I know......I remain a cost-conscious event organiser). Even the organisers with big budgets, keep a tight rein on costs. We have continued to move prices up and up - and its really difficult to move prices down, especially if you are providing a service. However, there are way to deal with rising costs. I will reserve my comments on this subject for now so as not to give away industry secrets......
My other concern is flexibility. M.I.C.E. service providers will have to become increasingly flexible when dealing with event organisers. This can be quite a challenge when one has become so used to conducting business in a certain way. I speak from experience. In my past 15 years or so of involvement in the M.I.C.E. industry, I have found it very trying to have to exercise flexibility in the way I have had to provide event management services. The main reason is that it costs money to be flexible and its especially difficult when you cannot transfer the additional cost to a third party.
So, members of our M.I.C.E. industry will have to be very careful in how they deal with issues like rising costs and the exercising of flexibility - especially with more foreign-based organisers holding events in Singapore. It will be interesting to watch how Singapore, as a destination, remains competitive in the global M.I.C.E. sector.
Ben Cassim
Temasek Poly
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Hi Mr Cassim,
1) with regards to what you've mentioned,
"The main reason is that it costs money to be flexible and its especially difficult when you cannot transfer the additional cost to a third party,"
I'd like to know what are some of the difficulties faced (why is it especialy difficult?). Is one of reasons the tie-down in cash where less money can be spent on other areas like the equipment?
2.) And, as for the M.I.C.E. industry, why is it that event organisers have to be extra careful in how they deal with issues like rising costs and the exercising of flexibility, esp when dealing with the foreign-based organisers holding events in Singapore? (Is it also because of reputation's sake, as well as possible future collaborations/investments?)
How about the local organisers?
Hence, what would be some of the considerations that event oragnisers have to look out for in dealing with such issues (eg. rising costs and flexibity)?
jasmine (TP)
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