Chances are your business has faced a unique situation that fell outside of your normal business activity. Maybe it was a new regulation that required extensive customer communication, a class action settlement entailing the distribution of thousands of checks, or a security breach requiring a comprehensive response plan, including sending notifications to customers and fielding phone inquiries.
Such an event typically has a finite beginning and end, but it is nonetheless disruptive and diverts resources from business-as-usual. It exposes your firm to increased risk due to its irregular nature. And you simply may not be equipped with the right systems or expertise to handle it.
As a result, many firms are increasingly looking to service providers to execute their responses to events through an outsourced model. In most cases, outsourcing allows firms to leverage the expertise of others, reduce fixed expenses, and “flex” resources as needed. Outsourcing the event allows a firm to return to what is most important to them―business as usual.
There are a few factors you will want to consider though when outsourcing to an event management firm.
Let’s take a look:
- Industry Expertise: A provider who knows your industry can offer more tailored solutions. They will also have more sensitivity to your customers’ needs and better understand the unique demands and complex requirements of your event. When a large event occurs, you face many challenges. Helping your provider overcome their learning curve should not be one of them.
- Access to Modern, Secure Infrastructure: With an unexpected event, one of the questions you will face is, do you have the right technology and/or tools to handle the event? Will you need that technology going forward? With outsourcing, you gain instant access to established, reliable and modern infrastructures, alleviating dependence on your internal resources. Access to a state-of-the-art operation can also generate cost savings for your firm without the many challenges or costs that can come with maintaining them in-house.
- Reputation: When it comes to managing and executing your event, the event management firm should be your strategic ally. Working with a firm with a proven track record and a history of setting standards for performance and execution is a priority. Not only should they understand your business needs and goals, but they should also bring a consultative approach and an “easy to do business with” mentality.
- Flexible, Scalable Model: It’s a given that an event management firm should be equipped to rapidly staff and execute an event. However, when you are in the midst of the event and your needs change, how easily can they adjust? How effective are they at responding to fluctuations in volume spikes? Agility and flexibility translate to an advantage for you and ultimately to the success of your event.
Many clients have turned to our Event Center to manage and execute their events. Our goal is to minimize the burden on client staff and infrastructure so the firm can conduct its everyday business while complying fully with the demands of the event. The team has 25years of experience helping insurers, investment firms and other financial institutions manage extraordinary, disruptive events on an outsourced basis.
We can quickly set up a dedicated event management system separate from the client’s business systems. We can staff-up inbound or outbound call centers, coordinate mass mailings, and launch an interactive or informational web presence to communicate with interested parties. Moreover, we leverage deep financial industry expertise and a flexible staffing model to deliver comprehensive, scalable event management services.
In a future post, we’ll look at some specific examples that show how we’ve helped firms manage unusual events. In the meantime, the best time to learn about our services and capabilities is before you need them. Learn more about the Event Center and what we have done for other companies.
Alternative Investments, Asset Management, Insurance