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Satisfying a Need for Data

Consolidating Meetings Management and Payments Saves Medical Device Company €5.191 Million

Situation

Life science companies rely on meetings and conferences to share their products and expertise with the medical community. In Europe, a global, U.S.-based company that develops devices and therapies to treat chronic diseases was spending more than €45 million on meetings. In response to a changing business environment, the company needed to have crystal clarity into their meeting expenses, across travel, meals and accommodations, but they lacked an end-to-end process that would deliver this insight in an efficient, consolidated way.

Solution

The company has a longstanding relationship with American Express Meetings & Events, and is a client of both the American Express Global Corporate Payments team and American Express Global Business Travel. American Express Meetings And Events provides a wide array of business services to meet corporate needs, so the client knew to turn to us to build a streamlined meetings management process map and design a strategic end-to-end program that would give them visibility into their meetings spend.

Consolidating their meetings management with American Express Meetings & Events gave the client insight across all meetings and events spend. To support data collection, we implemented technology where meeting planners enter the details needed to source and execute events against budget, making it easier to reconcile invoices and record savings after the event. Detailed end-to-end reports illuminated additional savings opportunities, and helped them improve efficiency and effectiveness of their meetings management process.

In addition, American Express Meetings & Events and American Express Global Corporate Payments utilized their joint expertise to develop a process to simplify the client’s meetings payment process while maximizing the VAT (value added tax) recovery. Rather than having to register every single vendor in their systems, the client only needed to register American Express Meetings & Events, who handled all of the individual vendor payments, using the client’s payments account program.

Outcome

The connection between American Express Global Corporate Payments and American Express Meetings & Events is unique, giving us the ability to evaluate, analyze and report on our clients’ meetings programs to help them make more informed meetings spend decisions. For this medical device company, a streamlined meetings program provided the deep insight and compelling data necessary to strategically manage the necessary elements of meetings from start to finish, plus €5.191 million in savings.