Why Eventprofs Should Care About Accuracy
August 7, 2016
Last month, on July 5 to be precise, NASA made history by putting a solar powered space probe into a polar orbit around Jupiter. After covering a distance of 1.74 billion miles and accelerating to a mind-boggling 74 km/s, Juno (as this very aptly named probe is called) changed its trajectory to settle into an orbit that was off the planned course by only one second. This stupendous navigational feat will enable NASA’s team to proceed with future orbits and science experiments as planned, without having to make any major adjustments. What a great achievement!
This may be an extreme example to begin with, but the hard reality is that in today’s age, accuracy of data, calculations and schematics is critical to the success of any venture. Industries rely on accurate measurements to deliver products that match specifications precisely, and consumers pay close attention to whether what they are paying for matches what has been promised to them.
This is just as true in the events industry as anywhere else. Whether it’s your floor plan or accounts receivable, the exactness of measurements and calculations is a big deal. Even small variations, which may not seem a big deal on a day or day to basis, can pile up and create huge headaches a few months down the lane. Booths that don’t line up on close inspection, financial accounts that are off by a few cents, or launch deadlines that slip by a day here or there – all these directly affect your role as a show organizer, and should not be acceptable. Minor inaccuracies that add up to big numbers not only affect your bottom line, but also your reputation with vendors and participants.
So, what are some things that eventprofs can do today to ensure the accuracy of their data in future? Fortunately, many exact planning and execution resources are easily available and can be put to excellent use to ensure that your data is precisely captured and reconciled. It starts with being aware that accuracy of data matters and putting a trained team of professionals together, is facilitated by giving them access to accurate technology tools, and confirmed with compulsory periodic reviews to ensure that projects are on course as planned.
When your team starts paying attention to the small details, the gains will be big. Resources will be optimized, expenses will stay on tracks and your audience will appreciate you delivering on what was promised to them!
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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