May 27, 2024

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The Rise of AI in Business Events: A Boon or a Bane?

2 min read

In a rapidly-evolving digital landscape, Artificial Intelligence is transforming the landscape of business events, offering businesses a powerful toolset to enhance efficiency and drive engagement with their brand. But it also raises questions over security, accuracy, and reliability.

Hire Space, a tech-driven venue marketplace, which supports businesses planning corporate events, has been monitoring the impact of AI on business events through industry surveys and research into its usages. Here, the company shares some of the practical applications of AI to shed light on how it might affect business events.

AI’s Practical Applications in Business Event Planning

Corporate events, with their myriad of components and stakeholders, require meticulous planning and execution. AI is revolutionising the way many events are conceptualised, organised, and managed to save money for businesses in the following areas, among others:

AI in Supplier Sourcing: Procurement is a serious time drain for businesses planning events, with stretched teams and long response times to book venues, catering, and more. Venue selection, in particular, has become more efficient with machine learning algorithms that quickly connect event organisers with suitable venues, while aligning with specific requirements. Hire Space’s venue sourcing platform uses machine learning to connect businesses with the best venues for their events, and to make it easier to send event briefs to multiple relevant venues at once.

Budget Optimisation: AI can analyse past event data to provide accurate budget forecasts. It can also suggest cost-saving measures and allocate funds more efficiently. It can also analyse the scale and nature of the event to recommend the ideal number of staff required, minimising wastage.

Event Analysis: By analysing data from previous events, AI can predict potential challenges or bottlenecks which allows planners to create contingency plans. With wearable event tech and facial…

Business Matters

2023-10-19 09:30:53

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