By
By Adam Parry, Event Industry News and Kashif Din, One World Rental
By its very nature, the events industry is fast-paced and constantly evolving. The unpredictability of what the next day, week, or event might bring is part of what makes working in this industry so exciting and dynamic.
However, with the global landscape rapidly changing, thanks to tech advancements, especially in AI, as well as geopolitical instability, which is fueling rising costs across the board, now is not the time for companies to retract inwards. We need collaboration and adaptability in order to navigate this uncertainty if we want to survive and thrive.
The Perfect Storm: Challenges Facing the Events Industry
There’s no shying away from the fact that we’re living through trying times. The world is in turmoil with conflicts, tense political situations and the aftermath of COVID affecting the supply chain, trade prices and ultimately the cost of living.
For businesses working globally in the events industry, the implementation of tariffs looks to affect already highly inflated prices for everything from essentials like Wi-Fi, water and power to logistics, shipping, travel and venue costs.
International restrictions will also dampen global expansion and make it harder for those of us who already trade internationally to scale our businesses in key markets like the Americas and EMEA. We need to ensure consistency of service and delivery for our customers but with an ever-changing political landscape, we’re often left reacting to changes in international markets, which makes future forecasting for international growth challenging, to say the least.
It’s imperative that businesses across the industry look for ways to protect themselves through these uncertain times. We need to explore smarter budget allocation and cost-saving strategies if we want to remain agile and future-proof the industry.
While the general feeling towards AI up to now has been one of trepidation and reservation, many of us are still only scraping the surface of the capabilities of current technology and we can only imagine what’s to come in the next few years.
AI is the perfect tool for forecasting and logistics management. Using technology to streamline your supply chain is one of the most cost-effective ways to cut any unnecessary expenses. Using data analytics can help businesses take control of their inventory and enhance vendor negotiations. Knowing your power or data usage can help to ensure prices are kept as low as possible despite rising costs across the board.
If you’re not already using AI tools to help with your administrative tasks, then this is the perfect gateway to this new technology. The tools available can help streamline human workloads by supporting registrations and scheduling, while chatbots can help with customer queries and relations. These tools don’t eliminate the need for human interaction – they just help businesses especially to work in a more efficient way and focus on growth and execution without being bogged down in data.
AI isn’t only helpful behind the scenes. Through sentiment tracking and personalisation tools, it can enhance attendee experiences both in real-time and for post event analysis, helping event organisers, venues and planners understand the changing needs of their audiences and adapt seamlessly to meet them.
In these trying and unstable economic times, AI is also the perfect tool for future proofing your business. To stay ahead of shifts, both in and outside of the industry, businesses can adopt adaptable tech solutions to leverage their business for maximum scale and growth.
Collaboration: The Key to Thriving Amidst Change
One of the best ways to protect our industry and push for continued growth across the globe is collaboration. We can’t survive the storm alone.
The events industry is incredibly competitive, with lots of businesses adopting cut-throat techniques in their quest for survival, but this is short sighted. Suppliers and organisers must work together, share collective knowledge, stop gatekeeping resources and innovative solutions to be able to deliver more personalised and value driven experiences for end clients.
We need to lean into conversations with our international partners to better understand local trends and understand their challenges and what’s working for them.
With technology enabling seamless connectivity, competitors and colleagues worldwide are facing similar challenges. Companies embracing a sense of collaboration and developing strategic partnerships will emerge stronger than ever.
This article was written by Adam Parry, a respected voice in the events and technology industry and the co-founder of Event Industry News and Event Tech Live. With a great understanding of emerging trends and innovations, Adam continues to shape conversations around the future of event technology and its impact on the industry on a global scale.
Kashif Din, CEO of One World Rental, a global leader in IT rental for business and live events industry, co-wrote this piece. With a passion for innovation and a commitment to delivering seamless event technology worldwide, Kashif brings firsthand industry expertise to the conversation, ensuring businesses have the resources they need to succeed in an increasingly connected world.
👇Follow more 👇
👉 bdphone.com
👉 ultractivation.com
👉 trainingreferral.com
👉 shaplafood.com
👉 bangladeshi.help
👉 www.forexdhaka.com
👉 uncommunication.com
👉 ultra-sim.com
👉 forexdhaka.com
👉 ultrafxfund.com
👉 bdphoneonline.com
👉 dailyadvice.us
