The Hire Space event platform expected companies to achieve the equivalent of thousands of hours of savings per year in meetings and events, by accessing new technology that allows venues to be booked all over the world with a few clicks online.
Tech startup, backed by the founder of the restaurant reservation app TopTable.com, introduced instant booking technology, which enables companies to book and pay for more than 3,000 places out of the 100,000 places it operates instantly. The company expects the number of places available to book immediately to quadruple in the next 12 months. This translates into thousands of hours of savings on venue negotiations, marking a significant step forward for the UK’s £84 billion events sector, which has prioritized efficiency savings while rebuilding from the Covid-19 pandemic.
Hire Space co-founder Edward Boland calls the technology groundbreaking in the event world. “Events lag behind other segments when it comes to instant booking. This is the start of a new era that will enable guests who book events to become more efficient in their roles, and mean huge savings for businesses. A company with typical enterprise meeting and event requirements will save thousands of hours of management time.” .
Hire Space technology allows meeting and event planners to search and discover venues using search filters including price, location, and capacity. They can then book directly, without creating unnecessary back-and-forth with suppliers. Hire Space also offers enterprise service, Hire Space 360which provides integrated sourcing, smart contracting and payment solutions to companies with large meeting and event programs.
“Hire Space has saved us countless hours negotiating with suppliers as well as providing excellent logistical support,” says Luke Fagg, Senior Marketing Manager at CoachHub, a Hire Space 360 customer. “We’re really looking forward to launching an instant booking service that I think will elevate that to a whole new level.”
As Poland says: “The traditional model of booking meetings and events through a complex process of searching for suitable venues, spending days back and forth discussing price and availability with the venue, is being turned on its head. Whether you’re a large company with a multi-million pound event programme, or a busy PA And tasked with booking the office Christmas party, this technology saves significant time and additional cost.”
Abby Darke, executive assistant at Acrisure, said, “Hire Space’s technology and support meant I could finally stage a successful event while I was thinking about my other priorities. Being able to quickly find the perfect venue, and book it without hassle, was transformative.”
Last year, an industry report from market research firm Assured estimated that the global meetings and events industry was worth $886.99 billion in 2020, and is expected to reach $2194.40 billion by 2028. Adam Barry, founder of Event Industry News, one of the companies, said: Industry leader in events. “What’s happening in meetings and events is the beginning of a transformation similar to that seen in the travel industry a couple of decades ago, when companies like Expedia and Hotels.com fundamentally changed the landscape by making it easier to access supplier inventory. It’s a rapidly changing business environment and it’s going to be a multi-billion dollar savings.” “.
The demand for simplified technology around meetings and events has been a major focus for companies that have been hurt by tough economic times. According to a report by ICE (In-house Corporate Event Planners), some event costs have gone up as much as 40%-60%, leaving companies grappling with reduced resources and tight budgets post-pandemic.
In these challenging times, Hire Space has seen a 187% increase in uptake of its enterprise solutions from companies looking to deepen digitization for cost savings since the pandemic. The business continues to invest in the future of meetings and event booking, including an AI-based recommendation tool for release in the near future, and expects a continued focus on speed and efficiency from its clients over the next 24 months.
As Poland says: “Procurement has been a major time drain at events, especially since Covid. Tools like Hire Space 360 and technology harnessing instant booking have significantly reduced that time, giving event planners critical time to focus on their events.”