Asset Management and the events program

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Asset Management and the events program
Asset Management and the events program
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In the next 45 minutes

• Phases in the development of the events industry
• Last phase is the application of Asset management
• How it was applied to a number of countries

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Asset Management and the events program
Example of two assets within 2 km of where you
are sitting
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We now understand that events worldwide share
similar processes management, marketing and
impact Wildfoods to Korea
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Three levels - developed over time
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Event organising

• Focus is on the next event
• Ideas, marketing, sponsorship, hints to help
• Staging and production - emphasis on theatre
• Knowledge and skill is the competitive edge
• Did the client like the event?
• Personal style of management, secrecy.

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Event Management

• Risk and project management, portfoilio of
  events, events as a business, compliance,
  learning from other events. Bidding and
  tendering, economic impact, event feasibility,
  the rise of the international event company,
  ROI, accountability, tertiary courses
• Bad bits the increasing bureaucratisation of
  events. Interference in the creative art. Too
  much time spent on compliance. Impersonal will
  kill the personal.

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Event Strategy

• Government and companies guide the direction of
  their events program (portfolio) over long period
  of time
• Events as an asset - the event is seen from the
  results
• Broader assessment of impacts social capital and
  goodwill as well as
• National or company wide assessment of events
• Event Studies recognised at Universities.

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time
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Asset Management

• Long standing management science
• Physical assets of a company or a country
  machinery, roads, airports, buildings, parks and
  gardens.
• Service sector the assets are not as easily
  defined as just physical assets.
• The skills or competency may be worth more than
  the buildings or machinery
• A robust events portfolio is an asset although
  the ROI is intangible

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Advantage

• Time - an asset changes over time festival will
  develop and are an investment.
• Value an event creates value. In financial
  terms this is a return on investment. Asset
  management recognises many kinds of value such as
  intellectual property and brand.
• Development an asset is not stationary it
  needs management over its lifetime. Development
  include maintaining, improving and shedding the
  asset
• It places the program of events an the same level
  of all other government assets such as
  buildings, business development,

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Cornerstone of asset management

• Acquisition and Purchasing bidding and buying
  events
• Creation and Development RD e.g. Olive
  Festival
• Depreciation or appreciation events appreciate
  e.g. Dubai Shopping Festival
• Maintenance events need renewal e.g. St Kilda
  Festival
• Life cycle management they may not be for ever
  e.g. Riverfest

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What does this mean for the events industry

• A greater understanding of events by the major
  funding, legislative and compliance bodies
• A greater accountability of these bodies no
  longer the boys club
• Events are taken seriously as an industry that
  contributes to the country
• Event organisers if they want to expand their
  events and careers need to understand it -
  particular decision criteria, ROI and the
  terminology used

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Application to the developing countries

• South Africa, Jordan, UAE (Dubai, Al Ain and Abu
  Dhabi), Kingdom of Saudi Arabia..
• Distilling the worlds best practice (including
  NZ) combine with local conditions to develop the
  strategy
• Local culture thousands of years old and known (
  trace back 20 generations)
• Developing agriculture - olives, dates, honey,
  flowers, oilthat drive events

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New Zealand National Tourism Strategy
Managed by New Zealand Major Events
Supporting events with national outcomes
National Events Strategy
Regional Event Strategies
Supporting events with local outcomes
Managed by local authorities
City Event Strategies
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Over thirty event strategies
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The risks

• The problem of templating (organisation
  structure, project management.) - will all the
  events be the same? Is that a problem?
• Bureaucrats and process involved in a creative
  field will skew towards the tried and tested
• Immediately measurable favoured over the
  intangible we all understand figures.

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Develop event support process - decision matrix
is the core

• Basic to asset management is the decision matrix
• Criteria and priority ( or weighting)
• Example is the Olympic to decide on best city
  to host the Olympics
• Is used around the world
• We have applied this to event support process
  .e.g

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Flagship events to kick start the industry

• It is an efficient way to use government
  resources. More focused and require less
  administration
• Flagship events act as a catalyst for the
  industry - they develop suppliers and expertise
• The events can hive off small events that can
  grow
• They are a phase in the development - not an
  end.
• Their slow growth enables local involvement
• They enable the regional strategies

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The next step

• Once the industry is growing suppliers,
  association, training
• Devolve the government support system to the
  regional authorities
• Support a national forum and treat the
  association as a national body
• Develop a national festival an Integrated
  Country Promotion

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Summary

• Viewing the event portfolio as an asset to a
  country, region and city
• Adapting the tools
• Event support is an investment
• Return on Investment
• Events change and develop
• Outsourcing is a transparent and accountable
  decision
• Decision matrix as the core

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Thank you