otoole asset management.ppt
Post on 19-Oct-2014
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11
Asset Management and
the events program
Asset Management and the events program
2w.j.o’toole for more information on event management www.epms.net
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
33
Asset Management and
the events program
Example of two assets within 2 km of where you are sitting
4w.j.o’toole for more information on event management www.epms.net
5w.j.o’toole for more information on event management www.epms.net
6w.j.o’toole for more information on event management www.epms.net
7w.j.o’toole for more information on event management www.epms.net
We now understand that events worldwide share similar processes: management, marketing and impactWildfoods to Korea
8w.j.o’toole for more information on event management www.epms.net
Three levels - developed over time
9w.j.o’toole for more information on event management www.epms.net
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.
10w.j.o’toole for more information on event management www.epms.net
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.
11w.j.o’toole for more information on event management www.epms.net
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.
12w.j.o’toole for more information on event management www.epms.net
Disparate event growth
Regional strategy
time
National eventsupport
Signature events
Central Agency
Mega Event City Operations GroupIndustry Association/Network/conferenceEvent bidding
Event Management Prof Development and Uni courses
EventsIndustry
England,, Scotland, Ireland, New Zealand, China, Australia, UAE, Qatar, Singapore, Malaysia, South Africa, Canada
13w.j.o’toole for more information on event management www.epms.net
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
14w.j.o’toole for more information on event management www.epms.net
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,
15w.j.o’toole for more information on event management www.epms.net
Cornerstone of asset management
Acquisition and Purchasing: bidding and buying events
Creation and Development: R&D 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
16w.j.o’toole for more information on event management www.epms.net
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
17w.j.o’toole for more information on event management www.epms.net
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, oil…that drive events
18w.j.o’toole for more information on event management www.epms.net
New Zealand National Tourism Strategy
National Events Strategy
Managed by New Zealand Major Events
City Event Strategies
Regional Event Strategies
Supporting events with national outcomes
Supporting events with local outcomes
Managed by local authorities
19w.j.o’toole for more information on event management www.epms.net
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
25w.j.o’toole for more information on event management www.epms.net
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
26w.j.o’toole for more information on event management www.epms.net
Thank you