“Collective agility,” strategic innovation and foresight are the keys to future success in the meeting and event planning industry, according to a study dubbed the “Power of 10” and shared Wednesday with the 4,000 buyers at the IMEX Frankfurt 2012 trade show in Germany.
The Power of 10 study was conducted by Fast Future Research, organizers of IMEX trade shows. It was done to coincide with Frankfurt’s 10th anniversary, with a goal of giving back to the industry. The study, which looked at the past decade and 10 years into the future, found that three themes dominate the industry:
- The uncertain global economic outlook and the challenges presented by hard-to-predict macro-economic shifts.
- The rapid availability and penetration of new technologies, whose quality, cost and diversity touch every aspect of our lives.
- The everyday reality of shorter and faster business cycles.
These themes, the study says, likely will dominate the decade ahead and hold the key to success for the industry and the companies, associations, destinations and individuals that work in it.
The Power of 10 report noted that change already is being felt by event designers and delegates; they, in turn, are developing new priorities for event owners. That list includes a range of new design and delivery challenges for in-company events, corporate events, and conferences and exhibitions.
To enable the industry to embrace and act on the scale and depth of the research, IMEX will release six sub-reports over the next six months. The first is titled “The Big Picture — Reflections on Past and Future Factors.” The remaining sub-reports are “What Will the Future Event Experience Look Like?”; “Maximizing Learning and Value — The Role of Knowledge Management, Technology and Social Media”; “Event Ownership — Fresh Perspectives and Event Economics”; “Beyond Tourism — Evolution of the Industry Value Chain” and “Shaping the Future — Grand Challenges and Winning Scenarios.”
The final Power of 10 report, IMEX says, is the result of interviews with more than 100 industry leaders, practitioners, innovators, change agents and forward thinkers; research; a student essay competition; and feedback from 765 survey respondents in 68 countries on six continents. The three-day IMEX Frankfurt concludes Thursday.