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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

33

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 impactWildfoods 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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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

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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: 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

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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, oil…that drive events

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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

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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