Cvent Announces Release of Budget Management Product for Events

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New budget toolset allows planners to take negotiations to the next level and realize substantial cost reduction for meetings and events.

We recognized a need for increased visibility into our own event budget management during each event cycle and across events. With over 400 meetings to manage per year in over 100 metro areas, we needed a solution with event-specific functionality to effectively manage costs and provide the necessary intelligence to negotiate with vendors

Cvent, Inc., the leader in web-based event registration, event management, eMarketing, and housing/travel solutions, announced today the release of an enhanced budgeting module as the latest addition to the Cvent product suite. Cvent will be discussing the event budget toolset with meeting and event planners at the upcoming Meeting Planners International -- World Education Conference and the National Business Travel Association tradeshows in July.

Over two-thirds of event costs can be reduced through tighter budget management and the use of historical data points in vendor negotiation. The event budget product is designed to alleviate the difficulties associated with event cost management and maximize financial resources for a greater return on events.

Specifically, the web-based event budget toolset allows planners to build fixed event budgets and variable Cost Per Attendee budgets. Additional features include:

  •      Enhanced reporting gives planners the ability to identify critical business intelligence. Such reports include executive summary of costs incurred, reports for revenue collected across one event or multiple events, spending reports for budget item(s) across events and customizable reports
  •     Multi-user functions such as task assignment, executive summary dashboard and email alerts for seamless communication among planners and their staff
  •     Payment tracking allows planners to view spending history with vendors across events
  •     Most importantly, planners can demonstrate their value by showing reports on positive variances between what was budgeted and how they were able to negotiate better vendor agreements.

“We recognized a need for increased visibility into our own event budget management during each event cycle and across events. With over 400 meetings to manage per year in over 100 metro areas, we needed a solution with event-specific functionality to effectively manage costs and provide the necessary intelligence to negotiate with vendors,” said Thomas Kramer, Cvent’s Chief Financial Officer. “When we surveyed our client base, the response was overwhelming that there is high demand for event budgeting tools. Tracking and reporting event costs was a major pain point with significant financial implications for our clients.”

To see the full featured budget solution, planners can visit Cvent, register for one of Cvent’s upcoming product seminars on Cvent, or visit Cvent at the MPI Conference (Booth #1314, July 10th in Dallas) or NBTA trade show (Booth #2448, July 17th – July 19th, 2006 in Chicago). The event budgeting module is the first of three new Cvent product releases this summer, each developed to enhance communications, eMarketing, event management and performance measurement for corporations, associations, educational groups and non-profit organizations.

About Cvent -- Cvent is the leading web-based event management and eMarketing software company that increases attendance, improves satisfaction and reduce expenses for meeting planners and marketers nationwide. Cvent’s event marketing and management solutions are used by over 5,000 corporate and association event planners throughout the $200 billion event planning industry. For additional information, visit http://www.cvent.com.

Media Inquiries Contact:

Eric Eden, Vice President of Marketing

703-226-3558

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Eric Eden
CVENT
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