Consolidation has been a recurring theme being discussed in the industry, with suppliers taking on transformative roles as they learn to adapt and differentiate themselves in products and services.
In an interview with Meetings & Conventions Asia, Nigel Gaunt, president of Incentive Conference & Event Society Asia Pacific (ICESAP) shared that education is pivotal in order to improve the skills sets of a quality workforce in Asia. He emphasised this importance in his discussion about the development of the industry in Asia. He added that 80 percent of MICE business in Asia Pacific last year came from clients in the region, thus the need to focus regionally to tap into the growth potential, which generated over US$150 billion last year.
Going forward, he shares 6 important viewpoints to keep in mind as MICE players prepare for future changes:
1 Anticipate customers' changing environments and therefore needs
2 Oversupply of venues in some markets will bring some short-term value opportunities. Be on the lookout for it and take advantage of it
3 Security is a big issue, do not under-estimate how destructive an act of terrorism, disease outbreak or other calamity can be on your business
4 Consolidation in the supply chain is inevitable, learn to work with it. You can't outrun a tsunami
5 Learn to work more closely with your fellow industry players. Avoiding interaction with your competitors won't gain you an advantage. Conversely, learning from them will.
6 Join ICESAP and help build a strong industry professional body that can lobby government, promote the value MICE programmes deliver to the corporate sector and enjoy meeting your industry colleagues.