From Tedious to Terrific: The Game-Changer for a Fortune 500 Insurance Company

Learn how the Travel Service Specialist Team at a large Fortune 500 company achieves faster hotel responses while saving their team 20 hrs. per week and reducing their event costs by 15%

Background:

The Travel Services Specialist Team at a leading Fortune 500 Insurance Company is entrusted with finding the perfect meeting spaces and hotel accommodations for the company's events. However, the team faced challenges with their previous hotel sourcing process, which was described as "tedious and unorganized." As the number and size of meetings increased, the team needed a streamlined solution to source a high volume of meetings while saving both time and money for the organization.

The Challenge:

The Travel Services Specialist Team at the Fortune 500 Insurance Company was struggling with a sourcing process that was not only outdated but also disorganized, making it increasingly difficult to manage the growing scale and complexity of the company's meetings. With a reliance on a more than 20-year-old, free online sourcing tool, the team faced numerous roadblocks that hampered their productivity.

Slow hotel response time, often taking 2-3 weeks for the team to receive feedback. This significantly hindered their ability to find the most suitable options within the necessary timeframe, resulting in heightened stress, lost opportunities, and less-than-ideal selections.

Negotiations consumed an excessive amount of time. These lengthy discussions detracted from valuable hours that could have been allocated toward more strategic and higher-value tasks. The continuous back-and-forth with hotels via email and phone only added to the strain.

The lack of comprehensive reporting and tracking of her sourcing history proved a significant challenge. The rudimentary platform lacked essential information, limiting the team's capacity to make informed decisions and negotiate effectively with hotels. This constraint impeded their ability to secure the best deals and showcase the value of their efforts to the company's stakeholders. Additionally, accessing historical sourcing activities was a cumbersome process requiring a lot of time-intensive, manual tracking.

The Solution:

The team needed a scalable solution to accommodate the company's increasing number of meetings and events. The solution had to be flexible enough to meet their diverse meeting requirements and adapt to the company's changing needs while centralizing and organizing sourcing for the company.

HopSkip’s intuitive and powerful meeting and event sourcing platform proved it was the perfect solution for the Fortune 500 Insurance company.

By implementing HopSkip, the team gained access to an extensive network of over 120,000 hotels, empowering them to effortlessly summarize and compare proposals, manage projected spend against the budget, and share insightful, detailed reports and analytics with the company's stakeholders.

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The Results:

Dramatic 86% Reduction in Hotel Response Time per RFP

The team achieved an 86% reduction in the time taken to receive responses from hotels. This improvement allowed them to review and evaluate proposals more quickly, making informed decisions and securing bookings faster. With this increased efficiency, the team can manage more meetings without feeling overwhelmed. This reduced response time ultimately contributes to more successful events and satisfied stakeholders.

Saving 15-20 hours per week negotiating rates, concessions, and contract terms with hotels

Thanks to HopSkip, the team reclaimed an astounding 15-20 hours per week that were once consumed by negotiating rates, concessions, and contract terms with hotels.

HopSkip empowers the team to manage meeting budgets effectively during the negotiation phase with hotel partners. By converting approved concessions into dollar values, the team can now accurately assess the financial impact of each concession, allowing them to prioritize the most valuable options. This level of detailed budget management has significantly improved the Fortune 500 Insurance Company's ability to control costs and optimize event spending.

15%+ Cost Savings Generated from Enhanced Decision Making 

With HopSkip's comprehensive reporting capabilities, the team accessed crucial data and analytics to make well-informed decisions for their events. The team can efficiently evaluate options and make well-informed choices by presenting all the relevant information in an organized and easily digestible format.

This streamlined decision-making approach saves time, promotes transparency, and helps the team negotiate better deals.  Additionally, the team can now clearly measure and report cost savings to their company's stakeholders, showcasing the value of their hard work and how it directly impacts the company's bottom line.

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