MICE Innovations Impacting the Industry

By Rob Bezdjian, June 13, 2019

Payments

Safe, timely payments, which prevent fraud and limit the risk of currency fluctuations, are important for many global industries. With billions of dollars being exchanged by market participants, the MICE industry may be second only to the finance industry in this regard. Would there be a benefit to a ubiquitous enterprise platform that verifies and validates all payors and recipients, eliminating the risk of wire fraud, delayed payments and currency exposure?

Smart Contracts

Smart contracts essentially use technology to bypass costly middlemen. Once terms of the contract are fulfilled, there is no need for lawyers, accountants or other intermediaries to be involved. This new technology is anticipated to save many industries time, inefficiency and the cost of involving too many cooks in the kitchen.   Could we see smart contracts being a central part of the MICE industry with single contracts including the client, hotelier, DMC, AV, F&B and other vendors instead of a separate contract for each supplier?

The efficiency, simplicity and consistency created by a ubiquitous software platform would greatly lower the cost of MICE programs that will benefit the industry as a whole. Let’s look forward to seeing what the future holds.

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Rob Bezdjian is president and founder of Zaven Global, which seeks to add value to the industry and partners through innovation. He is a 2018 Connect Corporate 40 Under 40 recipient. Contact him at rob@zavenglobal.com.

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