07
Apr
2021

Early in the 4th Industrial Revolution, technology innovation moved out of big corporate R&D and into the startup ecosystem. Traditional markets are being dramatically transformed, fueled by resources from VCs, Corporate Venture, Startup Incubators and Accelerators.

The Ripple Effect

The ripple effect of technology innovation is pervasive. Autonomous vehicles will affect more than 30 industries. Advances in Artificial Intelligence will disrupt long-standing business models and change our way of life in the coming years. We can hardly remember how the business got done before cell phones and laptop computers. Today, we have all the information not only in the palm of our hand but on our wrist, and soon integrated into our field of vision.

The Shift

The world has suffered enough due to the pandemic and I know you’re tired of hearing that. But let me instead take you to a fresh perspective. A perspective that views this as a reset for our society.

Our natural resources are depleting, the disparity of wealth is more than ever, and we are in the middle of a global meltdown. Add to that lack of sustainability and the rampant unchecked abuse of natural resources, we KNOW we have no time to rest.

But, there’s a silver lining. One which has the power to bridge the gap between the analog and digital worlds.

Now is the perfect time to reassess the way we go about doing business and introduce a new set of metrics that care about sustainability, and not just make it an overused PR word.

Some industries have successfully used technology as a stepping stone to efficiency and to get a better understanding but one industry lacks efficiency like no other.

Events & Experiences Industry

As technologies have advanced, some sectors have been the last to reap the benefits. One of those sectors is the Events & Experiences Industry.
Events have played an important role in society, be it for marketing, networking, the gathering of information, or even something as simple as a celebration of important milestones.

Cleopatra was one of the first people to host events (according to recorded history). Since then, we have come a long way in terms of the scale of events, and in terms of our capabilities in streamlining our workflows.

An Event Planner’s job is considered the 6th most stressful job in the world. And you know what the worst thing about it is? Most of the processes are being done in the same time-consuming way that they have always been done in.

The Result: The technologies that can reduce a planner’s stress exist but are not incorporated due to a lack of standardisation or acceptance by the industry.

The Pandemic has allowed planners to re-imagine planning by incorporating the latest technologies into the planning process. Technologies like VR, XR have allowed personalisation and resulted in the experiences being taken to the next level.

Spalba, an event-tech platform has built its platform around the fundamental idea that “the way we plan events needs to change” if we are to revolutionise the industry.
Technologies like Spalba’s CLON3D allow anyone with a physical space (venues, stores, colleges) to create a virtual replica(digital twin) that is highly experiential and vivid. What’s better? It’s accessible to anyone, sitting anywhere in the world.

This allows recce to be done virtually, saving hours at a stretch, freeing more time for important planning tasks.

Tools to automate the workflow, keep planning a closed-loop, data-driven analytics and incorporation of AI-based assistance, all result in reducing the time spent in basic tasks and provide a better data-backed approach to building events and experiences. This allows for better calculation of RoI and gives an in-depth macroscopic and microscopic view of each dimension of event building!

Conclusion

The level and depth of experiences people go through are far more advanced than what the events industry offers them right now. Taking a tech-first approach is key to changing the landscape of this industry and being ready for the new frontiers that await!

Every business should view this as an opportunity that allows them to streamline their working mechanisms and use technology as a facilitator. Technology is the only tool businesses can use to compete with the big names in your industry as technology allows businesses to understand their target audience better and offer the best solutions that drive them to stay happy with the services offered.