It's the Cost Of Meetings App, created to save businesses from unnecessary expenditure.
Marketing and tech agency LBi believes the meetings that businesses hold aren't always required, which is why it has launched the Cost Of Meetings App.
COMA has been designed to calculate the cost of running meetings, in order for firms to determine how much money they can save from cutting back on their group confabs.
Users need to enter the average hourly rate of the attendees in either sterling, dollars, or euros, the number of attendees and the app will then calculate the total the meeting has amounted to.
For example a meeting of three mid-level creative directors would cost around £600 per hour in billable hours or £10 per minute.
Chris Clarke, chief creative officer, LBi, said: “It’s frightening how much time we spend in meetings, the same is true of any business - the contention is of course that its often time wasted. Putting a value on this time is a real shocker, it will make you think twice before over-staffing a meeting or letting it drag on too far."
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