Travel and expense management solutions need to be simple and convenient for employees, while reducing costs and ensuring compliance with policies and regulations. That’s one of the core conclusions of the IDC Worldwide Travel and Expense Management Software Market Shares report, which reviewed the competitive market for travel and expense management software in 2018. In the report, IDC explains how the market grew to $2billion and why SAP Concur is a leader in global travel and expense management with a market share increase to 54%.
The IDC report highlights: “SAP Concur showed strong growth in 2018 driven by new product development and new product integration. SAP Concur added more traveler safety functionality to its Concur Locate product including API support and new messaging capabilities.”
The report also emphasizes 10 challenges organizations face in managing travel and expenses. At the center are the people and processes in place, which can be a barrier to productivity. Employees are challenged to understand and meet policy, manage large data sets, and gain visibility and insights into spend to meet compliance.
According to Kevin M. Permenter, Research Manager for Enterprise Applications for IDC, “Industry leaders need to leverage advanced technologies to augment their capabilities for streamlining approvals, combating fraud, and maintaining compliance. Many of these technologies have taken large leaps forward in terms of usability and accuracy over the past 24 months."
But companies also discover difficulty in addressing globalization complexity and regulations, and the ability to meet expense reporting requirements across different regions. Constantly changing business requirements make it tough to keep up, while also making sure they never overpay on taxes across multiple tax jurisdictions.
Finally, traveler safety is another important area in terms of risk management. SAP Concur conducted a customer survey to gather insights on the current state of risk management and duty of care programs across organizations. Global companies are using intelligent travel and expense technologies to help employees simplify business processes and gain time back to focus more on their everyday roles – driving business performance and results.
To learn more about what challenges and opportunities that travel and expense management presents, read the full IDC report here.