LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global travel and expense management software market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Amrita Choudhury, a lead analyst from Technavio, specializing in research on IT security sector, says, “Expense management software helps enterprises to approve, process, reimburse, and track employee expenses. This software enables enterprises and employees to record spending, organize receipts, create expense reports, and collect reimbursement in a convenient way. The adoption of this software is predicted to be high in large enterprises because it helps them gain real-time visibility of an employee's spending with analytics and multi-dimensional reporting.”
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The top three emerging trends driving the global travel and expense management software market according to Technavio’s ICT research analysts are:
- Broader access to travel and expense portal through mobile apps
- Increased need for visibility into spending
- Increased adoption of travel and expense management software in mid-sized enterprises
Broader access to travel and expense portal through mobile apps
Mobile devices keep employees connected, and this has increased the demand for uninterrupted connectivity between corporate networks and the mobile devices of employees. The increasing adoption of mobile devices is a major trend witnessed in the global travel and expense market. Mobile devices such as smartphones, laptops, and tablets are increasingly being used by enterprises and employees to book tickets, change their flights, locate their luggage, and submit expense sheets from Android, Windows, Blackberry, and iOS devices. Employees can create and manage expense reports from mobile devices and send it to the manager in charge of authorizing reimbursement.
Enterprises also use mobile devices to check the services offered by travel agents such as booking and cancellation, departure information, and information related to parking. This increased use of mobile devices is likely to offer new opportunities in the market. With the help of mobile devices, the time to for approval and claim reimbursement decreases and enterprises can be assured that their employees follow the company’s policy while on a business trip. The increase in adoption of mobile devices has led several vendors such as Expensify, Concur, and Certify to launch mobile apps that provide a more convenient more business travel experience.
Increased need for visibility and transparency in spending
The increasing need for transparency in enterprises has led to the increased adoption of travel and expense management software. Travel and expense management software helps in initiating, submitting, and approving business expenses and improves visibility in the reimbursement claim process. All these expenses are then recorded in an annual report. This is likely to help in the better understanding of the total expenses incurred by different business processes within the enterprise. Thus, travel and expense management software helps to increase the profitability of enterprises by providing complete visibility into total company spending.
Companies are giving more prominence to better visibility of expenses and tracking of spending patterns, which not only helps to control costs but also helps plan for the long term. Travel and expense management software provides actionable insights to enterprises to minimize bad spending decisions, and manage, plan, and forecast more accurately. With the adoption of travel and expense management software, enterprises ensure transparency in spending pattern and expenses. It helps in ensuring that employees are abiding by compliance and not spending out-of-policy. Also, some vendors offer travel and expense management software with pre-trip authorization features that help enterprises estimate the cost of the business travel. Therefore, the increasing need for transparency is a major factor contributing to the increased adoption of travel and expense management software.
Increased adoption of travel and expense management software in mid-sized enterprises
In the last few years, many mid-size enterprises have become increasingly aware of the significance of complete visibility of their operational performance and its impact on their businesses. Mid-size enterprises are increasingly adopting travel and expense management software to manage and analyze their existing expense data and transform the data into insights to make optimal decisions across business operations. “Mid-size enterprises are also looking to adopt solutions that provide deep insights into their spending patterns to help them identify cost-saving opportunities, prioritize spending categories, rationalize supplier base, and enhance operational efficiency. These requirements are making mid-size enterprises shift toward travel and expense management software,” says Amrita.
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