One of the biggest challenges for leaders is to avoid complacency and to continue to innovate. Markets change, challengers come and go, and without the ability to innovate, large companies can easily be ‘disrupted’ or fall into irrelevance. Our friends at SAP Concur have spent time as both a challenger brand and as part of a software mega-brand, and has never stopped looking forward. They have continued to innovate, but have continued to dominate as well, meeting the current and evolving needs of customers.
To fathom just how important Concur is in the Travel and Expense Market, consider this: In 2015, the T&E market reached $1.6B, of which Concur owns approximately 54 percent.
The Competitive, Changing, and Growing T&E Market
In an environment as competitive as T&E and Invoice Management, staying ahead means keeping up with changing customer needs. According to Capterra, there are 116 products in Expense Report Management and another 98 in the Accounts Payable field, meaning that there are numerous options for businesses. It also shows just how immense a 54% market share is.
Challenges in the Growing T&E Market
According to an IDC Study on the Travel and Expense/Invoice Market, a market which has grown 8.8% since 2014,
“Travel and expense management software is a competitive market within the broader financial application market. While travel and expense management solutions have long been treated as peripheral applications, the rise of SaaS has led to businesses investing more heavily in travel and expense management. Travel and expense management software are now easier to use across most device types, providing superior visibility into employees’ spending habits in accordance to company policy.”
Key Drivers in the T&E Market
Customers change, and customer needs change. IDC took a look at some of the most important challenges for vendors and opportunities in the market, noting the following:
- It’s All About the User: End users want software that works for them and makes their job easier, and want things like mobility, anytime, anywhere access, and support that can answer questions. Learn more about common end-user needs in “The Six Faces of the Business Traveler.”
- SMBs Stepping Away from Paper and Spreadsheets: Small and Medium Businesses (SMBs) have traditionally used spreadsheets or homegrown solutions. However, with the rise of more affordable SaaS solutions and the pains of duplicate payments, late payments, and fraud, these companies are moving away from their laborious, inaccurate, and fraud-prone homegrown solutions.
- Integrations and Intelligent ERP: As software has become more intelligent, cloud computing has become the rule and not the exception, and companies need front- and back-end software to not only connect, but to automatically transfer intelligent business information between the two. Two such examples of this factor are Wipfli/Brittenford ExpenseConnect and InvoiceConnect—which integrate Dynamics GP, Dynamics SL, Dynamics AX, or Intacct with Concur Expense or Invoice management software.
- Emerging Markets for Inbound and Outbound Business Travel: As we move toward a more global business environment, new markets will emerge for companies to sell to and buy from. This means that vendors will need to meet new language needs, analyze new locations where business meetings are taking place, and adapt to tax structures for each of these new markets.
Big Company Strength, Challenger Innovation
As we mentioned above, Concur is backed by the power of SAP, but can still focus on innovating to meet the evolving needs of customers. Download the IDC Whitepaper, Worldwide Travel and Expense Management Software—Year of the Mobile User Experience for free from Concur, which explores the modern world of finance, the evolution of T&E, and the current market for T&E Software, and learn more about the company’s continued focus on helping your organization achieve “The Perfect Trip” at Concur.com.
Wipfli/Brittenford has worked with Concur over the years, receiving the Concur App Center Partner of the Year award in 2014, 2015, 2016, and 2017, as well as the Concur Advisor of the Year in 2016. We would love to talk Concur with you, as well as discuss our own ExpenseConnect and InvoiceConnect solutions. Get in contact with us to learn more.