Last week, leading global technology research and advisory company Technavio released their list of the top global travel and expense management software vendors. Thanks to their features, the quality of their build and their price, five vendors came out on top: Certify, Chrome River Technologies, Expensify, Infor and SAP (Concur).
In their report, the company noted that the market for travel and expense management software has become highly competitive around price, product quality and service offerings as a greater number of enterprises are using travel and expense management mobile applications to improve connectedness. Many firms are also increasingly using mobile devices to verify various travel information such as bookings, cancellations and departures, with the added benefit that mobile solutions allow users to store and sync data in real time.
In light of these evolving needs on the part of the user businesses, five vendors emerged as uniquely positioned to meet market demand.
The first, Certify, operates through two segments: product and services. Among its offerings is a software called Certify Payments that enables end-user companies to expedite employee expense reimbursement processing.
Chrome River Technologies’ key product offering is Chrome River Expense. This mobile web solution allows users to access the platform across devices, including smartphones, tablets, laptops and desktops. The platform’s configurable business rules engine allows users to address complex internal policies.
Expensify’s product offerings fall into two categories: Expenses and Travel. With the former, users can automate the complete receipt and claim process; the latter offers partnerships with industry-leading travel platforms to allow efficient travel management.
With a focus on expense management software, Infor offers two key products: Infor Expense Management and Infor Expense Management SaaS.
The final vendor, SAP (Concur), offers its travel and expense management software through two segments: Applications, Technology and Services and SAP Business Network. Its key product offering is SAP Concur, a comprehensive travel and expense management software.
As outlined by a Technavio senior analyst, the benefits offered by these vendors to their end-users are large: “Currently, various small and medium-sized enterprises are adopting travel and expense management software to manage their employee expenses efficiently. This is primarily due to the increased penetration of SaaS-based travel and expense management software. The incorporation of SaaS enables SMEs to use travel and expense management software at a low cost, also enabling enterprises to make optimal decisions across business operations.”