Expense management and travel expense management software provides an easier than ever way for your employees to generate expense reports on their expense accounts quickly and easily. Now, instead of waiting for every individual expense report to arrive in the mail, travelers can submit expense report requirements and print them from the program in minutes. Expense tracking and analysis is made quick and easy with all the available tracking functions included in expense management software. Travel and expense management software also offers an automated system for the staff for automatically submitting the individual expense reports and approvals to the human resources department for approval. No longer do you have to wait for business days for the necessary expense reports.
In the current competitive landscape, there are a number of choices for those interested in entering the area of expense management software market. While many companies try to use cost cutting methods and reduce overhead, they often miss the most important trends in business. Cost reduction alone is not enough to keep a company competitive. The company must be able to understand, identify and address competitive advantages by understanding the most important trends and utilizing them. Once identified, it is possible to develop plans to exploit those trends for greater overall competitiveness.
Technavio has identified eight areas that will be the main focus of the competition for years to come in the travel and expense management software market. Those areas include: supply chain, travel, client support, analytics, mobile devices, mobility and enterprise search. Technavio uses sophisticated five-factor analysis tools to analyze these markets and identify the key factors that impact the competitive landscape. This research results in the detailed information that allows management to make sound decisions that will enhance the competitive position of the organization.
Technavio forecasts that the travel and expense management software market will expand into five additional markets during the next five years. Two of those five markets will be larger than the US market. Asia and Latin America will each introduce over two hundred devices over the next ten years. These devices will enable clients to manage their travel and itinerary more effectively. They will also be required to address new issues related to airfare, land travel and auto rentals.
Travel and expense management software market report by utilizing a national survey to determine the vendor strength, geographic coverage and customer demand. The vendors were then analyzed to identify key relationships between them. A national geographic coverage map was generated. This allows the US to better compete with international vendors. The size and number of vendors will impact the competitive landscape, in terms of scale and breadth.
Technavio's research identified eight key areas of competition that will impact the US market in the next five years. These areas are: the travel and expense management systems industry, enterprise search and optimization, client-oriented software, business process outsourcing, e-commerce, business process modeling and supply chain management. Six of these eight markets are projected to grow faster than the average growth rate over the forecast period. The other two markets, while growing at a faster rate, are expected to remain flat over the forecast period. This information is important in helping project managers to address opportunities that present themselves during this period.
The expense management software market analysis indicates that Oracle's cloud computing platform and Microsoft's cloud computing platform will continue to lead the way in cloud services. Google is expected to increase its spending in the cloud by twenty percent over the next five years. Amazon Web Services is also projecting growth in cloud services. This data is particularly interesting because it reinforces the trend that companies are moving more business to the cloud. More companies are using cloud computing for everything from telecommuting to customer support to paying employees.
Over the next five years, Microsoft will lead the expense-management software market growth, followed by Google and Amazon. IBM is the third largest software producer. The report is based on an analysis performed by consulting firm McKinsey. The firm looked at six enterprise applications and found that there will be a continuing migration of enterprises to enterprise expense management systems powered by tools provided by these three companies. The majority of the six applications will be based on web-based interface and will have access to the enterprise resource planning, or ERP, database. These tools will then allow these enterprises to gain real-time insight into their business.