Published On : 31 Jul 2018
Software as a service (SaaS) has emerged as a tool that deployed by small, medium, and large enterprises to manage their expenses by the means of web-based subscription service. SaaS can go a long way towards monitoring and controlling expenses of business reporting, which in turn streamlines business processes and helps in detecting frauds or human errors. In addition to that, with increased visibility of the whole reimbursement claim processes, travel costs and efficiencies can be optimized.
Operating as a third-party tool, SaaS-based expense management has successfully restructured the way capital is expensed within a pay-per-use subscription organization. In the near future, these glaring benefits are expected to drive the demand in the global SaaS-based expense management market. However, the prosperity of this market is not only a reflection of its beneficial drivers but also the increased competition among a large number of companies that have thrown their hats into it. Some of the companies currently ahead of the curve in the global SaaS-based expense management market are Concur Technologies Inc., Ariba Inc., IBM Corp., Infor, Oracle Corp., Apptricity, SumTotal Systems, LLC, Insperity, and SuitSoft Inc. Here is a look at the offerings of these market leaders:
Concur Technologies Inc. offers paperless solutions that enables capturing of electronics transaction data efficiently from vendors. Each time, detail of line-items are swiftly collaborated as expense reports and also have the capabilities of faster transactions of reimbursements and payments. On the other hand, Ariba Inc. is an exclusively a subscription-based prepaid service. The companies offers secured, scalable, and capable services that meets the needs of hundreds of consumers collectively. The company has built-up its own data centers the ensure reliability of delivery.
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IBM has been a prominent name in all sectors of software as a service and they are also holding prominent shares in the segment of SaaS-based expense management market. The company is focused on curtailing telecom expenses by the means of an all-inclusive communication lifecycle that is wireless and mobile. The company is able to automate processes that involve procurement and order management, inventory management, invoicing, advanced business intelligence, and auditing and cost allocations. The company has also been solidifying its alliances with SAP.
Based on product type, the market for SaaS-based expense management can be segmented into telecom expense management, travel and expense management, and others. Application-wise, the market can be bifurcated into large businesses and small and medium businesses (SMBs).
Geographically, North America is the region that is currently generating the most substantial chunk of shares in the global SaaS-based expense management market. That being said, Emerging economies of China and India are expected to transform Asia Pacific as another region of great potential in the near future.
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