Travel Q&A: Five questions with Concur CEO Steve Singh
— -- Steve Singh is CEO of Redmond, Wash.-based Concur Technologies, a developer of the industry's most popular travel expense report software. Founded in 1993, Concur also makes Cliqbook Travel, online travel booking software for corporate customers.
In the most recent quarter, Concur saw its earnings rise 36% as more companies automate spending control and reimbursement processes as a way to save money. Despite the turbulent economy, it expects revenue to grow 25% to $269 million in the coming fiscal year.
In our interview, Singh spoke about the opportunities that can be found in current economic conditions, business travelers' universal aversion to filling out expense forms and a future in which the process may be entirely eliminated.
•Q: What changes can we expect in your industry in the coming years?
What's happening to consumer travel in the last five years is ... greater choices and lower cost. You're going to see the same basic things in corporate travel ... and it's going to come from driving efficiencies in the corporate supply chain.
We're in a very fortunate position in that we can drive a lot of the changes. In this environment, we tend to see greater new customer sales. Businesses are looking at how to reduce operating costs. Anything manual — such as filling out your expense or picking up the phone to call your agent to book travel — these are the areas where you can drive a lot of savings. In the (most recent) quarter, we signed more new customers than any quarter in our history.
•Q: Tell us about some changes in the works to improve or expand your current products/services?
We pioneered the concept of integrating travel booking and expense reporting, and customers really embrace that service. (For) business travelers who use Concur to book travel, we're automatically completing their expense reports for them. When you land at your destination, check out of the hotel, drop off your rental car or pay for your taxi, you receive electronic receipts and we integrate that electronically ... and automatically fill your expense report for you.
