Tropic Reviews and Ratings

Rating: 9.4 out of 10

Score

9.4 out of 10

Community insights

TrustRadius Insights for Tropic are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.

Business Problems Solved

Tropic has proven to be invaluable for users in solving various business problems related to SaaS management and spend. By providing a comprehensive summary of contracts, renewal dates, costs, and comparisons to market rates, the software has saved users time and enabled them to make informed decisions about their SaaS products and contract renewals. Additionally, Tropic's automation features, such as reminders and personalized support, have streamlined the vendor acquisition process and improved spend tracking and approval processes by bringing all relevant teams onto one platform.

Furthermore, Tropic has helped users negotiate better deals and reduce costs by providing insights into data that can be used for vendor negotiations. It has also solved the procurement problem for companies by helping them discover shadow IT spend, saving money on existing contracts and providing cross-department visibility into SaaS management. With its centralized and updated repository of information regarding tool and service contracts, Tropic has enhanced communication between departments and saved time that would otherwise be spent searching for contract details.

Moreover, Tropic's ability to handle negotiations on behalf of users has not only saved time but also delivered meaningful ROI and savings for businesses in every department. By managing the procurement process and vendor conversations during negotiation, the software has given time back to contract stakeholders, procurement, legal, and finance teams. Additionally, Tropic assists in pricing decisions for desired systems, making it easier for users to understand SaaS models and manage finances effectively. With minimal required FTEs for enterprise management, Tropic offers an efficient solution to the challenges faced in SaaS management.

Reviews

2 Reviews

Only the best things to say about Tropic!

Rating: 10 out of 10

Incentivized

May 20, 2024

Use Cases and Deployment Scope

Tropic was introduced to us at a time where we not only were trying to gain better visibility into renewal dates to be more proactive, but also questioning that our negotiated prices with Vendors truly were the best rates they could provide.

Tropic quickly solved both of these issues! Their easy to follow dashboard clearly shows our contracts, renewal dates, pricing and ownership. For contract negotiation we're confident that Tropic is able to leverage the best pricing available by pulling on their knowledge of contract pricing for other customers of similar size. When considering new vendors their benchmarking tools quickly show us what to expect in terms of pricing saving us time in discovery. We have used Tropic for almost a year now, and they surpassed their guaranteed savings! Can't recommend them enough!

Pros

Contract negotiation
Contract visibility
Benchmarking
Current contract usage

Cons

Heads up on surpassing contract tiers

Likelihood to Recommend

Companies that have significant software and subscription purchases can greatly benefit from Tropic. For companies that don't have as much spend in this area the savings might not be as great!

Verified User

Manager in Finance and Accounting (201-500 employees)

Vetted Review

1 year of experience

Great service and tool for negotiation support and keeping track of contracts

Rating: 9 out of 10

Incentivized

May 17, 2024

Use Cases and Deployment Scope

My organization was not good at negotiating contracts and being on top of opt-outs. We often ended up with terms that were not favorable or auto-renewing a contract we didn't need. We use to address these issues. In particular, we use them to help negotiate our large valued contracts where there is an opportunity to bring costs down, avoid costly year of year increases, and or gain favorable payment terms. In addition to that, their platform allows us to keep track of all of our contracts - effectively a repository of info including who owns it, what period it covers, how much it costs, renewal dates and opt-out timing. The platform even sends reminders to us to ensure we opt out of contracts in time. It's been quite beneficial to our org.

Pros

Negotiation - they have a lot of data points to ensure we are getting the best price or terms on our new contracts or renewals. They will handle the negotiation for you directly or take help from the sidelines.
Opt-out reminders to ensure that we give sufficient notice to SaaS providers that we don't intend to auto-renew (whether for the purposes of adding in negotiation or because we want to drop the provider).
They are really good with customer service and support. Always reachable and helpful.

Cons

Their platform could be improved a bit to do a better job of shadow IT tracking (licenses being used or expenses).
Lowering prices for folks who may only want their platform without negotiation services.

Likelihood to Recommend

Tropic is not ideal if you only have contracts below $5k. There isn't sufficient room to successfully negotiate those down. However, if you have sizable and or multi-year contracts, this is where they excel because they have a lot of real life data points to pull from. They are also tough negotiators. One of our reps owned an exhausting negotiation process with a data aggregator and saved us hundreds of thousands of dollars.

Verified User

C-Level Executive in Finance and Accounting (11-50 employees)

Vetted Review

2 years of experience

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Reviews and Ratings

Great service and tool for negotiation support and keeping track of contracts

Rating: 9 out of 10

Incentivized

May 17, 2024

Use Cases and Deployment Scope

Pros

Negotiation - they have a lot of data points to ensure we are getting the best price or terms on our new contracts or renewals. They will handle the negotiation for you directly or take help from the sidelines.
Opt-out reminders to ensure that we give sufficient notice to SaaS providers that we don't intend to auto-renew (whether for the purposes of adding in negotiation or because we want to drop the provider).
They are really good with customer service and support. Always reachable and helpful.

Cons

Their platform could be improved a bit to do a better job of shadow IT tracking (licenses being used or expenses).
Lowering prices for folks who may only want their platform without negotiation services.

Likelihood to Recommend

Verified User

C-Level Executive in Finance and Accounting (11-50 employees)

Vetted Review

2 years of experience