#1 most frequent
United States of America
80.0%12 installations of 15
What is Tropic?
Tropic is a procurement intelligence platform that automatically finds ways to reduce and control costs. By combining procurement workflows, supplier management, and benchmark pricing data together in one place, Tropic brings visibility, control, and leverage to company spend.
Categories & Use Cases
Who Buys & Uses Tropic
#2 most frequent
France
13.3%2 installations of 15
#3 most frequent
Canada
6.7%1 installation of 15
Great service and tool for negotiation support and keeping track of contracts
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.
Return on Investment
- They returned savings for us that was greater than the cost of their service.
- The company has better hygiene in terms of being on top of our contracts - from negotiating terms that finance cares about to ensuring we don't let a contract auto-renew.
Other Software Used
FloQast, Airbase, QuickBooks Online
Only the best things to say about Tropic!
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!
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
Return on Investment
- Over $500k in savings in 1 year
- Hours of time saved with contract negotiation
Alternatives Considered
Stampli
Other Software Used
NetSuite ERP, Okta Workflows (Azuqua), Slack
