New Software Features Drive Tangible Bottom Line Impact, Helping Organizations Rightsize and Control Software Spend at a Moment Where Cost Optimization Is a Priority for Everyone
Tropic, the purchasing infrastructure platform that helps companies optimize SaaS buying, announces the release of new features that eliminate inefficient spending within a company’s tech stack, all through a single, integrated dashboard. Tropic enables companies to better navigate fluctuating economic conditions by making significant reductions to their operating expenditures without compromising their tech stack or related capabilities. Through increased visibility, process automation, and enhanced negotiation tools, Tropic saves companies an average of 23% and 380 hours annually on software purchasing, while helping them adapt their buying approach for the current economic climate.
Tropic aggregate data reveals economic volatility is already changing SaaS buying behavior, with a 77% year-over-year decline in multi-year contract requests, suggesting companies are prioritizing flexibility (payment frequency and terms) and are willing to head back to the negotiating table to get it. Tropic data also shows that less than 5% of companies froze new software purchases in the past month, indicating that optimization is trumping budget cuts on the tech front.
“With discussion of an impending recession looming, decision-makers have been forced into a corner – cut software spending or cut headcount,” said David Campbell, CEO of Tropic. “Our data indicates that companies are currently overpaying for software, by around 30%, which presents tech-forward organizations with a direct opportunity to reduce their opex and rightsize their contracts. By providing today’s companies with turnkey purchasing infrastructure, our expansive platform delivers all the cost-optimization capabilities and services they need in order to weather the storm.”
Tropic’s software platform now includes functionality that automates complex purchasing and approval workflows, such that any stakeholder at any company can easily buy the tools they need from a single purchasing portal. In addition, new spend control features allow companies to monitor tool-specific usage across their software stack at the user level and measure against the contract in place to ensure appropriate spend and create maximum impact during the contract renewal process.
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“We started working with Tropic in the middle of the pandemic and started seeing value almost immediately,” said Steve McMullen, Broadlume’s VP of Business Operations. “I love hopping into the dashboard and seeing the dollar value of savings that we’ve achieved with Tropic.” Beyond the dollars and cents, the Tropic platform also helps companies clear productivity roadblocks for their entire organization. “They’ve allowed me to be more productive in other areas of the business and actually improved our relationships with vendors,” said Heather Scheel, a Senior Systems Program Manager at Broadlume.
Companies can use Tropic to buy additional licenses, renew contracts, buy new tools, and cancel agreements with the click of a button. At the same time, Tropic also empowers central finance and procurement teams with unprecedented visibility and control over approvals, sourcing events, spend management, renewal dates, and vendor market insights. Activities that used to require hours of research, email, and phone calls now happen in a point-and-click format on the Tropic platform, with Tropic’s Assisted Purchasing service absorbing the manual effort. Tropic has processed 10,000+ transactions for 170 customers across 2,000+ vendors, and it is using the insights to create ongoing, differentiated value for its customers.
