Tropic

You can 2.5x your savings opportunity if you start a renewal 6 months in advance instead of one. Tropic data shows that you can drive considerable savings on your software contracts IF you kickoff renewals ahead of the opt-out date. The earlier you do this, the more you can save ⤵ 💰 30 days in advance = 14% savings 💰 60 days in advance = 22% savings 💰 6 months in advance = 39% savings #spendmanagement #finance #procurement

For the first time, I approved a request to spend 50% more with one of our suppliers for their AI functionality. Here's what convinced me: 🔹 Successful Pilot - For AI sales motions to work, you need a trial to believe the hype. This supplier quickly provided pilot access to the Tropic buyer and he was immediately able to experience and articulate the efficiency gains 🔹 Short-term increase ➡ long-term consolidation - This buyer has been diligently working to drive more efficient spending across his tech stack. While we’ll be increasing spend now, we’ll be able to substantially cut elsewhere in a few months 🔹 ROI case - Once the value was proven, the supplier did a great job of quantifying the efficiency gains with real dollars. The metrics felt believable, and all the Tropic buyer had to do was pass along the business case to me for approval. 🔹 Trust - This person is a top performer, and a team of 1. If I need to spend more money to make him more efficient at his job, I will happily do so - that investment will more than pay for itself. There’s a lot of hype around different AI tools, much of it unjustified. When deployed in the right application, the value is real and will drive massive efficiencies.

I did not pay him to say this. Here's why this 2 minute video with Russell Lester (CFO) is so impactful: If you are in procurement, you'll understand what a finance leader expects from a good procurement partner. If you are in finance, you'll better understand how to leverage your procurement partner to the fullest extent. If you are somewhere else in the business, Russell summarized his "checklist" for approving spend. Bottom line? There is something for everyone! This is the 3rd (and final) video in this mini-series. You can check out parts 1 and 2 here: https://lnkd.in/gVgxf25Q https://lnkd.in/gkuKgB3C

Here's how you prevent efficient growth 🚩 In a nutshell, disregard these 3 pillars: 1. Visibility – Do you have the ability to see all spend? 2. Control – Do you have the right protocols to govern spend? 3. Leverage – Do you have the insights & levers to reduce spend? You can make efficiency harder to reach by ignoring those processes... ...Or you can put your organization on the path to efficient growth and mature your #spendmanagement program by enhancing those 3 processes (according to your size, stage, and needs). While it looks different for every company, it’s important to realize 👉 Efficient growth is a PROCESS, not just an outcome. -- Learn how to mature your spend management processes with our free guide: https://bit.ly/3Mkwa74

Want to know how to get your spend approved by Finance? Russell Lester (CFO) goes through his list in today's 2 minute video. Finance's role is an important one. Sometimes they are viewed as a bottleneck, but more often than not, they don't have the right information. This video might not get all your spend requests approved, but it will likely help you get to a decision faster. Side note: This is a follow up to yesterday's video which can be found here: https://lnkd.in/gVgxf25Q And part 3 is coming out tomorrow! Let me know what you think!

👋 Software buyers: Click through Tropic's data solution Supplier Intelligence for yourself (literally). It's self-serve commercial information to make informed #software buying decisions in minutes, right at your fingertips. ➕ Price Benchmarks: Unbiased SaaS pricing data ➕ Supplier Insights: Actionable supplier information ➕ Negotiation Playbooks: SaaS contract negotiation tactics/strategies Take a peek at what $10B worth of spend data can arm you with: https://bit.ly/473YhAX

Understand how a #CFO thinks when it comes to approving spend 💰👇 Stay tuned this week for more clips from Michael Shields and Russell Lester's convo!

AI is everywhere. It's impossible to discuss building great products without AI entering the conversation. But don’t let AI become a solution in search of a problem. Start with your or your customers’ needs and the biggest opportunities for adding value. Then ask: Can AI transform the 'how' and 'what' of solving these challenges and addressing the needs? Always let your customers define the 'why'. Check out the specific examples in the linked article on how we approach AI at Tropic and build real customer value to our Intelligent Spend Management platform! #AI #SpendManagement #GenAI #Finance

Today's office of the #CFO includes some responsibilities like (but not limited to): ➕ Accurate benchmarking, budgeting, and forecasting ➕ Organizing, analyzing, and optimizing spend ➕ Simplifying processes and maximizing productivity #AI impacts all these responsibilities and more (when done right). Generative AI can be used to generate precise forecasts and benchmarks, classify spend data more accurately, and streamline purchasing workflows. By eliminating manual, administrative tasks and unlocking access to information, finance teams run more efficient and productive. VP of Product & Data Srinivas S. describes how GenAI fuels an intelligent approach to #spendmanagement through 7 specific use cases 👇

"Procurement isn't respected." 5 reasons why that needs to change: ☑ It saves money ☑ It manages risks ☑ It ensures quality ☑ It drives innovation ☑ It builds relationships For too long, procurement has been the unsung hero of businesses. But this is changing. Michael Shields, VP & Head of Procurement, shares top career tips and his story (ex-Qualtrics and ex-Honeywell). He believes procurement shouldn't just meet expectations—they should exceed them. The key? Be helpful. I've never worked as a procurement professional, but I've negotiated with them often. And I can tell there's something special about this community. 🔊👇Tune into the 40-minute conversation with Michael below.