This Spend Matters PRO Vendor Analysis provides an overview of the software as a service (SaaS) management solution provider Tropic and its SaaS sourcing and procurement platform.
Founded in 2019, Tropic is an up-and-coming solution vendor that sets itself apart by offering an all-in-one software sourcing and spend optimization platform.
Software is often difficult to procure for those used to traditional procurement techniques because it requires a completely different approach from procuring direct materials and goods. Many large organizations struggle to procure SaaS owing to multiple factors, including the level of technical expertise needed, lack of market knowledge and lack of pricing and product transparency, which leads to procurement teams having difficulty weeding out what capabilities a software vendor actually offers compared to what its sales team or website portrays.
Tropic’s business model helps Finance, Procurement and Operations teams overcome software sourcing challenges by facilitating negotiations, ensuring compliance, automating the purchase experience and managing contracts with its combined offering of its platform and service layer in the shape of its team of procurement experts.
Here’s why Tropic matters:
- To the market — Tropic offers software sourcing as an all-in-one solution that also combines contract management and spend optimization, making it stand out from point solutions that focus on only one of these areas.
- To customers — Tropic makes purchase requests and approvals highly automated and customizable for its customer’s ease of use.
- To potential buyers — The solution improves ROI by both reducing manual employee efforts and identifying ways that companies can save on software purchases and renewals.
This Spend Matters PRO Vendor Analysis explains what makes Tropic different from other SaaS procurement vendors, gives an overview of the vendor’s capabilities, its competitors, provides tech selection tips and closes with key analyst takeaways.
