Only the best things to say about Tropic!
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 …
Overview
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.
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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.
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- No setup fee
For the latest information on pricing, visithttps://www.tropicapp.io/plans
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- Free/Freemium Version
- Premium Consulting/Integration Services
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What is Tropic?
Tropic is a SaaS buying management management solution. They provide intelligence, benchmark data and the guidance to find the right platforms for a company's software stack. The service also includes live procurement assistance, and license optimization for SaaS.
Users connect SaaS applications and identity management providers to uncover software usage metrics, and can use Tropic to automatically rightsize contracts. Tropic's integrations with identity management providers and SaaS applications automate tracking the software that is (or is not) being used at a company. Software utilization data is organized per employee or by feature to give a clear picture of which employees are active users. With these capabilities, Tropic's goal is to identify savings or growth opportunities for SaaS contracts.
Users connect SaaS applications and identity management providers to uncover software usage metrics, and can use Tropic to automatically rightsize contracts. Tropic's integrations with identity management providers and SaaS applications automate tracking the software that is (or is not) being used at a company. Software utilization data is organized per employee or by feature to give a clear picture of which employees are active users. With these capabilities, Tropic's goal is to identify savings or growth opportunities for SaaS contracts.
Tropic Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
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- 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
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May 20, 2024
Only the best things to say about Tropic!
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!
- Contract negotiation
- Contract visibility
- Benchmarking
- Current contract usage
- Heads up on surpassing contract tiers
- Over $500k in savings in 1 year
- Hours of time saved with contract negotiation
We reviewed other provides for automated bill entry, but not for contract negotiation.
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.
- 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.
- 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.
- 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.