Tropic

Nearly two years since its debut, generative AI is still making waves, though there are signs organizations are picking their AI investments more conservatively. Join us for a virtual event tomorrow to explore these changes, what opportunities still lie ahead in generative AI adoption, the risks of ongoing adoption and the obstacles that curb the technology’s full potential. Register for free: https://lnkd.in/gqrH9N_Z #CIO #CFO #AI

From "I hate procurement" to "Hey welcome to the team, we love procurement!" in 6 months...💜 Shoutout to ProcureScape for an insightful feature on Michael Shields, Tropic's Head of Procurement & Strategy, and the golden opportunity for #procurement 👉 https://lnkd.in/ebxbfAdW

68% of finance execs say inadequate investment in spend management is driven by a lack of prioritization at the business level. Other reasons? Demonstrating ROI and communicating how this area contributes to growth. After talking to over 150+ #finance and #procurement leaders, spend management is really the growth driver you CAN’T ignore: ▶ 84% say it accelerates digital transformation ▶ 78% say it has been key to increasing revenue ▶ 71% report lower burn multiples (many operating at 1.4 or less) Flip through the numbers and get practical strategies to increase awareness, support, and investment – 2025 is right around the corner. Survey report is in the comments. 🔗

What would your business do with an extra 200 hours a year? ⏳ Instead of spending hundreds of hours managing #procurement... ...Rightway chose Tropic to manage over $3M in #software spend, expertly handle negotiations, and streamline the purchasing process. Now, Xavier Del Rosario, VP of Finance & Biz Ops, and the #finance team can get back to focusing on their mission: driving down healthcare costs so patients can readily access the medications they need. 💊 Link in the comments to learn more. 🔗

You audit your own subscriptions every year...right? Think Netflix, Apple Music, Disney+, Spotify, YouTube TV, etc. If you don't, maybe this is your reminder to do so. 😉 And why wouldn't you do that for your business, especially when #software contracts can total hundreds of thousands if not millions of dollars? Smart teams look under the hood and rationalize their tech stack. No need to complicate it. Ask yourself and the org these questions: ➕ Why are we using this tool? ➕ Are we getting out of this tool what we intended? ➕ What did we hire this tool to do and is it accomplishing that? ➕ Are there other tools we're already paying for that can accomplish the same thing? Watch the clip below for more insight 👇 (Full chat in the comments)

Q3 Purchasing Trends drop! Big gains in adoption from some of the likely suspects, while some of the drop offs are a bit more surprising. Q3 is often seen as a "sleepy" quarter - July and August are slow moving as summer vacations run rampant and contract volumes are historically lower than the rest of the year. In 2023, Q3 total contract volume was 10% lower than Q2, and a staggering 33% lower than Q4. 2024 is no exception, with a 25% dip in Q3 contract activity compared to Q2. What does this mean? Cyclical slowdowns are the norm in Q3, but if you didn’t use that time to prepare for a wild Q4, you’re already behind. Now, check out some of the fascinating supplier trends developing: Mid-market adoption ⬆ These are the suppliers that had the largest absolute increase in organizations across the Tropic network: 1. OpenAI 2. WebFlow 3. Heroku 4. Databricks 5. NinjaOne No surprise on the leader here, companies are going all-in, converting ChatGPT  trials into full deployments of AI solutions. The rise of modern web development tools is also undeniable and has seen growth over a number of quarters —mid-market organizations are rebuilding digital experiences fast with Webflow and Heroku. This is coming at the expense of WP Engine, which we see on the top of the decline board below. Mid-market adoption ⬇ These are the suppliers that had the largest absolute decrease in organizations across the Tropic network: 1. HubSpot 2. Browserstack 3. 15Five 4. WP Engine 5. Crossbeam Hubspot being at the top of the list is fascinating. There’s been a lot of noise about Hubspot moving upmarket, competing with Salesforce and expanding beyond its historical SMB dominance. The trends we’re seeing here would suggest the opposite. We’ll be closely watching to see how this unfolds. SMB adoption ⬆ 1. Github 2. Atlassian 3. Expensify 4. Loom 5. Cypress.io In the SMB space, GitHub and Atlassian remain essential pillars. GitHub's dominance continues, bolstered by efficiency-boosting tools like Copilot. Meanwhile, Atlassian remains a go-to for small businesses, streamlining processes and information management across teams. Loom, now owned by Atlassian, further validates this hypothesis! SMB adoption ⬇ 1. ZoomInfo 2. LinkedIn Recruiter 3. Lattice 4. LastPass 5. Avalara SMBs are clearly re-thinking the necessary tools in their stack. ZoomInfo and LinkedIn Recruiter, once essential tools for all businesses, are now getting met with churn as customers look for cheaper, more nimble alternatives. I’m not counting either of these companies out, but there’s definitely a shift in strategy in how they’re targeting SMBs. What’s next? We’re nearly done with the first month of Q4 - and all signs point to a Q4 resurgence as companies ramp up for year-end, with plenty of opportunities for renewed supplier engagement and contract negotiations. How has Q4 kicked off for everyone else?

Who says you can’t drive back-office efficiency AND growth at the same time? Not us, not Russell Lester, and neither do other finance execs. 😏 The orgs that invest in (and modernize) #spendmanagement? 🔥 71% report lower burn multiples – with many operating at 1.4 or less. 💰 84% report say it has accelerated digital transformation – 78% even link it to revenue growth. 🚨 BUT despite the ROI, teams are still struggling to get adequate support to maximize these gains. We dug into why that is – flip through the survey findings (and get strategies) here: https://bit.ly/3Yvr9iZ

What happens when you get Design, Engineering, Product, and Support teams together in one room? 😎 Strategy building, team bonding, and an #AI hackathon (Tropic edition). Landed in the Peach State 🍑 last week for Tropic's DEP offsite and it couldn't have been more fun to get together in person. A major focus was understanding how to harness and improve AI capabilities across the #procurement process and large datasets, so that customers can truly benefit from efficiency gains. Stay tuned! 😉

84% of Finance Leaders Say Spend Management Accelerates Digital Transformation, with 78% Linking It to Revenue Increases https://lnkd.in/dttK56RV #Fintech #AIIntegration #FinanceInnovation #GlobalFinance #FintechNews Tropic

We asked 150+ #finance and #procurement leaders how modernizing spend management is paying off. Here are the top 5 ways it's making an impact 👇 When leveraged to its full capabilities: Not only does the value of spend management lie in cutting costs, but it's also linked to revenue growth, competitive advantages, efficiency gains, and risk reduction. 💪 More than 7/10 of these folks believe that their #spendmanagement process has been extremely or very effective at helping: 1. Increasing revenue (78%) 2. Innovating for competitive advantage (77%) 3. Increasing operational efficiency (75%) 4. Optimizing costs (74%) 5. Reducing risk (72%) 🚨 BUT despite the ROI, it's still a major fight to get adequate support in this space (more than two-thirds of folks cite internal resistance as a top barrier to more investment and modernization). Download and flip through the latest findings (and get tips to increase support): https://bit.ly/3Yvr9iZ