Tropic

Here's how you leak cash and light your money on fire (software edition) 🔥 ▶ Miss 1 renewal ▶ Buy unnecessary licenses ▶ Have unapproved purchases being made ▶ Pay 15% more per license than the average user Oftentimes, this is a compounding domino effect that leads to thousands – even millions – of dollars wasted...and hundreds of hours lost trying to backtrack and fix the process. It's time to audit your #spendmanagement and #procurement program, especially with 3 months left in the year and budgeting/planning underway. And maybe, it's time to do something about it. 😉

The quarter might have ended yesterday. But the work doesn't end with signatures on paper. Here's a quick 3 minute video about how to turn that deal into a long term, profitable venture for both buyer and seller.

Would you rather: Save 2% on $1M spend OR Save 40% on a $100K deal? Saving 2% on a $1M spend item may require lots of effort and lead to minimal results. Whereas saving 40% on a $100K deal might be an easier lift and yield higher results. When driving cost savings, it’s important to remember ▶ Your largest savings opportunities ARE NOT always tied to your largest suppliers. Oftentimes, teams believe they can achieve immediate impact by focusing on the top 20% of spend (or the top 20% of suppliers). 💡 But as Michael Shields says, “Instead of focusing on the largest spend items, focus on the largest opportunity items.” Not only can you drive meaningful savings this way, but you prioritize your time by identifying which vendors have high savings potential and need your attention (and which don't). To find these opportunities? The key is to use reliable vendor price benchmarks. 📊 #procurement #finance #spendmanagement

2 DAYS LEFT TO GO 💰 Grab your seat with #CFO Russell Lester and #Procurement Head Michael Shields. Explore strategies and trends that will impact how your org spends money and invests in various programs in 2025. Save your spot now! 👉 https://lnkd.in/g9UVHAfb

Wishing a warm welcome to a group of new Tropic teammates that joined us this past quarter 🌴 Whether you've joined early, mid, or late Q3, we're excited to have you as part of the team and see you impact the business! 👋 ICYMI: We're hiring. Check out our open roles here: https://lnkd.in/gCUgyTYy

Budget tip for budget owners 👉 If you unlock efficiencies and savings in the business (which is GREAT), put it to the "Center of Table." This approach means putting those efficiencies and savings in front of your CFO and leadership, where they'll collab on the best ways to reinvest this money across the team to achieve company goals/targets. And very often, budget owners get to reinvest some of this money back with a solid case anyways. If you're running a sound #spendmanagement process and combine that with reliable benchmark data/insights, you'll unlock MANY efficiencies and savings as it is... ...so why not goal yourself on the expense side when it comes to tech spend? As #CFO Russell Lester says, "There's no reason in your planning process that you couldn't look at your tech spend relative to benchmarks and say it's clear we got room to reduce."

Integrating Slack with Tropic makes #spendmanagement even easier. 💰 You can approve a new purchase, get notified about an upcoming renewal, or tag in a teammate in a purchase conversation — all within in a quick Slack message. These activities seamlessly sync back to Tropic, giving you one source of truth while driving process adoption in a channel your users are already familiar with. Now that's what we call a Buyer's Paradise. 🌴

NEXT WEEK: Grab an afternoon coffee break with CFO Brew and Tropic ☕ Be strategic, manage all tech spend, oversee operations (and more) - the pressure on CFOs is sky high, just ask Russell Lester how he manages it all. He'll be talking about the office of the CFO with Head of Procurement & Strategy Michael Shields... ...even revealing some interesting trends from our new #spendmanagement research, which impact how companies like yours may move in 2025. 👋 Save your seat here and see you October 2nd! https://lnkd.in/g9UVHAfb

🎉 We're excited once again to be named a #SaaS Management Leader by G2! Some of our favorite customer sentiments about Tropic recently: 💬 "Seamless workflow setup" 💬 "Takes us from little management of spend to complete organization" 💬 "Great support who frequently comes up with a great response" 💬 "Organizing all contracts signed so we can make sure we understand our spending" Our customers are saving both time and money by trusting Tropic to be their source of truth for intelligent #spendmanagement. Want to learn more about how we help organizations control and reduce spend? Check us out: https://lnkd.in/gcytY6cu

The initial renewal conversation didn't go as hoped. I was talking to a procurement leader who met with a legacy supplier. Despite significantly underutilizing the licenses, the Account Manager presented two choices: Option 1: Reduce the license count but revert back to list price.  Option 2: Renew the same number of licenses and be grandfathered into legacy discount. On paper, option 1 made the most sense but losing the discount changed the ROI calculation. Fortunately this procurement leader had kicked off the renewal conversations well in advance. So she had a viable third option: Option 3: Explore alternative solutions. As she went through the sourcing process, she found a new tool that solved her business needs really well. And the incumbent all of a sudden was willing to be a little more flexible. Moral of the story: Too many companies don’t have that 3rd option because they aren’t proactively tracking their expiring contracts. They engage with a supplier with insufficient time to performing sourcing. And they are limited to the options they are presented with. But when you are engaged in strategic and proactive procurement and sourcing, you aren’t limited to the options provided to you. #Procurement done right means you get to expand your options. And that is incredibly valuable to your business.