Tropic

84% of finance leaders say #spendmanagement drives digital transformation–78% even link it to revenue growth. 💰 Yet, many teams still struggle to gain adequate support to sustain and accelerate these gains. We teamed up with CFO Dive to survey over 150 #finance and #procurement leaders. Our findings reveal BOTH progress and challenges 👇 ▶ 70% have increased budget allocation for spend management. ▶ 71% of companies who fully leverage spend management software report lower burn multiples, with many operating at 1.4 or less. However, over two-thirds still face inadequate investment (they cite it as a top barrier to maximizing efficiency gains) and growth spend outpaces finance/procurement spend 3:1. 🔎 Swipe through more of the findings in the carousel below. 📊 Flip through the full report for more insight (and strategies to increase internal support): https://bit.ly/3Yvr9iZ

You ever had a recurring nightmare? You know, those times you toss and turn playing the same sequence over and over? Your leadership team probably has, especially the #Finance team during budget season. We asked 3 members of our Finance team what brings them horror this time of the year... Imagine resetting your budget plan five days before Christmas, or missing key gaps and finding unbudgeted expenses billed in arrears. 😱 Want help surviving the blood, sweat, tears, and terror? Tropic #CFO Russell Lester has got your back with 10 tips: https://bit.ly/3AoPKfZ

Picked up 2 last-minute costumes for Halloween tomorrow. 🎃👻 Nothing spookier than a #CFO and #Procurement Leader in need of major help and support. 😉

It's only FATE we're here... Brought the sand and sun to #NewYork at the Finance and Accounting Technology Expo. If you're here, stop by and say hello! ☀🌴 Nothing like Theraguns and cheesecake to take the pain out of software buying too. Who doesn't like massages and sweet treats? #FATE2024 #spendmanagement

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?