Tropic

Your 30-60-90 day procurement plan can't exist (or be successful) without people and spend data. Here's how Mathew Schulz likes to get procurement off the ground: 🤝 Meet with everyone, from the CFO to CMO, end-user to IT architect: Get a feel for how they view procurement and what buying currently looks like. Build relationships with folks EARLY. 📊 Gather information and consolidate data: Understand where is money being spent, rank high spend items, and organize contracts. Establishing visibility is CRUCIAL. This is the foundation to #procurement success. Schulz breaks down his plan further in the clip below 👇👇👇 Anything you'd add to your 30-60-90 day plan?

POV: Your tools FINALLY start talking to each other. 🗣️😏 You can’t manage what you can’t see, especially if what you do see is disconnected and not sync’d. Integrate Tropic with your existing systems through our API to maintain a single source of truth and connect your entire #procurement process. 👉 Sync scattered financial data in one view 👉 See up-to-date tasks, users, and comments from other systems 👉 Automatically pull contract data that can populate purchase orders in another tool Let's get your data out of silos. 😉 Learn more about it: https://lnkd.in/gRZExMd5

Avoid this common procurement mistake: Building a purchasing process BEFORE establishing visibility. 👑 Spend visibility is KING in #procurement, and it's the first step to getting ahead of today's complicated buying cycles. Steps you should take after this? ✅ Implement smarter controls (now you can build a process) ✅ Consolidate and optimize current spend (identify duplicate spend) ✅ Use varied data (first and third party) to make better buying decisions Swipe through to learn more below 👇

If you manage spend at your company, this one's for you 👉 Grab your seat to learn how Tropic’s API connects your spend data and #procurement process. 📅 March 12 at 1:30pm EST // 10:30am PST Tropic Product leaders Srinivas S. and Erika Baker will show you just how our new API lets you: ➕ Create easy integrations with your existing tools ➕ Automate procurement tasks, to do’s, comments, users, & more ➕ Leverage real-time data synchronization across tools for FULL visibility Save your spot 👉👉👉 https://lnkd.in/eHW22Yqf

Black History Month is such an important time to remember the past, recognize the progress that’s led to the present, and continue pushing for change in the future. We asked some of our folks at Tropic what #BlackHistoryMonth has meant to them. Swipe through their responses below 💜👇

The best procurement people I know wear many different hats. They're obviously strategic - critically evaluating their spend envelope and finding ways to drive growth and efficiency across the organization. But less obviously, they're process gurus. There's no other function in a business that needs to connect across so many different people in a company. Business stakeholders, Security, IT, Legal, Accounting, Finance Connecting all these teams through one unified, automated process is incredibly challenging. This week we released our Public API so procurement teams can flex their process muscles and improve spend management efficiency. See below for more info!

Which tools are taking the biggest bite out of your budget...and where are prices climbing fast? Benchmark your tech stack against industry standards to find saving and competitive opportunities through smart restructuring, consolidation, and sourcing. 💡 Average software costs range from $200-600 per full-time employee (FTE). Most expensive categories include: 💰 IT Infrastructure costs $748/FTE 💰 Sales costs $528/FTE 💰 Finance costs $506/FTE But here are the categories where prices increased the MOST year over year: 💰 Security: +56% 💰 Finance: +47% 💰 Customer Service: +30% Get the rundown below and scroll through the full report here: https://lnkd.in/gtGSRj9x

Unite your spend data, keep your existing tools 🤝 Through our public API and webhooks, #finance and #procurement teams can finally create their single source of truth for spend data and make work run smoother: ➕ Sync tasks, to do’s, and comments between Tropic and other systems  ➕ Sync contract and supplier data between Tropic and other systems  ➕ Pull key contract data that can automatically populate purchase orders in another tool...and much more No more fragmented tools. No more data siloes. Just one procurement ecosystem where all your spend data is unified and up-to-date for complete visibility. You can’t manage what you can’t see, especially if what you do see is disconnected and not sync'd. Learn how you can use our new API and Webhooks! https://lnkd.in/gRZExMd5

Another day in the life video! This week I filmed my 10 am meeting with a key stakeholder. We ended the meeting early because there wasn’t much to discuss! I claimed “time savings” for them and for me. Win-win! ************************************************ Is this hyperbole or truth? Probably some of both. Many procurement people I work with are willing and eager to help. Others embrace their self-appointed roles as making things as hard as possible. But most procurement professionals at some point (myself included) have purposely, or unintentionally, not provided the level of support our stakeholders needed. It’s true that resource constraints mean that’s it’s not always feasible to support every deal. Possible solution? 👉 Support where you can add the most value rather than based on a dollar amount. In some cases, that might mean bigger savings on a small deal, or doing the heavy lifting for a stakeholder who needs the support. In other cases, it can mean streamlining and / or automating the process so that a stakeholder doesn’t need to work with me but rather can just follow the process that I’ve helped to create. Regardless of the situation, when I do support them, I try really hard to ensure that stakeholders are always up to speed and armed with the latest information.   (There's lot of value here). If we reduce situations like this, our real and perceived value increases!

Gone are the simple days of software buying. One decision maker, one purchase order, done. ✍️ Jordana Greenberg, Tropic's VP of Solutions, explains that today's software purchases look more like a complex game of chess: 👉 #Procurement wants optimal pricing 👉 InfoSec demands bulletproof security 👉 IT needs perfect tech stack compatibility 👉 Finance requires clear ROI 👉 Legal scrutinizes every term And while juggling all these stakeholders feels overwhelming, the cost of getting it wrong is even higher. One missed security requirement or overlooked integration need can cascade into months of headaches. Understanding this new landscape isn't just about smoother purchases - it's about protecting your business from costly missteps and ensuring your tech investments actually deliver value. How are you adapting your buying process for this new reality?