Cision PR Newswire

Company evolves its business model, delivering an AI spend management solution that centralizes processes and insights to help organizations navigate complexity and achieve over $300 million in savings.

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Tropic is reshaping spend management with an AI solution that puts actionable, proprietary data in the hands of organizations by removing the time-consuming hassle of navigating scattered data across systems. By unifying and harnessing spend data, Tropic democratizes spend management, empowering finance, procurement, and IT teams to identify waste, reduce costs, and drive streamlined growth—all while addressing resource and compliance demands.

This news comes on the heels of a banner year for Tropic. Since launching its first-ever technology offering in late 2023, the organization has grown exponentially. It doubled its software revenue year-over-year, is now serving over 500 customers like Zapier, Plaid and Notion and has more than $10 billion in spend under management. To keep up with this incredible growth, in the last year Tropic has also expanded its world-class leadership team with the appointments of Russell Lester to CFO, Liesl Geier to CMO and Maya Connet to Vice President of Global Sales.

Organizations today face unprecedented challenges managing spend - accelerated digital transformation, a competitive race to AI, and economic uncertainty. In this perfect storm, effective spend management has become essential, providing the control needed to drive sustainable growth. However traditional spend management, aimed to drive efficiency, often adds its own layer of complexity. It often requires multiple tools that create data silos and complicates workflows, creating more challenges for already resource-strapped teams.

This is why an AI-driven approach is critical - one that unifies people, process, and intelligence to solve complex problems with a simple customer experience. Recent data shows that 71% of procurement leaders see AI and robotic processing automation as essential for achieving greater efficiency, with 90% of procurement functions expected to adopt advanced digital technologies by 2027. By working with existing technology, Tropic streamlines processes, removes silos, and makes everyone's job easier, so organizations can focus on tackling today's challenges.

"In the past, spend management meant adapting to multiple systems and tools, demanding more effort from teams than it should. That script needs to be flipped —your technology should learn how to work with you, not the other way around, reducing friction and truly simplifying the process for busy teams. Organizations need more than just tools; they need a strategic partner," said David Campbell, CEO and Cofounder of Tropic. "Our approach turns that complexity into clarity, giving businesses the leverage and insights they need to make smarter decisions and stay ahead in today's volatile market. Our solution is not just about controlling costs—it's about driving growth and turning spend into a competitive advantage."

A Solution for Today's Challenges

Tropic's AI solution serves as an insights and interaction layer - where you can centralize data and process tools and run your function from one screen. This approach brings critical information to the surface, extracting much more value from systems like ERP and CLM by bringing them into a single view. However, ease of use is only part of the challenge finance leaders are facing. The other headwind is access to information, something Tropic solves immediately by giving everyone access to its aggregate data set with easy tools for leveraging it. Tropic enables businesses to optimize price and process on every purchase, maximizing resources and securing better deals through:

• Always-on Operations – Tropic's AI automates the manual tasks that slow teams down, delivering insights across systems to reduce inefficiencies and create value.
• Unified Orchestration – Tropic automates the purchasing process, by seamlessly integrating across systems, enabling true unified orchestration while giving users access to comprehensive spend data from a single interface, and consolidating all workflows for optimal efficiency.
• Intelligent Purchasing – Drawing from a vast intelligence pool of contract and pricing insights, Tropic's solution empowers users to achieve optimal pricing and strategic purchasing decisions.

"We struggled for years to access the right data. At one point, we lacked data; now, there's too much, and it's overwhelming to manage," said Derek Deschene, Director, Financial Planning & Analysis at StarCompliance. "Tropic's new AI solution changes everything for finance leaders. It brings data together, simplifies complex tasks, and provides instant, actionable insights. It's not just a time and money saver—it empowers our team to make smarter, faster decisions with real impact. It feels like having a partner that truly understands our challenges and keeps us ahead."

Scaling Smarter, Starting Today

Today's announcement is the first phase of a larger AI evolution, designed to meet the market's need for a unified, efficient solution that tackles the complex challenges of spend management head-on. This initial release brings together the tools teams need to do their jobs better and faster, without disrupting existing tech setups or requiring more resources.

New capabilities available today:

• AI Request Assistant is a conversational AI tool for on-demand access to key insights, enabling faster decision-making.
• Enhanced Price Benchmarks handles complex supplier pricing models better than any alternative so your benchmarks are more accurate and useful for negotiations.
• AI Negotiation Intelligence uses the power of AI to deliver customized supplier negotiation strategies for your situation.
• AI-enhanced Shadow Spend Detection identifies shadow IT to reduce IT security risk and uncover potential savings.
• AI-powered Supplier Mapping unifies supplier data from multiple sources, helping companies get a complete view of their supplier landscape.
• Automated Data Extraction reduces the Tropic onboarding time exponentially while maintaining data accuracy.

Next month, Tropic will introduce its AI Global Assistant, an intuitive assistant that lets you interact with your spend and procurement data using everyday language:

• Effortlessly interact with supplier, contract, and request data through natural language queries; filter tables and dive into specific details on suppliers, contracts, and requests.
• Easily initiate new purchase or renewal requests, through one unified interface.
• Instantly access supplier insights, price benchmarks, and negotiation guidance within the context of specific suppliers, contracts, or requests.
• Ensure contracts and requests align with procurement policies and preferences by validating documents and requests against set criteria.

Additional Resources:

• Read more about the new Tropic AI on our blog
• See Tropic AI in action with a 5 minute demo

About Tropic:

Tropic is an AI spend management solution that gives finance and procurement leaders complete control over their spending, operations, and data — solving critical finance challenges in one intelligent dashboard. By automating manual tasks, integrating seamlessly with existing systems, and providing data-backed intelligence from hundreds of thousands of transactions, Tropic's solution helps organizations spend smarter and grow faster. Trusted by over 500 customers with $10B in managed spend, Tropic transforms how organizations approach technology procurement, ensuring informed decisions that eliminate waste, mitigate risk, and save money. To learn more about Tropic, connect with us on LinkedIn or visit tropicapp.io.

Contact:
Elissa Walters
Director of Communications, Tropic
elissa@tropicapp.io

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/tropic-elevates-spend-management-with-a-unifying-ai-solution-that-delivers-control-visibility-and-cost-savings-302304245.html

SOURCE Tropic