Buying software can be complicated and expensive—especially for businesses with limited procurement resources.
That’s where Tropic comes in. In a commissioned Total Economic Impact™ study conducted on behalf of Tropic released this month, Forrester Consulting evaluated the potential benefits of using the end-to-end spend management platform, Tropic.
The results were considerable. Companies that used Tropic were able to negotiate lower prices with vendors and reduce their overall software spend. In total, a composite organization representative of interviewed customers saw a 400% return on investment, more than $76,000 total in productivity improvement, and more than $665,000 present value in SaaS contract savings over three years.
As organizations scale, they tend to lose visibility into their tech stack, which can result in unnecessary auto-renewals and difficulty negotiating vendor prices. By implementing a solution, like Tropic, companies can gain more visibility and control over software and other purchases, which can lead to significant cost savings.
Check out the full study here.