Tropic: Looking Back at 2024

While companies pour tens of billions into technologies that drive top-line growth, only a tenth of that investment has gone toward improving bottom-line efficiency and profitability. Tropic was born to tackle the latter and empower finance, procurement, and IT teams with unparalleled visibility, control, and savings over their spend.

In 2024, we doubled down on our mission to turn technology into a buyer’s market. From enhancing our AI capabilities and integrations to advancing our intake-to-procure platform and launching our supplier intelligence suite, we introduced a smarter, more connected way for buyers to manage and reduce spend.

As we look back on last year, we’re proud of the milestones and are deeply thankful for the 500+ customers who trust Tropic to simplify procurement and drive business impact. Your success drives everything we do, and we’re honored to play a role in it.

Customer Results

Tropic’s total spend under management crossed the $10B dollar mark, doubling year-over-year. What we’re most proud of, however, are the significant time and cost savings buyers have achieved using our solution to date:

Helping businesses reclaim valuable time and drive substantial savings across their spend management process is at the heart of Buyer’s Paradise. What buyers were able to accomplish collectively with Tropic in 2024 alone was remarkable. 106,000 hours of time saved is equivalent to over 12 years!

Product Innovation

Enabling these results for buyers involved major product advancements in 2024. We unified three traditional point solutions – a system of record for contracts and spend, a process orchestration platform, and spend intelligence – in one user-friendly platform. This gives our customers seamless control of cost, data, process, and people in one screen.

We stitched together all these data sources and processes with an AI interaction layer so buyers can quickly access information, glean actionable spend insights, and initiate action from one screen. Below is a brief breakdown of the work we did to simplify procurement.

Partnered with Coupa and NetSuite

Through strategic partnerships with Coupa and NetSuite, customers streamlined their system of record and purchasing process. 

• By integrating with Coupa, buyers leveraged Tropic’s intuitive intake portal and spend intelligence to make informed sourcing decisions and streamline request creation, seamlessly converting these requests into Coupa purchase requisitions for a complete intake-to-pay experience.
• By integrating with NetSuite, buyers enhanced their ERP data with intelligent insights, enabling more detailed variance analysis and optimizing spend to stay within budget.

Released Supplier Intelligence

Tropic sits on $10B worth of unbiased supplier data–and we productized all of it into a self-serve solution called Supplier Intelligence to help buyers maximize their ROI from SaaS purchases.

Buyers accessed on-demand price benchmarks down to the SKU, supplier-specific negotiation strategies, and detailed insights to understand where there is room to push (and where there is not). The best part? Tropic AI ingests all this market data and surfaces actionable insights at the right time in the procurement process (more on that below).

Introduced AI Spend Management

As mentioned earlier, the most exciting part was combining a buyer’s system of record (spend, supplier, contract management, and utilization tracking), intake and process orchestration (automated workflows, third-party integrations, streamlined payments), and spend intelligence (negotiation playbooks, supplier data, price benchmarks) with an AI-powered layer.

By integrating spend data with spend intelligence to glean actionable insights and find savings opportunities, AI spend management helps busy teams make faster, more informed spend decisions. Buyers can quickly access key insights, gain pricing and contextualized negotiation intel, and initiate actions—all through a simple chat query.

Industry Love

For the second consecutive year, we’re grateful to be named among Spend Matters’ ‘50 Providers to Watch’ list, recognizing fast-growing companies driving innovation in procurement. It’s a testament to the continued impact Tropic is making in this industry.

And through customer reviews and overall sentiment, we’re extremely honored that G2 ranked Tropic as the top solution for Procurement Orchestration and an industry leader across other categories: SaaS Spend Management, Strategic Sourcing, Vendor Management, and Purchasing.

It’s motivating to know that we are making technology a buyer’s market. Building something special and useful for Finance, Procurement, and IT teams has been rewarding, especially during a monumental year of growth for Tropic.

But here’s the thing–we’ve only scratched the surface. The best is yet to come.

We couldn’t do any of this without the dedicated Tropic team and our supportive customers. Stay tuned for how we’re advancing spend management even further in 2025!