Tropic is a Buyer's Paradise

Tropic Glossary

This glossary defines key terms used across the Tropic platform, including product-specific language you’ll encounter in sourcing workflows, vendor management, contract reviews, and spend analysis. It’s designed to give finance, procurement, and cross-functional teams a shared understanding of how Tropic structures and automates procurement—from standard industry concepts to the unique ways we operationalize them within the product.

Featured glossary

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AI Prompts in Procurement: What They Are and How They Work

Learn how AI prompts work in procurement—from basic definitions to real use cases across sourcing, contracts, and vendor management. Understand where prompting fits into your workflow.

What is Spend Intelligence?

See how Tropic's Spend Intelligence helps teams cut costs, automate renewals, and gain full vendor visibility—backed by real customer success.

ai agents

Tropic’s AI-Powered Procurement Engine Explained

Tropic’s AI Procurement Agents are a proprietary suite of intelligent tools purpose-built to automate critical procurement workflows for modern finance teams.

Procurement, in theory

What is Procurement? Definition, Types, & Process

Procurement is the process through which organizations acquire the goods, services, or technology necessary to fulfill their operational needs.

Glossary items

workflow automation

Procurement Workflow Automation

Automate intake, approvals, and renewals with Tropic. Speed up procurement, reduce risk, and eliminate bottlenecks across your organization.

Money

Procurement vs. Purchasing

Learn the key differences between procurement and purchasing—and how strategic procurement drives visibility, savings, and supplier control.

reporting

Strategic Sourcing for the Digital Age: Moving Beyond Cost Savings

Master strategic sourcing with this comprehensive guide. Learn the key principles, step-by-step processes, and how Tropic helps finance and procurement teams excel in sourcing SaaS tools efficiently and intelligently.

coins

Total Cost of Ownership Explained: How to Reduce Costs and Maximize Value

Understand Total Cost of Ownership (TCO) and why it matters. Learn how to calculate TCO for SaaS, uncover hidden costs, and see how Tropic empowers teams to lower spend and maximize long-term value.

computer

The Complete Guide to Software Utilization & Usage

Learn how to optimize software utilization and usage to eliminate waste, reduce costs, and maximize value from your SaaS investments. Discover best practices and strategies for success.

a map!

Procurement Strategy: 5 Time-Saving Approaches for Modern Businesses

Discover 5 proven procurement strategies that save time, reduce costs, and drive growth. Download our free guide for implementation steps and case studies.

Computer screen with a cloud on it.

What is ERP in Accounting? Complete Guide to Enterprise Resource Planning

Learn what ERP (Enterprise Resource Planning) is, how it benefits businesses, key components, implementation best practices, and how Tropic can help you choose the right solution.

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The Complete Guide to Accounts Payable: Streamlining Financial Operations

Master accounts payable with our comprehensive guide. Learn processes, best practices, and automation strategies to transform AP into a strategic asset.

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Variance Analysis: A Comprehensive Guide for Finance and Procurement Professionals

Master software variance analysis to optimize budgets, track cloud costs, and improve financial forecasting. A comprehensive guide for tech finance teams

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Tail Spend Management: Unlocking Hidden Savings in Your Procurement Process

Optimize tail spend management with AI-driven tools, supplier consolidation, and strategic procurement. Reduce inefficiencies and unlock hidden savings.

Computer with a cloud on the screen

The Rise of Usage-Based Pricing Models: What Procurement Teams Need to Know

Discover how usage-based pricing is reshaping procurement, its benefits, challenges, and strategies to optimize software spend. Read the 2025 trends!

Coins being stacked.

Procurement Compliance

Learn how to build effective internal procurement compliance through clear policies, automated controls, and modern tools that protect your business and optimize spending.

Workflow example image

Intake-To-Procure

Learn what Intake-to-Procure (I2P) is, how it streamlines procurement, and how solutions like Tropic optimize spend, compliance, and efficiency.

Drawing of two dollar bills over a yellow background

SaaS Pricing Models Guide

Learn how procurement professionals can navigate SaaS pricing models to optimize costs, negotiate contracts, and drive smarter software spend decisions.

Cost Optimization

Cost Optimization

Learn how cost optimization helps businesses maximize value, streamline procurement, and improve spend management with actionable strategies and examples.

Procurement

What is a Procurement Specialist? And What Do They Do?

Learn what a procurement specialist does, how to become one, and how Tropic's platform transforms procurement with AI-driven tools in 2025.

Money on a yellow screen

CapEx vs. OpEx

Compare CapEx and OpEx to optimize financial strategy. Learn how these expenditure types impact cash flow, scalability, tax benefits, and procurement choices.

Reporting

Procurement KPIs

Discover 10 essential procurement KPIs to track and improve cost savings, efficiency, supplier performance, and compliance for optimal procurement outcomes.

Coins being stacked

Spend Management vs. Expense Management

Discover the key differences between spend management and expense management, their benefits, and trends shaping financial strategies in 2025.

Procurement

Procurement Orchestration

Learn about procurement orchestration, its benefits, and how Tropic, ranked #1 in procurement orchestration, transforms spend management and efficiency.

IT vendor mangement

IT Vendor Management

IT vendor management optimizes vendor relationships, ensures compliance, reduces risks, and enhances cost efficiency through strategic oversight and tools.

Procurement

Top Procurement Software Features

Discover which procurement software features finance departments need to optimize spending, streamline operations, and enhance vendor management.

What is a Purchase Order (PO)?

Discover everything about purchase orders (POs): their purpose, differences from invoices, how they work, and the various types to streamline procurement.

Trends

Cost Avoidance vs. Cost Savings

Learn the key differences between cost avoidance and cost savings, their impact, and how to calculate and optimize these strategies for business success.

A treasure map representing the procurement process.

Procurement Process

Discover the 6 key stages of the procurement process, from sourcing to scaling, to streamline purchasing, control costs, and maximize efficiency.

Signed contract

Contract Management

Discover the top contract management challenges businesses face and learn how to overcome them with effective strategies for better compliance and efficiency.

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Shadow Spend

Shadow IT can be considered a type of shadow spend when it involves unapproved or untracked spending on technology resources, especially software or SaaS subscriptions.

A drawing of signed contract with a pink background.

Contract Renewal Process

SaaS contract renewal is the process of extending a software subscription, allowing companies to reassess terms like pricing, features, and service levels to better meet evolving needs.

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What is Contract Negotiation? Process and Best Practices

Contract negotiation is the process where two or more parties discuss and agree upon the terms and conditions of a contract before finalizing it.

Drive savings and efficiency at any stage

Discover why hundreds of companies choose Tropic to gain visibility and control of their spend.

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