Tropic launched Purchase Prep, an AI-powered solution that automates software renewal preparation.
"Finance and procurement teams are overwhelmed with SaaS renewals, especially in the age of AI where there are more point-solutions than ever, while vendors hold every advantage - usage data, market intelligence, and auto-renewal clauses designed to avoid pushback," says Russell Lester, president and CFO of Tropic. "Purchase Prep flips this dynamic by serving up everything needed to negotiate from a place of strength, delivered ready for immediate action."
Key takeaways:
· The average company handles between 200-600 software renewals per year — in most cases, more than one every business day — yet lacks the bandwidth, and sometimes the procurement expertise, to effectively negotiate these contracts, resulting in millions of dollars in avoidable costs. The Purchase Prep Assistant addresses a critical blind spot in spending.
· Tropic’s Purchase Prep Assistant automatically identifies which contracts merit negotiation, benchmarks pricing against Tropic's $15 billion-plus spend database, surfaces compliance gaps, and delivers supplier-specific negotiation tactics proven across thousands of customer engagements.
- This solution identifies the renewals worth negotiating based on savings potential and contract terms, then compares pricing against Tropic’s 15 billion-plus in spend database, flagging contracts where customers pay above market rates.
- Purchase Prep also provides network intelligence with vendor-specific tactics; automatically scans contracts to extract critical terms, identify auto-renewal traps, and flag compliance gaps against organizational policies; and surveys stakeholders understanding business criticality, satisfaction, and actual adoption.
