Tropic AI: Your New Partner for Smarter Spend Management

Spend management and procurement have a reputation: complex, disconnected, and about as exciting as a late-night spreadsheet marathon. But Tropic was built to change that. From day one, we set out to shine a light on the dark, hidden corners of spend data and purchasing, turning chaos into control, guesswork into intelligence. The new Tropic is more than an upgrade. Our AI solution is going to supercharge your spend management practices and bring true visibility, control, and intelligence to every dollar you spend.

In August, our CEO David Campbell previously shared a vision for Intelligent Spend Management that went beyond a simple software vendor. As he explained, spend management should be “a strategic partner” that evolves with your needs, not another tool for the tech stack.

Tropic AI is that vision in action; we’re taking Tropic’s Intelligent Spend Management further than ever, with a robust AI solution that meets finance, IT, and procurement leaders where they are today—and where they need to go next. Every feature we’ve developed has been guided by our customers’ and market feedback, helping us build a solution that’s intuitive, effective, and powerful​​.

Tropic AI is shining a light on the dark corners of spend management

Today’s announcement is the first phase of a larger AI evolution. We’re automating, integrating, and optimizing spend management to the point that it practically runs itself. Each part of the solution is designed to cut down manual work and put a spotlight on the insights that matter, turning spend data into a powerful, strategic asset rather than a daily hassle.

1. AI Assistant: Your 24/7 Procurement Pro

No more digging through files, emails, or endless spreadsheets for answers. Tropic’s AI Assistant is like having a procurement expert on speed dial.

Need to know if there’s an auto-renewal clause in a contract? Just ask. Looking for other supplier options? The AI Assistant will pull relevant insights and data right to you. Teams are already saving valuable time on data-gathering time with this tool, turning time-consuming tasks into a quick ask and answer​.

Initially, the AI Assistant will focus on requests, but in December, we’ll launch phase 2 - the Global AI Assistant - which will let you effortlessly access and interact with all supplier, contract, and request data in Tropic using natural language. 

You’ll be able to: 

• Interact with Supplier, Contract, and Request Data - all in one place 
• Kickoff and manage requests
• Enforce policy compliance
• Access pricing benchmarks and negotiation intelligence

2. Smarter Price Benchmarks: Real-Time Leverage

Negotiation strategies are only as good as the data backing them. Our enhanced Price Benchmarks provide the industry’s most comprehensive dataset. With more than 200 suppliers (and counting) available for instant price benchmarks (300% more than other databases), users can run price benchmarks down to the individual SKU for the most accurate and useful benchmark possible.

It’s simply not enough to have broad market price benchmarks, you need to know which SKUs are driving the price up, and where you have room to negotiate. Which is why we're helping you drill down to the details that make or break deals, so you can go into negotiations with a clear picture of where you stand, eliminating the guesswork. 

3. Negotiation Intelligence: Customized Insights for Powerful Strategy

Ever felt like your vendor knows more about your contract than you do? Tropic’s Negotiation Intelligence doesn’t just tell you the market rate—it delivers contract-specific, AI-driven insights tailored to your needs, embedded directly in the benchmarking process. Armed with relevant, real-time data, your team is no longer guessing in negotiations—they’re securing better terms with confidence and increasing average savings across the board. 

4. Shadow Spend Detection: Shining a Light on Rogue Software Costs

Shadow IT is more than an annoyance; it’s a costly issue, especially when security risks are on the line. Tropic now uncovers unauthorized software usage across your organization by tracking “Sign in with Google” logins. Behind the scenes, Tropic leverages AI to match the applications shown in Google with the related products in Tropic, including applications connected via Okta. This isn’t about micromanaging; it’s about visibility, security, and optimized spending. 

5. Supplier Mapping and Data Extraction: Better Visibility, Faster Processes

Mapping suppliers used to be a tedious process of manual data entry and endless ERP back-and-forth. Tropic’s AI Supplier Mapping and Data Extraction automates this entirely, saving hours and significantly improving accuracy. Imagine onboarding contracts in half the time, with fewer errors. That’s the power of AI in action​.

So, Why Does All This Matter?

Because the stakes in spend management have never been higher. Companies are doubling down on AI and analytics, with 98% of boards planning to maintain or ramp up their tech investments through 2025. And, Gartner expects investments in generative AI to increase from 11% in 2024 to 35% in 2027. It’s no surprise that means that the volume of procurement data will grow between 30-50% year-over-year. Managing and leveraging this data requires sophisticated solutions.

The message is clear: you can’t afford to be in the dark about your spending​​.

We’ve developed more than just another tool; Tropic’s new AI spend management solution is purpose-built to address the specific challenges of finance, IT, and procurement. We don’t just manage your spend data; we illuminate it—turning every contract, supplier, and dollar into a competitive and strategic advantage that puts you ahead.

The Future: What’s Next for Tropic?

This latest release marks a new era for Tropic, but we’re far from finished. As we continue to evolve our Tropic AI solution, we’re planning a series of enhancements that will continue to bring visibility and control to spend management.

Ready to see Tropic in action? All it takes is 5 minutes—dive into the new Tropic and experience the power of AI spend management. Because in today’s world, you’re either shining a light on your spend—or you’re operating in the dark.