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Tropic Glossary

Welcome to the Tropic Glossary – your go-to resource for all things procurement and finance. We break down the jargon, decode the acronyms, and bring clarity to the chaos of spend management. Whether you're brushing up on basics or diving into industry insights, our glossary has the answers. Dive in and discover the smarter side of spending!

Featured glossary

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.
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Procurement, in theory

What is Procurement? Definition, Types, and Process

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

Discover everything you need to know about SaaS spend management. Learn how to control costs, manage subscriptions, and optimize software usage with top tools and strategies.

Glossary items

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.
Tropic Logo

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.
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.
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

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