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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

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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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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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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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.

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