Companies spend billions on software each year and the average business using Ramp is managing hundreds of subscriptions at once. We’ve heard software eating the world, but it’s eating up our customer’s budgets too. It’s become nearly impossible to keep track of every service that its workforce has purchased, making wasteful spending rampant at most companies where you may have five different subscriptions for the exact same service. We expect this problem to only increase as more people than ever work remotely, and adopt new tools to keep them productive and collaborative.
Ramp is here to help businesses regain control and implement critical vendor management best practices, while still empowering people to adopt the tools they need. Today, we’re excited to introduce Ramp Vendor Management, a new way to track and manage payments to all vendors across a company. With Ramp's Vendor Management platform, finance teams can:
- Get a birds eye view of all payments. Ramp will automatically identify and collect all vendors and contract owners in one place, notify when the next payment is due, and track how much has been spent with each vendor over time.
- Streamline purchasing. Ramp centralizes all requests and approvals for new vendors, eliminating "shadow IT" while empowering people to add the services they need in a simplified, controlled way.
- Eliminate wasted spend. On average, 38% of software licenses are inactive each month. Ramps makes it easy to spot any duplicate spending and set limits or rules around new vendors. We’ll even look for better deals with the vendors already in use, so businesses can save even more.
Tools that help people track and manage their subscriptions and recurring payments have long existed for individuals. Most are familiar with Mint, which helps people to keep an eye on recurring bills and subscriptions, so they can budget accordingly. We created Vendor Management because we believe businesses should be empowered with this same sense of transparency and simplicity, without needing to manage several different spreadsheets and services.
Ramp is excited to empower finance teams to cut down on spend by predicting the future. Vendor Management takes us one step further on our journey to be the only corporate card that actually strengthens a businesses finances. On average, a company with 100 employees that uses Ramp saves $15,000 a month today. We measure our success on our ability to increase this number over time, and we believe Vendor Management will be an important step in that direction!
If you’re a business that would like to get started with Ramp, sign up today.
“I assumed I would have to choose between speed and control. What I found is that you can have both. A well-designed system takes friction out, for the finance function and for everyone else.”
Justin Webster
CFO, Denver Broncos
“A well-run district should not have to choose between getting work done at the school site and keeping control of the dollars behind it. We're not hiring more people to do more jobs, so we have to be smarter about the process. With Ramp, the purchase, the receipt, and the record stay together from the start. ”
Nick Brizeno
Director of Purchasing, San Marcos Unified School District
“AI is moving faster than the finance context around it. Prices change, models change, and the value is not always obvious from an invoice. We needed enough detail to know which bets deserved more investment — and which ones did not.”
Greg Cooley
Controller, AngelList
“Invoices, cards, tokens. The categories change but the principle doesn't: know where the money is going, remove the work around it, and make sure the spend is worth it.”
Maciej Mylik. Finance
ElevenLabs
“There's just no surprises anymore. No more waiting two months to find out how a job did. We know how it's doing as it's happening.”
Erich Kuss
Financial Systems Manager, Infinity Home Services
“More token spend isn’t proof that AI is working. Less isn’t proof that it isn’t. What matters is whether we’re buying the right level of intelligence for the work. Ramp lets us make that judgment in the same place we manage every other type of spend.”
Cody Nutt
Senior Director of Business Systems, Daxko
“Most banks treat the back office as a cost to keep down. We treat ours as a return to compound, which is why we run it on Ramp. Now we put our clients on Ramp, too.”
Patrick Gaughen
President & COO, Hingham Institution for Savings
“Browserbase builds infrastructure so AI agents can do real work. Ramp is doing the same for finance. It’s not another tool. It’s a system purpose-built for AI-driven finance, and that’s why we chose Ramp as our financial operating system from day one.”
Paul Klein IV
Founder & CEO, Browserbase
