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.
“Our previous bill pay process probably took a good 10 hours per AP batch. Now it just takes a couple of minutes between getting an invoice entered, approved, and processed.”
Jason Hershey
VP of Finance and Accounting, Hospital Association of Oregon
“When looking for a procure-to-pay solution we wanted to make everyone’s life easier. We wanted a one-click type of solution, and that’s what we’ve achieved with Ramp.”
Mandy Mobley
Finance Invoice & Expense Coordinator, Crossings Community Church
“We no longer have to comb through expense records for the whole month — having everything in one spot has been really convenient. Ramp's made things more streamlined and easy for us to stay on top of. It's been a night and day difference.”
Fahem Islam
Accounting Associate, Snapdocs
“It's great to be able to park our operating cash in the Ramp Business Account where it earns an actual return and then also pay the bills from that account to maximize float.”
Mike Rizzo
Accounting Manager, MakeStickers
“The practice managers love Ramp, it allows them to keep some agency for paying practice expenses. They like that they can instantaneously attach receipts at the time of transaction, and that they can text back-and-forth with the automated system. We've gotten a lot of good feedback from users.”
Greg Finn
Director of FP&A, Align ENTA
“The reason I've been such a super fan of Ramp is the product velocity. Not only is it incredibly beneficial to the user, it’s also something that gives me confidence in your ability to continue to pull away from other products.”
Tyler Bliha
CEO, Abode
“Switching to Ramp for Bill Pay saved us not only time but also a significant amount of money. Our previous AP automation tool cost us around $40,000 per year, and it wasn’t even working properly. Ramp is far more functional, and we’re getting the benefits at a fraction of the cost.”
Frank Byers
Controller, The Second City
