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While new advancements in tech have been transforming how finance teams operate, vendor management has remained rife with manual work and inefficiencies. Finance teams are managing all their vendor data in spreadsheets and chasing down employees for contracts. As a result, businesses are at risk for missing renewal deadlines and spending too much on software.

Until now. Starting today, all customers will have access to Vendor Management with built-in software Price Intelligence.

"We’re over a hundred SaaS contracts across our business, so even paying 5 or 10% too much on a contract can add up really fast." - Susan Alexander, Contracts Director at Carpe Data

With a single, holistic view into your vendors, you’ll be able to automatically track every piece of data and discover pricing insights in one convenient place. Here at Ramp, we process over $1 billion per month in spend across 15,000 companies and believe in democratizing this data for the benefit of our users.

How to know if your vendor management is broken

The current state of vendor management is disorganized, with software pricing in a black box.

  1. You don’t have a single source of truth: Your vendor pricing terms, contracts, contact and payment details and tax information are all located in different systems or cloud storage with the critical details manually tracked in spreadsheets. This results in more time and energy spent sorting through endless records to get even basic questions answered about your vendors.
  2. You’re missing deadlines: It can also lead to missed contract renewal dates, which can result in either operational panic as your team scrambles to push spend sign-off through layers of approvals or an inability to properly forecast expenses and consequently overspend.
  3. It’s difficult to report on vendor spend: Having numerous sources of vendor transactions without the ability to filter by category or vendor owner can make it difficult for your team to have full visibility into spend and strategically use vendor spend data to discover ways to cut back in high-cost areas. This decentralized and complicated system can make gaining an up-to-date snapshot of your total spend both difficult and time-consuming.
  4. You’re overspending on SaaS: The high volume of software vendors paired with the fact that SaaS providers have notoriously opaque and complex pricing models makes it very difficult for your finance team to understand if they're getting a good deal or not, consequently leading to overspending. It can also result in your business entering a lengthy negotiations process they don’t have time for.
“Being armed with that benchmark data, that will ease the mental gymnastics I go through but more importantly, it will save our company real dollars.” - Michael Guiney, Director of Finance, Greynoise

How Ramp is eliminating vendor and pricing pain for our customers

With our newest capabilities, Ramp offers a better way to manage your vendors and make the most of every dollar:

  • Uncover spend insights: No more endlessly sorting through multiple data sources. Vendor Management automatically tracks transactions for every business you pay and provides a single dashboard view for all your vendor details and contracts so you can discover answers about your vendors quickly and easily, e.g.:

    How much have we spent on software the past 12 months?
    How much has each department spent the past 90 days?
    How many contracts do we have coming up for renewal?

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  • Discover the best price on software: Save money and uncover the true costs of software. Price Intelligence uses spend data provided by thousands of businesses and millions of Ramp transactions to benchmark your contract and compare pricing down to the cost-per-seat, so you always know if you’re getting a good deal.

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  • Instantly track contract details: Upload your vendor contracts, and Ramp uses AI to automatically extract every key detail into a vendor record for you, saving you a ton of time. You can also set up 30- or 60-day renewal reminders so you never get caught off guard.
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A better way to manage your vendors is here

With Vendor Management and Price Intelligence in Ramp, customers now have a single source of truth for all their vendor data, can uncover true software costs, and have access to added time saving functionality. See how our new features can benefit your business today. Sign up for Ramp.

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Former Group Product Manager, Ramp
Tong was a Group Product Manager at Ramp. Before Ramp, he started (and shut down) a fintech startup and put in his time as a software engineer. He’s passionate about building high-performance product teams that grow together, have fun, and elevate teammates around them.
Ramp is dedicated to helping businesses of all sizes make informed decisions. We adhere to strict editorial guidelines to ensure that our content meets and maintains our high standards.

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