aid: tropic-vocabulary
name: Tropic Vocabulary
description: >-
  Domain vocabulary for the Tropic intelligent procurement platform covering
  procurement lifecycle, supplier management, contract administration, and
  spend optimization terminology.
created: '2026-05-03'
modified: '2026-05-03'
tags:
  - Procurement
  - Contract Management
  - Spend Management
  - Supplier Management

terms:
  - term: Contract
    definition: >-
      A legally binding agreement between the organization and a supplier
      that defines terms, pricing, and duration of a service or purchase.
    tags:
      - Contracts
      - Legal

  - term: Supplier
    definition: >-
      A vendor or service provider that the organization has or may have a
      commercial relationship with. Also referred to as a vendor.
    tags:
      - Suppliers
      - Vendor Management

  - term: Procurement Request
    definition: >-
      A formal intake submission requesting approval to purchase a product
      or service from a supplier. Routes through the approval workflow.
    tags:
      - Requests
      - Approvals

  - term: Renewal Date
    definition: >-
      The date by which a contract must be reviewed and either renewed or
      cancelled. Used for tracking renewals proactively.
    tags:
      - Contracts
      - Renewals

  - term: Spend
    definition: >-
      Total monetary value committed to or spent with a supplier or across
      categories. Used for benchmarking and cost optimization.
    tags:
      - Spend Management
      - Finance

  - term: Webhook
    definition: >-
      An HTTP callback triggered when a specific event occurs in Tropic,
      enabling real-time integrations with external systems.
    tags:
      - Webhooks
      - Integrations

  - term: Benchmark
    definition: >-
      Market pricing data derived from aggregated deal data used to evaluate
      whether a contract price is competitive.
    tags:
      - Benchmarking
      - Cost Optimization

  - term: Shadow Spend
    definition: >-
      Unauthorized or undisclosed spend on software or services outside of
      the official procurement process.
    tags:
      - Spend Management
      - Compliance

  - term: SaaS Management
    definition: >-
      The practice of tracking, managing, and optimizing software-as-a-service
      subscriptions across an organization.
    tags:
      - SaaS Management

  - term: Intake
    definition: >-
      The process by which a purchase or renewal request enters the
      procurement workflow for review and approval.
    tags:
      - Requests
      - Workflow

  - term: Approval Workflow
    definition: >-
      A configurable sequence of review and sign-off steps that a procurement
      request must pass through before being authorized.
    tags:
      - Approvals
      - Workflow

  - term: Contract Lifecycle Management
    definition: >-
      The end-to-end process of creating, negotiating, executing, and
      renewing contracts with suppliers.
    abbreviation: CLM
    tags:
      - Contracts

  - term: Risk Rating
    definition: >-
      An assessment of a supplier's reliability, financial stability, and
      compliance posture. Values are low, medium, or high.
    tags:
      - Suppliers
      - Risk Management