What is Supplier Relationship Management? (And Why it Matters)
Supplier relationship management (SRM) is far from another corporate buzzword that says a lot while accomplishing very little. Good SRM practices are actually essential for building a streamlined and reliable supply chain that delivers both stability and value in equal measure.
Getting the most out of your supplier relationship management processes requires a strong understanding of what SRM is and how it can apply to your business, as well as the tools available for SRM optimisation.
Supplier relationship management is a comprehensive approach to resource monitoring and supplier engagement, covering all elements of supplier relationship processes from procurement to continued project management.
SRM helps your business build strong and positive relationships with suppliers, and manage their contributions to your supply chain.
Supplier relationship management is often used to understand what is happening within your supply chain by monitoring supplier objectives and communications, as well as making sure suppliers are effectively onboarded. Good SRM experience leads to both the best standard of delivery for contracted services and a renewal of service at the end of their original tender — if that’s what your business desires, at least.
What does Supplier Relationship Management mean to you and your business? Leave your comments below, we'd love to hear from you.
Read more about Supplier Relationship Management and why it matters here