SRM (Supplier Relationship Management)

Supplier Relationship Management (SRM) is an official business process used by organizations to improve the relationship between a buyer and its suppliers. It focuses on creating better relationships between buyers and suppliers that result in increased business performance, improved quality of goods and services, satisfaction in supplier partnerships, and cost savings for the organization. SRM is a critical part of any successful procurement strategy since it helps manage vendor relationships, enabling companies to maximize value from their vendors. This is achieved through enhanced communication, collaboration, and trust between buyers and suppliers.