Supplier Relationship Management (SRM) models define the scope of an organization’s supplier relationships. These models outline expected performance levels and governance structures to ensure that both parties understand and agree on how the relationship will be managed. SRM models also enable organizations to proactively manage their supplier relationships; evaluate current performance; develop strategies for improvement; and set measurable goals. By aligning supplier objectives with business goals, SRM models can help organizations achieve greater cost-efficiency, improved quality, accelerated time-to-market, increased competitiveness and more.