Supplier Relationship Management (SRM) is a platform designed to reduce costs, optimize supplier processes and improve the collaboration between buyers and suppliers. It helps organizations to manage their supplier contracts, monitor performance and protect preferment status. SRM solutions are geared towards maximizing efficiency and performance while streamlining purchasing operations through comprehensive tools that monitor operational processes, spend management, product compliance and quality assurance. SRM enables businesses to gain better visibility into the supply chain, leading to improved decision-making, increased leverage with suppliers, streamlined procurement activities and enhanced supplier relations.