Supply Relationship Management (SRM) is a comprehensive approach to managing and optimizing an organization’s interactions with external suppliers. It involves managing the relationships with various stakeholders, optimizing process flows, and leveraging technology to increase efficiency. SRM helps organizations reduce their operational costs, improve their collaboration capabilities, and ensure compliance with industry standards and regulations. Through strategic sourcing, enhanced negotiation, and continuous monitoring of supplier performance, SRM enables organizations to build strong and mutually beneficial partnerships with their suppliers.