Srm Supplier Relationship Management Definition

Supplier relationship management (SRM) is a strategic process that companies use to manage and improve relationships with their suppliers. The goal of SRM is to create value for the company by improving the quality, delivery, and cost of goods and services from suppliers.

SRM is a collaborative process that requires close communication and coordination between the company and its suppliers. SRM begins with supplier selection and qualification, and continues through performance management, contract management, and supplier development.

The benefits of SRM include improved quality, reduced costs, better customer service, and increased innovation. When done correctly, SRM can help companies build strong relationships with their suppliers that last for years.