Supplier Information Management Definition
Supplier information management (SIM) is the process of gathering, storing, and managing information about an organization’s suppliers. This information can include supplier contact information, financial data, performance metrics, and other supplier-related documents.
The goal of SIM is to provide a centralized repository for all supplier information, which can then be used to streamline communication and collaboration with suppliers. Additionally, SIM can help reduce costs by providing visibility into spending patterns and helping to identify opportunities for cost savings.