Supplier Relationship Management Process is an organized approach to managing relationships with suppliers and understanding the impact of relationships on overall business success. The aim of SRM is to ensure a long-term collaborative relationship between supplier and buyer that enables both parties to maximize value through transparency, communication and trust. This process includes identifying key suppliers, evaluating current performance, setting goals and objectives, developing strategies for working together, monitoring progress and addressing any issues promptly. By utilizing the SRM process, businesses can benefit from improved quality, cost savings and mutual innovations that are necessary for competitive advantage in today’s marketplace.