Buyer-Supplier Relationship Management

Buyer-Supplier Relationship Management (BSRM) is the strategic approach companies use to manage and optimize their interactions with suppliers. It involves building strong, collaborative relationships to ensure the consistent quality of products or services, negotiate fair terms, and foster trust. Effective BSRM helps reduce costs, improve supply chain efficiency, and adapt to changing market needs. By maintaining open communication and mutual understanding, both buyers and suppliers can work together to achieve shared goals, enhance innovation, and secure a competitive advantage in the marketplace.