SRM (Supplier Relationship Management)

Supplier Relationship Management (SRM) is a strategic approach that organizations use to manage interactions with their suppliers. It aims to build strong, mutually beneficial relationships to improve quality, reduce costs, and ensure reliable supply chains. By streamlining communication, tracking performance, and fostering collaboration, SRM helps companies optimize how they work with vendors, leading to better products, timely deliveries, and innovation. Essentially, it’s about managing supplier relationships proactively to create value for both parties and support the organization’s overall goals.