Supplier Relationship Management

Supplier Relationship Management (SRM) is the practice of developing and managing partnerships with suppliers to enhance mutual value. In sourcing and supplier management, SRM involves assessing suppliers' performance, fostering collaboration, and ensuring consistent communication. By building strong relationships, companies can improve the quality of products, negotiate better terms, and increase innovation. This strategic approach helps businesses become more efficient and responsive to market changes while ensuring that suppliers understand their needs and expectations. Ultimately, effective SRM leads to more successful partnerships and better overall business outcomes.