Benefits of Supplier Relationship Management (SRM)

 The modern business environment requires many different entities to guide products or services through their complete lifecycle until they reach customer ownership. Among these crucial players are our suppliers – the businesses that provide us with the materials, components, and services we need to operate and thrive.

The supplier relationship maintained for too many years was mainly transactional because it involved exchanging goods in exchange for payment. Modern companies understand that their current supplier relations system fails to extract maximum value from their supplier. They are embracing a more strategic and collaborative approach known as Supplier Relationship Management (SRM).


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