Supplier Relationship Management Process: System, Tools and Types of Collaboration - AIMS UK

Supplier relationship management (SRM) is a systematic approach that organizations use to streamline their interactions and transactions with suppliers. By focusing on the optimization of supplier management, SRM aims to enhance the overall efficiency, quality, and performance of the supply chain. Supplier relationship management tools play a crucial role in supporting these efforts, offering functionalities such as supplier performance tracking, risk management, and communication facilitation. Understanding what is SRM involves recognizing different types of supply chain collaboration, which can range from simple transactional relationships to strategic partnerships aimed at mutual growth and innovation. As businesses increasingly seek to gain competitive advantages through improved supplier management, SRM has become an essential component in modern supply chain strategies.
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