Jul 16, 2020

Top 10 Supplier Relationship Management (SRM) Strategies

SRM
supplier relationship management
Supply Chain
Sean Galea-Pace
4 min
They’re partners and the partnership shouldn’t just be based on financial transactions but on mutual trust and loyalty too.

Supplier relationship management (SRM) is a key component of vendor management where organisations segment their suppliers and determine important supply categories to create a strategy that manages all its suppliers and supplies efficiently. 

SRM consists of three key steps: supplier segmentation, supplier strategy development and supplier strategy execution. Fostering long-lasting and trusted relationships with dedicated suppliers should be the main aim of any business that seeks to succeed in the market. 

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