Jul 16, 2020

Top 10 Supplier Relationship Management (SRM) Strategies

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.
Supply Chain Digital looks at 10 key SRM Strategies businesses should be aware of...

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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