From the course: Supply Chain Beyond the Basics: Leveraging Supply Chain Information Systems

Unlock this course with a free trial

Join today to access over 24,700 courses taught by industry experts.

Supplier relationship management (SRM)

Supplier relationship management (SRM)

From the course: Supply Chain Beyond the Basics: Leveraging Supply Chain Information Systems

Start my 1-month free trial Buy for my team

Supplier relationship management (SRM)

“

- [Instructor] In today's global and interconnected supply chains, many suppliers aren't just vendors, they're strategic partners. The ability to collaborate effectively, monitor performance, and manage risks across your supplier network is really essential. That's where Supplier Relationship Management or SRM systems come in. SRM is a system or a set of tools that's designed to help organizations manage their interactions with suppliers more strategically. Instead of just focusing on transactions, like placing orders or managing invoices, SRM helps companies build stronger, more collaborative relationships with their key suppliers. Yes, at a basic level, SRM systems provide a centralized platform to store supplier information, like contracts, certifications, contact details, product catalogs, pricing, and more. But the real value comes from what the system does with that data. SRM systems track supplier performance using metrics like on-time delivery, quality, responsiveness, and…

Contents