Structured Approach to Supplier Relationship Management (SRM): A Process-Driven Perspective
A structured SRM approach transforms procurement into a strategic function. This article outlines the process-driven perspective of Supplier Relationship Management (SRM), focusing on supplier categorization, governance frameworks, technology use, and performance analytics. With clearly defined processes, companies can enhance negotiation power, achieve cost efficiencies, and promote supplier accountability. This method is crucial for maintaining high service levels and innovation in today’s complex markets.