Supplier Relationship Management (SRM)
For smooth and successful business there is always a need to have healthy and constructive relationships with the suppliers, so the supply of raw material and other goods keep continue normally. Supplier Relationship Management helps individuals, businessmen and organizations to build and maintain such healthy relationships. Effective SRM is very crucial for Supply Chain Management and Business Processes Management.
In today's global economical era, there are a lot of things that need to be considered before finalizing a vendor/supplier for any organization/business. Supplier Relationship Management almost automates and simplifies this process.
Secrets and Benefits of Effective Supplier Management (SRM)
- Relationships needs more focus
- Change in expectations should not affect the relationship
- More coordinated relations bring Win-Win situations
- More opportunities, more business
- Use of Information Technology can simply most of things
- Let your supplier know that you are a good and trustworthy customer
- Keep vendors list short and enjoy more healthy relations
- Always be in contact with each other and don't let communication gap to disrupt mutual coordination and supply of goods