Supplier relationship management (SRM) is the discipline of strategically planning for, and managing, all interactions with third-party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions.
In practice, SRM entails creating closer, more collaborative relationships with key suppliers in order to uncover and realize the new value and reduce the risk of failure.
Supplier relationship management is the systematic, enterprise-wide assessment of suppliers’ assets and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship lifecycle, to maximize the value realized through those interactions.
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The focus of SRM is to develop two-way, mutually beneficial relationships with strategic supply partners to deliver greater levels of innovation and competitive advantage that could be achieved by operating independently or through a traditional, transactional purchasing arrangement.
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