Supplier Relationship Management

What Does Supplier Relationship Management Mean?

Supplier relationship management (SRM) is a process in business by which an organization systematizes its interactions with individuals or organizes the delivery of raw goods and services.

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SRM can be implemented through software, making it possible for organizations to effectively perform business transactions, request goods or services and automate the entire process
between the organization and its suppliers.

Techopedia Explains Supplier Relationship Management

As part of the overall supply chain management process, SRM is typically implemented as an enterprise software application, spreading to a set of departments such as marketing, production and others that have at least some interaction with the organization’s external suppliers.

SRM includes features such as supplier registration and management, the creation of documents such as a request for proposal (RFP) or request for information (RFI), the procurement of new products or services, managing a catalog, providing centralized management and, in most cases, providing remote access to third-party suppliers under a policy-based limited authorization mechanism.

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Margaret Rouse

Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical, business audience. Over the past twenty years her explanations have appeared on TechTarget websites and she's been cited as an authority in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine and Discovery Magazine.Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages. If you have a suggestion for a new definition or how to improve a technical explanation, please email Margaret or contact her…