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.
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.