What Does Business Relationship Management Mean?
Business relationship management (BRM) is a business methodology for defining, understanding and supporting a wide range of activities pertaining to receiving information and services and distributing them through several networks. The main focus is on online networks as the primary platform for conducting business relationships.
BRM is related to enterprise relationship management and customer relationship management.
Techopedia Explains Business Relationship Management
BRM aims to make different facets of business relationships both precise and quantifiable. An established BRM model will support:
- Development endeavors and strategic research of business
- Techniques and tools that implement the BRM principles
BRM enables all stakeholders to evaluate, leverage and develop high-value relationships all through the network. The two principal roles in business relationship management are the roles of providers and consumers of information. Business should have to engage in both the roles in varying capacities. The ultimate goal of the BRM process is to reach a point where the complicated business relationships can be transitioned to a transaction value, which is easily understandable.