What is Supplier Relationship Management?
The poet John Donne said No Business is an Island. It is a fact that success in business is defined by relationships. Each individual company sits in the middle of a chain of relationships between suppliers & customers, taking raw materials, products & services from one end to another by providing value to make profits.
The discipline of strategically planning for and managing all interactions with third party organizations are referred to as SRM or Supplier Relationship Management.
A positive relationship between vendors, suppliers & customers is the integral part of SRM, so that each can complement the other to build a cohesive partnership to run businesses.
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