Supplier relationship management (SRM) is the process of dealing with and managing third-party suppliers who supply your company with raw materials, goods, and services. To optimize the value of the business relationship, you pick suppliers that are both cost-effective and operate in strategic locations.
Although simple it may sound, it's far more intricate than that. Because of technological advancements and the global scope of the economy, supplier management has seen a significant transformation in recent years. As a result, finding the best supplier from many options is challenging, but applying innovative ideas to optimize your supplier management system can help.
