The procurement evolution: achieving sustainable SRM
The need for Supplier Relationship Management (SRM) in large and mid-sized organisations is becoming essential to business success as supply chains incr...
The need for Supplier Relationship Management (SRM) in large and mid-sized organisations is becoming essential to business success as supply chains incr...
The need for Supplier Relationship Management (SRM) in large and mid-sized organisations is becoming essential to business success as supply chains increase in breadth and complexity. In order to achieve sustainable SRM there are three key elements that need to be in place:
Many organisations have recognised that technology is the enabler to achieving this level of strategic SRM. Our findings from research we conducted earlier this year with 100 UK senior procurement professionals placed SRM as procurement’s top priority for innovation. Many of these practitioners may already be using technology for sourcing and purchasing so it’s clear that SRM is being considered as the next natural place in technology’s role.
For those choosing not to embrace SRM software functionality, the use of manual processes to manage suppliers or a reliance on Excel spreadsheets can be difficult when scaled across a complex supply chain. As a result, multiple inconsistent views of how suppliers are being used and the processes to manage them are created, resulting in inefficient use of the supply chain and hampering the full use of its capabilities.
These manual processes can be successfully be undertaken by SRM software and it enables procurement teams to effectively manage contracts, build relationships with key suppliers and drive mutual benefits and risk reduction in one place through:
Each organisation has its own unique requirements when it comes to SRM. Whether the focus is on gaining better value from suppliers, driving innovation, reducing supply chain risk or simply automating existing SRM processes, the module can be adapted to support key objectives.
A level of transparency from one central platform puts you in complete control of your supply chain. Isn’t it time you moved to the next stage of procurement’s evolution?
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