#SRM#Supplier Relationship Management#supply chain

Top 10 Supplier Relationship Management (SRM) Strategies

Supply Chain Digital looks at 10 key SRM Strategies businesses should be aware of.

|Jul 16|magazine1 min read

Supplier relationship management (SRM) is a key component of vendor management where organisations segment their suppliers and determine important supply categories to create a strategy that manages all its suppliers and supplies efficiently. 

SRM consists of three key steps: supplier segmentation, supplier strategy development and supplier strategy execution. Fostering long-lasting and trusted relationships with dedicated suppliers should be the main aim of any business that seeks to succeed in the market.