In today’s world, managing the supply base is about strengthening relationships that can make or break your business. Here are five secrets about SRM you need to know now to start cultivating meaningful supplier relationships:ġ. And the results are impressive: companies focused on SRM lead their peers five to one in terms of value derived from their supply base. Thankfully, there’s new technology out there that helps to automate and simplify the process, making it easy for you to make fast, informed decisions about your suppliers. In today’s global economy there are so many factors to consider when choosing and managing a supplier, that it can quickly become overwhelming. Gone are the days where simply managing spend and finding the best deal possible within your supply base is enough – or easy. Supplier relationship management (SRM) is undergoing a major transition.
