SRM
Procurement
SRM (Supplier Relationship Management)
Supplier Relationship Management
Structured management of supplier performance, collaboration, risk and strategic development.
Examples
- 01Through SRM, the company holds quarterly meetings with its 20 strategic suppliers to review performance and joint projects.
- 02The buyer reviews SRM scorecards with quality, delivery and cost data before each meeting.
- 03An SRM action, such as joint cost reduction on a key part, gets an owner, deadline and measurable target.