What is Supplier Relationship Management ?
PROCUREMENT
In order to be effective in SRM , “ trust , collaboration , coordination , and transparency are vital ingredients of supplier relationship management . Successful supplier relationships have a multiplier effect on extracting joint value for both parties and driving competing advantage ,” says Nitin Salvio Dsouza , Digital Supply Chain Lead for EMEA APAC , Publicis Sapient .
Agreeing with Dsouza that open , transparent , honest communications , alongside a willingness to collaborate is crucial to effective SRM , Brock sees technology being a great enabler for increasing the processes speed , such as automation for transactional procedures . “ It can make supply chains more transparent so businesses are less likely to be the victims of fraud or inadvertently finding slavery further down the supply chain . Businesses now have more data than ever before but don ’ t know how to use it . By harvesting supply chain data , businesses can find new markets or can be notified of any red flags that can increase risk for their operations ,” said Brock .
“ Technology is a key enabler of a successful SRM ,” added Dsouza . “ At Publicis Sapient , we work with leading retailers , designing and building tools based on supplier experience through the lifecycle ; from source to contract , contract to procurement and procurement to payment . We have developed next generation supplier relationship solutions that enable
What is Supplier Relationship Management ?
Supplier Relationship Management ( SRM ) a ‘ soft skill ’ for procurement and supply managers . The process involves a relationship formed between buyer and supplier that is subject to goods or services being purchased and supplied .
46 December 2021