"Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy [...] to maximize the value realized through those interactions."
Identifying and selecting suppliers, negotiating contracts, and managing supplier relationships in terms of cost, quality, and delivery.
Procurement process: The step-by-step process for acquiring goods or services.
Sourcing strategies: The different approaches to finding and selecting suppliers.
Supplier evaluation and selection: The criteria used for assessing potential suppliers and making a decision.
Contract management: Ensuring that the terms and conditions of the agreement are being met by both parties.
Negotiation skills: The art of reaching a mutually beneficial agreement between buyer and seller.
Supplier relationship management: Maintaining positive relationships with suppliers to ensure long-term success.
Supply chain risk management: Identifying and mitigating risks that can impact the supply chain.
Inventory management: Maintaining optimal levels of inventory to meet customer demand.
Cost management: Controlling costs throughout the procurement and supply chain process.
Sustainability in procurement: Considering the social, environmental, and economic impact of purchasing decisions.
Direct procurement: Procurement of materials, goods or services that are directly required for the production of goods or services provided by an organization.
Indirect procurement: Procurement of goods or services that are not directly used in the production process but are required for the smooth functioning of the organization.
Global procurement: Procurement of goods or services from suppliers located in different countries.
E-procurement: Managing procurement processes using electronic or digital systems, including purchasing online, e-auctions, and e-tendering.
Spend management: Financial control and optimization of procurement spend, including budgeting, forecasting, and analysis of spending patterns.
Supplier relationship management: Managing relationships with suppliers to ensure that they meet the organization’s needs and deliver goods and services on time, at the right quality and cost.
Contract management: The process of creating, reviewing, and managing contracts with suppliers.
Category management: Categorization of goods and services for effective procurement, based on their attributes, use, and importance to the organization.
Reverse auction: An auction where the roles of buyer and seller are reversed, with suppliers bidding to provide goods and services to the buyer.
Outsourcing: Procuring goods or services from external suppliers instead of performing them in-house.
Co-sourcing: Sharing procurement and sourcing responsibilities with external partners, often used to supplement internal resources or expertise.
Strategic procurement: Applying strategic planning to procurement processes to ensure alignment with organizational goals and objectives.
Tactical procurement: The operational processes of procurement, people, and technology management, including purchasing, contracting, and supplier performance management.
Green procurement: Procurement of environmentally sustainable goods or services.
Supplier diversity: Procurement of goods or services from a diverse range of suppliers based on criteria such as gender, race, ethnicity, and location.
"The focus of supplier relationship management is the development of two-way, mutually beneficial relationships with strategic supply partners."
"Underpinning disciplines which support effective SRM include supplier information management, compliance, risk management, and performance management."
"The objective of SRM is to maximize the value of those interactions."
"In practice, SRM entails creating closer, more collaborative relationships with key suppliers in order to uncover and realize new value and reduce risk of failure."
"SRM is a critical discipline in procurement and supply chain management and is crucial for business success."
"SRM is analogous to customer relationship management (CRM)."
"These various interactions with suppliers are not discrete and independent – instead, they are accurately and usefully thought of as comprising a relationship."
"Negotiating contracts, purchasing, managing logistics and delivery, collaborating on product design, etc."
"To maximize the value realized through those interactions."
"Deliver greater levels of innovation and competitive advantage than could be achieved by operating independently or through a traditional, transactional purchasing arrangement."
"Assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy."
"Underpinning disciplines which support effective SRM include supplier information management, compliance, risk management, and performance management."
"Planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle."
"The development of two-way, mutually beneficial relationships with strategic supply partners."
"SRM is a critical discipline in procurement and supply chain management."
"Managed in a coordinated fashion across functional and business unit touch-points, and throughout the relationship life-cycle."
"A recognition that these various interactions with suppliers are not discrete and independent."
"Creating closer, more collaborative relationships with key suppliers [...] to reduce risk of failure."
"Underpinning disciplines which support effective SRM include supplier information management, compliance, risk management, and performance management."