Supplier Relationship Management (SRM) is a comprehensive approach to procurement managing and capturing the post contract value from key business relationships. SRM enables procurement to operate at a strategic level and by adopting a more collaborative approach and developing a closer relationship; this generates more value from the relationship in terms of innovation and efficiency. However, this does involve more time therefore assessment should be carried out as to whether the potential value is greater than the cost of the time required.
Frequent interactions and close relationships with suppliers can have a positive effect on the exchange and flow of information and knowledge, and thus can improve...
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As the world becomes increasingly more competitive, firms are seeking more innovative ways to create value and improve their levels of efficiency and effectiveness.
This CIPS paper aims to provide an awareness and level of understanding to the reader on the subject of supply chain management and networks.