Supplier relationship management (SRM) is defined as the discipline of strategically planning for and managing all interactions with third party organizations that supply goods and/or services to an organization to maximize the value of those interactions.
In practice, SRM involves creating closer-knit, more collaborative relationships with key suppliers in order to uncover and realize new value while reducing the risk of failure. Indeed, in many fundamental ways, SRM is analogous to customer relationship management; just as companies engage in multiple interactions over time with their customers, so too do they interact with suppliers – negotiating contracts, purchasing, managing logistics and delivery, collaborating on product design and more.
What this means is that, at its heart, the goal of SRM is to streamline and improve processes between a buyer and its suppliers (the organizations that supply the goods and services), just as customer relationship management is intended to streamline and improve the processes between an enterprise and its customers.
SRM has become increasingly important as buyer-supplier networks become more globally-oriented and independent while companies rely more heavily on strategic suppliers. What’s more, SRM practices create a common frame of reference to enable effective communication between an enterprise and suppliers – and to measure supplier performance.
Companies such as iQuantum have been helping organizations manage all this through superior SRM tactics, assisting customers with achieving their goals while enhancing their process. For iQuantum, efficient and effective Software-as-a-Solution products that support the eProcurement process is what it’s all about, understanding clients’ needs while eliminating their pain and helping them achieve gains in operation using supplier relationship software.
So how do companies benefit by working with an organization like iQuantum? It starts and ends with iQuantum-SRM, which meets supplier goals by enabling users to manage a global supply chain, experience integrity in supplier data and information, simplify the supply base, manage certifications, communicate with suppliers and much, much more.
To learn more about everything iQuantum brings to the SRM game, visit www.iquantum.ai.