Supplier Relationship Management (SRM) is the systematic process and approach a business takes to managing relationships with all of its suppliers that ensures all processes and interactions between the business and suppliers are effective and efficient.
What is Supplier Relationship Management, and what are best practices, tools and templates for teams and organizations?
Definition of Supplier Relationship Management
Description of Supplier Relationship Management
Through Supplier Relationship Management, businesses must identify the key activities it conducts with each supplier and then create a plan for executing them in the most organized and strategic way possible. Mapping out the lifecycle of the relationship helps to clarify the various stages the business goes through when interacting with each supplier, and reveals opportunities where greater value or efficiency can be achieved. SRM must provide a comprehensive approach for engaging with suppliers that have different business models and ways of operating, which can be accomplished by effectively segmenting the supply base. Overall, SRM programs should build out capabilities for efficiently processing inventory, promoting effective communication and collaboration with suppliers, and fostering innovation in supplier quality and meeting the needs of both the customer and suppliers.
Tools & Templates
Supplier Relationship Management tools and templates typically include business process mapping, online software, and other collaboration tools.
upBOARD's Online Supplier Relationship Management Tools & Templates
upBOARD’s online Supplier Relationship Management collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other operations best practice tools and templates including: 5 S System, Business Process Re-engineering, House of Quality, Huddle Boards, Just in Time (JIT), Kaizen, Kanban Boards, Lean Manufacturing, Outsourcing Decision-Matrix, RATER Model, Six Sigma, Supplier Relationship Management (SRM), Theory of Constraints (TOC), Total Quality Management (TQM), Value Stream Mapping, Zero Defects