Supplier Relationship Management (SRM) is an approach for engaging suppliers in a manner that promotes the priorities of the buying organization. It recognizes that not all suppliers are the same. It recognizes that treating some suppliers differently will improve the value of procurement to the business.
Supplier relationships happen in the real world. Many decisions are made as a result of the nature of the relationship between individuals and organisations. Communication is at the heart of all relationships, earning trust involves listening to their concerns and involving them in your processes and objectives.
By aligning with your suppliers and treating them as partners, both businesses will experience higher success rates, decreased risks, and enhanced collaboration and innovation.
Successful SRM delivers faster times to market, transactional efficiency, risk management, competitiveness and value to the business.
The key to successful SRM is having a system in place that makes it easy to view your suppliers, understand their capabilities for innovation, quality, reliability, and cost/price competitiveness. SRM technology that provides visibility into your supplier base helps you to see what is impacting your supply chain and makes it easier to mitigate risk.
Glooberry provides the first level of supplier visibility before you commit to purchase. Effective SRM supported by Glooberry can not only deliver big savings, but big opportunities.
Know your supplier.