Supplier Relationship Management (SRM) techniques are strategic developments in businesses that are focused on optimizing and effectively manage the connections between third-party companies that supply goods and services to the business.
Many procurement leaders have asked us how to plan and implement an effective SRM program. In this article we will present five key steps to ensure an effective SRM program is implemented.
One of the main priorities of many businesses is to build long-lasting supplier relationship based on trust and loyalty. However, this can be achieved only through a well-structured Supplier Relationship Management (SRM) process, which will establish a win-win relationship for both sides.
Carl Ras is a Danish family owned wholesale business, which is one of the largest suppliers of tools and fittings for professionals, institutions and industry in Denmark. Carl Ras has 16 wholesale centers, and now comprises more than 350 dedicated employees. Carl Ras wants to be the craftsmen preferred supplier. This requires their suppliers to deliver the right quantity at the right time every day.