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.
Recently, an honest procurement leader asked us the question: ‘What is SRM?’
I think this is a very relevant question, as there seems to be no consensus on what SRM really is. In my experience, you can ask ten CPOs this question and you would probably get ten different answers.