Supplier Relationship Management (SRM) is a critical component of managing supply chains that involves evaluating interactions between the company and its suppliers to determine whether the relationship is stable, secure, and benefiting both parties. Supply chains can be complex and varied, requiring understanding and insight to manage them effectively. With the average number of suppliers for a company sitting at between 200 and 300, it should be unsurprising that SRM technology is set to see an increase in adoption.
Supplier relationship management software solutions are used to facilitate and enhance the business relationships between companies and their suppliers. SRM solutions can help organizations to establish strong, mutually beneficial business relationships with suppliers.
We’ve put together a shortlist of some strong options for those interested in implementing a supplier relationship management solution. These solutions provide capabilities that work to unify and streamline the process of examining, evaluating, and making decisions about your suppliers and how you are working together.