Supplier Relationship Management (SRM) is a strategic approach to managing interactions and partnerships with suppliers to maximize value, improve collaboration, and reduce risks. SRM involves selecting, evaluating, and continuously monitoring suppliers to ensure quality, delivery performance, and cost-effectiveness.Strong SRM practices facilitate better communication, joint problem-solving, and alignment of supply chain goals. By fostering trust and transparency, SRM helps companies optimize inventory levels, improve lead times, and enhance overall supply chain resilience.
