Supplier relationship management is the strategic approach to manage all the enterprise relations with the suppliers, those suppliers which provide goods and services to an organization.
There are 3 main types of SRM
a: Transactional SRM
b: Strategic Alliance
c: Joint venture/ Partnership
Benefits of SRM are
a: cost reduction
b: improvement in product quality
c: rapid response from supplier in case of any emergency
d: competitive edge against competitor
e: streamline procurement process
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#supplychain #supplierrelationshipmanagement #typesofsrm
