Supplier Relationship Management acts as a support structure for communication between supply chain management and procurement specialists. In order to manage and maximize the value of business relationships, SRM is a crucial procurement pillar.

For anything from product components to simple stationery, many firms rely on a variety of vendors. Differentiating the suppliers will help you to understand the potential and risks associated with onboarding each one.

There are certain elements of risk that must be avoided. However, once you are aware of the type of risk you are facing, you can create a proactive plan to interact with your suppliers in a way that will produce the best results. Consequently, it is crucial to implement a successful supplier sourcing strategy.

In this video, you will get to know the 8 unique Supplier Lifecycle Management phases and also how Strategic Sourcing Solution can help in Supplier Relationship Management?

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