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Vendor relationship management (VRM) is a category of business activity made possible by software tools that aim to provide customers with both independence from vendors and better means for engaging with vendors. These same tools can also apply to individuals' relations with other institutions and organizations.
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Firms do not have to conduct critical activities to be considered a 'third party'; a cleaning services firm responsible for maintaining a company's office space is a third party as much as a primary supply-chain supplier. The role or size of the third party is not as important as the nature of the relationship, the criticality of its activities ...
supplier relationship management. Some CPOs are in charge of locating sources for supplies and services, and maintaining relations with suppliers and vendors. They usually negotiate with vendors to get the best prices and deals, utilizing the power of purchase and the economies of scale. Often they set up contracts between vendors and the company.
Allowing the retained organisation to focus on IT strategy, business relationship management, enterprise architecture, and governance. Having the ability to utilise suppliers who are either best-of-breed or specialists, experts in niche technologies, or who can bring individual strengths to specific service offerings.
Customer service management process Customer relationship management concerns the relationship between an organization and its customers. Customer service is the source of customer information. It also provides the customer with real-time information on scheduling and product availability through interfaces with the company's production and ...
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