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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 ...
A more restrictive definition of "spend under management" includes only expenditure which makes use of preferred supplier contracts and negotiated payment rates and terms. [ 55 ] Consultants A.T. Kearney have developed a model for assessing the performance of a procurement organisation or the procurement function within a wider organisation ...
Supplier relationship management (SRM): suppliers, orders, payments. Data services: various "self-service" interfaces for customers, suppliers or employees; Management of school and educational institutes. Contract Management: creating, monitoring, and managing contracts, reducing administrative burdens and minimising legal risks.
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.
A chief procurement officer and their department will often be responsible for: ensuring that goods and services are promptly delivered; making sure that vendors are paid in a timely manner; supplier relationship management. Some CPOs are in charge of locating sources for supplies and services, and maintaining relations with suppliers and vendors.
The Supplier Relationship Management (SRM) certificate program is self-paced and offers several trainings from supplier relationship management to propelling continuous movement through the supply chain. The program is geared towards all levels of professionals working in the management of supply chain and procurement. [13]
The term is often used interchangeably with category management. It is generally considered as one aspect of the procurement management toolkit, and frequently used in combination with other tools – such as 'two-by-four-box' analysis, looking at the strategic positioning of that commodity with respect to an organisation and its supplier.
Category management is an approach to the organisation of purchasing within a business organisation, also often referred to as procurement.Applying category management to purchasing activity benefits organisations by providing an approach to reduce the cost of buying goods and services, reduce risk in the supply chain, increase overall value from the supply base and gain access to more ...