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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 ...
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.
The role or size of the third party is not as important as the nature of the relationship, the criticality of its activities, the level of access it has to sensitive data or property, and a company's accountability for inappropriate actions of its third parties.
Vertical collaboration is the collaboration when two or more organizations from different levels or stages in supply chain share their responsibilities, resources, and performance information to serve relatively similar end customers; while horizontal collaboration is an inter-organizational systemrelationship between two or more companies at ...
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 vendor management system (VMS) is an Internet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor. Typical features of a VMS application include order distribution ...
Supplier performance management (SPM) is a business practice which extends supplier evaluation, [1] and is used to measure, analyze, and manage the performance of a supplier in an effort to cut costs, alleviate risks, and drive continuous improvement. It is a function often associated with third party management. The ultimate intent is to ...
Outsourcing relationship management linking to external service providers In his 2004 book "The Outsourcing Revolution", [ 2 ] author Michael Corbett discusses the challenges of integrating two separate business entities (the client and the external service provider) across the different organizational boundaries and differing motivations and ...
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