Strategic Sourcing departments spend valuable time and resources in sourcing and negotiating best-in-class contracts with choice suppliers for their companies. To make the most of the value derived during the sourcing process, the next logical stage in the procurement process is managing supplier relationships to ensure greatest return on investments throughout the supplier lifecycle.
Supplier Relationship Management (SRM) provides for a consistent way of interacting and managing suppliers that promotes collaboration and continuous improvement from the supply base. A comprehensive SRM program can offset supply chain risk, enhance supplier services and support, maintain and improve upon the value acquired during original sourcing event, and even increase top-line revenue growth.
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