Supplier Relationship Management (SRM) refers to interacting with third-party vendors that provide goods, materials, and services to the organization. It is easy to choose a supplier that is cost-effective and easy to work with, but maintaining that relationship is really difficult.

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How to Improve Supplier Relationship Management?

2. Supplier Relationship Management (SRM) refers to interacting with third-
party vendors that provide goods, materials, and services to the
organization. It is easy to choose a supplier that is cost-effective and easy
to work with, but maintaining that relationship is really difficult.
In the past few years, technology has improved due to which the supplier
management has also gone through a major transition over a global scale.
No matter what the company deals in, losing a good supplier might be a
big loss to the company. It has been well proved that enjoy a relationship
with a trusting supplier has many benefits.

3. Transparency is Necessary: At
last, the company must build a
credible partnership with suppliers.
There should be transparency
between them to make a clear set
of metrics.

4. Analyze the Problems: Understand
the root of the problem and do not
assume and believe in unspoken rules.
Miscommunication can increase friction
and affect the relationship negatively.
So, arrange supplier meetings and one
on one interaction frequently that may
fill the loopholes.

5. Acknowledge Mistakes: If there is
any variable factor that has affected
the strength of the relationship
between business and supplier,
immediately repair trust. In such cases,
it is better to put in unparalleled
efforts to refurbish the relations. Thus,
acknowledge your faults and accept
your follies.

6. Be Futuristic: It is essential to
gain the trust of suppliers. If the
supplier feels some genuine
prospects with the partnership,
they will commit. Buyers must also
commit and put serious resources
in action.

7. A strong relationship will help you navigate disagreements and issues. A
great supplier relationship offers a lot of benefits, and if you take the time
to get to know your suppliers, your organization would run smoothly.

8. Thank You
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