SRM Defined
Supplier relationship management (SRM) is a comprehensive approach to managing an enterprise’s interactions with the organizations that supply the goods and services the enterprise uses. The goal of SRM is to streamline and make more effective the processes between an enterprise and its suppliers. SRM is often associated with automating procure-to-pay business processes, evaluating supplier performance, and exchange information with suppliers. An e-procurement system is often an example of an SRM family of applications.
Benefits of SRM Software
Components of SRM System
SRM systems have multiple components that can be transactional or analytic.