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Guide to SRM13/10/2015
Blog, Practice guide
Having the right kind of relationship with your suppliers can lead to better cost analysis and market intelligence, and a more sophisticated sourcing strategy.
Without rigorous contract management and supplier relationship management (SRM), much of the original value from sourcing activity can disappear rapidly after the letting of new contracts. Considering the effort invested in gaining benefits from sourcing, it seems strange to let this value be eroded over time, rather than reinforce it and build greater value as the contracts progress and mature.
Procurers who are leaders in their field understand that professional contract management and SRM can deliver both incremental benefits and cement those already achieved.
Clearly then, as the authors of this guide point out, SRM is a critical business practice, and one that needs to be deeply integrated into the day-to-day activities of those charged with managing procurement and contract value.
Download this guide which sets out the key principles to achieve a successful SRM strategy. As well as suggesting which suppliers to concentrate on, it deals with the mechanisms to drive value for both buyer and supplier, enabling both to deliver innovations which give their businesses a real edge.