How do you integrate SRM with other procurement processes and systems?
Supplier relationship management (SRM) is the strategic approach to managing your interactions with the suppliers that provide goods and services to your organization. It aims to create value, reduce risks, and improve performance for both parties. But how do you integrate SRM with other procurement processes and systems? Here are some tips to help you align your SRM strategy with your procurement goals and operations.
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Develop an integration plan:An effective approach involves creating a detailed plan that bridges current procurement practices with the desired Supplier Relationship Management (SRM) outcomes. This means setting clear goals, assigning roles, and managing change thoughtfully.
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Align procurement processes:To integrate SRM effectively, ensure your buying procedures reflect SRM principles. This might mean tweaking how you source, contract, and manage supplier relationships to drive efficiency and innovation.