Supplier Relationship Management (SRM)

Managing Suppliers Effectively

Supplier Relationship Management (SRM)

Find out how to manage your suppliers effectively.

© iStockphoto/MotoEd

Suppose that you've just taken over managing your department's suppliers.

There are many suppliers that you buy from. Some have large contracts, with clearly identified service levels, and with carefully defined responsibilities and commitments. Others have simpler agreements. And some of your supplies come from in-house providers.

Managing these suppliers is only part of your job, and you're not quite sure what you should do with each different one. You also don't have enough time to manage relationships with all of them. So, how can you find out which suppliers to devote more time to, to get best results?

In this article, we'll look at successful supplier relationship management. We'll see how you can categorize suppliers so that you can focus your efforts efficiently. We'll also discuss the different types of suppliers, and how to get the best from your relationship with each of them.

The Four Step Process

The way that you manage each of your suppliers depends on what you need them to deliver. You can use the steps below to understand your suppliers, and determine what you need to do with each of them:

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