Supplier Relationship Management
Companies who build effective relationships with their suppliers gain a competitive advantage that increases in time. Companies can collaborate with suppliers to decrease costs, increase flexibility, achieve high quality, and develop a variety of value-added services. The Supplier Relationship Management (SRM) framework, which covers all these areas, is a concept that requires more than sourcing and procurement. The main purpose of SRM, which turns procurement into a relationship management issue, is to keep the benefits of developing long-term relationships with suppliers and managing them effectively more than the savings gained by low price deals.
We support our clients by providing necessary guides, policies, processes, and expertise to manage supplier relationships effectively. Services offered by Deloitte include supplier segmentation, time allocation of supplier management, and focusing on key performance indicators (KPIs). Effective SRM is related to strategic sourcing and the restructuring of the procurement organization. Contract negotiations and continuous adherence to contracts are the key issues for effective SRM practices.