Procurement Basics: Supplier Relationship Management

Strategic SRM is an intentional process focusing on building and leveraging two-way relationships that are aimed at enhancing collaboration, fostering innovation, and driving competitive advantage. It enables the effective management of suppliers, so they can help the company be even more competitive in the market via better delivery/quality execution, faster services, new innovations, etc.

Supplier Relationship Management (SRM) includes the following:

• Coordinated planning and execution of all interactions with vendors;

• Methodical, company-wide assessment of the capabilities of suppliers;

• Analysis of which activities to perform with different vendors;

• The evaluation of expected value vs. actual value within supplier relationships.

As a former Chief Procurement Officer, I’ve spent a lot of time and energy managing supplier relationships over the years. In this course, I’ll share with you some advice based on that experience in order to help you become better at SRM.

I co-teach this course with my friend and fellow Procurement professional, Sean-Michael Callahan. We start by sharing our backgrounds so that you can better understand where our experience comes from. We don’t spend too long on this, however, because you know how to work LinkedIn and you can simply look us up there.

This course really begins with a solid Overview of Supplier Relationship Management. Then we take time to explain Why SRM Is Important, which can be extremely helpful if you ever find yourself having to justify your efforts in this area to a colleague or boss.

After that, we walk through the 6 Basic Steps To Implement An SRM Program, and then we discuss ways you can Maximize The Value Of SRM before we finish up with a quick summary.

Unlike other courses out there, our courses are not theoretical, they contain tons of real-life examples of Procurement in action.

I hope you enjoy the course. Feel free to reach out and connect on LinkedIn once you’re enrolled. I’d love to connect!

Cheers,

Nick

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