At a glance
As many business owners know, there is a strong link between a company’s purchasing and its profitability, with purchasing playing an important role in ensuring the efficiency and long-term competitiveness of a company. Because of this, the role of the buyer has changed. Sourcing parts and materials is only one side of it; there is also an increasing need to actively forge relationships with vendors. This is where supplier relationship management comes in, helping to structure and coordinate efficient relationships and processes between a company and its vendors. It ensures that all suppliers are closely integrated with the company and also supports purchasing throughout the entire procurement process.