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What is Supplier Relationship Management?

Supplier relationship management refers to managing an organization’s interaction with third-party organizations with the purpose of maximizing profitability and streamlining business processes. The main idea behind SRM is to create more closer and cooperative relationships in order to reach the optimum value and eradicate risks. Thus, building and maintaining a good and positive relationship with the suppliers is not only important for smooth flow of work but also affects the performance of the organization.

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