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Supplier relationship management (SRM)
Working with suppliers in an effective way to build and maintain relationships. After a supplier has been sourced, control within this newly established relationship is subject to SRM, to ensure the best possible advantages of a deal are delivered. Without appropriate SRM the value of a contract may degrade by up to 30% in the first year (based upon typical industry benchmarks; post contractual opportunities – reference data: Procurement Strategy Council).
See also:
Supply Chain
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