A truly effective framework for Supplier Relationship Management
Effective supplier relationship management often extends only to the very top tier of suppliers, and even then is typically handled by multiple stakeholders with little or no consistency of approach and measurement. Wax Digital web3 SRM provides an intuitive toolset to deliver a comprehensive supplier management programme, automating and centralising processes to allow good practice to be applied right across your supply chain.
Supplier Relationship Management benefits
“A successful SRM deployment leads to greater business control and improved supplier performance. Effective SRM requires stratification of suppliers, establishing a clear supplier engagement model, and deploying a process to effectively measure and manage supplier relationships.”
Jurgita Andrijauskaite, eProcurement Consultant, Wax Digital
What is Supplier Relationship Management / What is SRM
What is SRM? New to the term Supplier Relationship Management, also known as SRM, or need to refresh your memory? Here’s our explanation of SRM software.
Supplier Relationship Management, abbreviated to SRM, is the practice used by buying organisations to strategically plan and manage all supplier interactions. The purpose of SRM is to identify and manage exposure to supply chain risk, improve supplier performance and communication, develop mutual benefits and drive compliance across the entire supply chain. Using key metrics such as value of trade, scarcity of supply and impact on operations, organisations can comprehensively segment suppliers into a tier system based on their criticality to business operations. Each tier indicates the degree of active relationship management that is required to develop collaborative relationships with suppliers to drive better value and competitive advantage.
SRM software provides a toolset, including meetings management, surveys and questionnaires and scorecards that collate and assess responses from supplier repository data, to help organisations gain detailed insight in order to deliver a comprehensive supplier management programme.
More ways we can help
Supplier Information Management
Our online hub allows suppliers to self-serve with onboarding information, and submit mandatory certifications and documentation. Supported by automated milestone and alert management.
Source to Contract
Our powerful platform that’s ideal for the construction sector, delivering strategic sourcing success, including eTenders and eAuctions, Contract Management and Savings Tracker.
Integrated Source to Pay
Maximise efficiencies, savings and spend visibility throughout the entire procurement lifecycle while integrating seamlessly with back-office, finance and ERP systems.