Facilitating Continuous Improvement Through the Cyclical Process of Supplier Relationship Management

SRM is a continuous process aimed at evolving supplier capabilities. The cyclical nature of the Supplier Relationship Management (SRM) process allows companies to monitor, review, and improve supplier performance over time. It involves setting targets, evaluating outcomes, and initiating improvement actions. This loop ensures suppliers are not only held to standards but also encouraged to enhance quality, cost-efficiency, and innovation. Continuous improvement through SRM boosts supply chain maturity and readiness for change. Companies benefit from fewer disruptions, better performance metrics, and a more agile procurement system. SRM makes supplier development a systematic, value-driven effort rather than a one-time initiative.