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Supplier Relationship Management
Supplier Relationship Management (SRM): In contrast to CRM, SRM is not about the relationship between the company and its customers, but rather between the company and its suppliers. SRM refers to the planning and management of these relationships, which aim to create a close bond between the supplier and the company. Approaches from customer relationship management are used in the reverse direction of the supply chain. An SRM system is often used for this. This system stores and manages all supplier and purchasing data centrally. As a result, all employees have access to key information at all times.