Supplier Relationship Management (SRM) is the strategic framework businesses use to manage and optimize their interactions with suppliers. At its core, SRM is about fostering long-term partnerships with key suppliers that deliver value beyond the traditional buyer-supplier relationship.

Supplier relationship management (SRM) is an umbrella term that is about deciding the level of intervention and the extent and nature of any relationship needed with suppliers. SRM focuses on joint growth and value creation with a limited number of key suppliers based on trust, open communication, empathy and a win-win orientation.