We’ve discussed our dislike of the term Supplier Relationship Management (SRM) on Vizibl blog before. We reluctantly use the term because it’s the closest reference point to one part of the problem of that Vizibl solves for our customers.
But we feel that SRM, in it current iteration a least, neglects the huge potential that lies in supplier relationships. The very term itself Supplier Relationship MANAGEMENT suggests a one way flow of ideas where the supplier is very much subordinate to the buyer.
We believe that the true value in supplier relationships comes when both party work towards shared goals that benefit both parties. The infographic below spells out the differences between the way that we like to consider supplier relationships within the Vizibl ecosystem and the way that SRM is often looking upon in the broader procurement sphere. Click to enlarge.
To find out more about about collaborative relationships and engaging with your suppliers to create business value, download our latest white paper on Governance. It’s available for free using the link below.