{"id":7846,"date":"2023-08-22T21:38:24","date_gmt":"2023-08-22T21:38:24","guid":{"rendered":"https:\/\/durolabs.co\/?p=7846"},"modified":"2024-07-04T19:44:09","modified_gmt":"2024-07-04T19:44:09","slug":"supplier-relationship-management","status":"publish","type":"post","link":"https:\/\/durolabs.co\/blog\/supplier-relationship-management\/","title":{"rendered":"Supplier relationship management: Process, tips, and benefits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7846\" class=\"elementor elementor-7846\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-61fed2f8 posts-inner-container e-flex e-con-boxed e-con e-child\" data-id=\"61fed2f8\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-35ad9036 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"35ad9036\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Establishing relationships with external suppliers and vendors can be challenging. It\u2019s common to face differing priorities, miscommunications, limited information sharing, and supply chain disruptions, among other things.<\/p><p>However, there are ways to improve vendor engagement, and one of them is through strategic supplier relationship management (SRM). With SRM, your company can improve performance and relate better to your suppliers.<\/p><p>Below, we\u2019ll explore the benefits of SRM, including the goals, process, and valuable insights that will help strengthen your internal and external relationships.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-449d764f post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"449d764f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is supplier relationship management (SRM)?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-487befcd post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"487befcd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>SRM is a strategic approach to fostering a mutually beneficial relationship with your suppliers in order to develop and then maintaining the relationship over the long term. It helps organizations streamline their supply chain, enhance supplier performance, reduce costs and manage risks. Additionally, SRM promotes\u00a0continuous improvement within the supply network \u2014 ultimately, improving your bottom line.<\/p><p>Key elements of SRM include:<\/p><ul><li aria-level=\"1\">Supplier evaluation and selection<\/li><li aria-level=\"1\">Contract negotiation and management<\/li><li aria-level=\"1\">Performance monitoring and measurement<\/li><li aria-level=\"1\"><a href=\"https:\/\/taulia.com\/resources\/blog\/managing-supplier-risk\/\" target=\"_blank\" rel=\"noopener\">Risk assessment<\/a>\u00a0and mitigation initiatives<\/li><li aria-level=\"1\">Ongoing communication and collaboration with suppliers<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9481669 post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"9481669\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Understanding the SRM process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14fffff5 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"14fffff5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Now that we\u2019ve defined SRM as a whole and the goals that should shape your SRM program, you may be wondering, \u201cHow exactly can I form better relationships with suppliers?\u201d<\/p><p>While needs will vary between organizations, standardizing the process into the following steps is a great way to start.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-395c0ffc elementor-widget elementor-widget-heading\" data-id=\"395c0ffc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Supplier segmentation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29adbcb9 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"29adbcb9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Before you start planning your SRM process, it\u2019s a good idea to look at the types of suppliers you\u2019re working with and segment them into groups based on their strategic role and importance. For example, you may have groups of electrical versus mechanical suppliers, preferred suppliers, and local suppliers.<\/p><p>Creating and maintaining lasting relationships is a long-term commitment that promises to bear fruit for both of you, so it should be something you\u2019re dedicated to. Start with your key suppliers and work your way down.<\/p><p>For example, hardware development requires relationships with numerous part suppliers, so you can more easily create your\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/bom-management\/\">bill of materials (BOM)<\/a>\u00a0and streamline your operations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-897bb27 elementor-widget elementor-widget-heading\" data-id=\"897bb27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Determine relationship objectives<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72c4566 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"72c4566\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Once you have segmented your relationships and identified any new suppliers, start with your most important suppliers and determine the relationship\u2019s objectives.<\/p><p>Before you determine your goals, identify the current state of your relationship. After that, you can choose the primary objective for each relationship: cost savings, quality improvement, innovation, or risk mitigation.<\/p><p>It may come to light that your relationships with your most essential suppliers are lacking, but you have more collaborative partnerships with smaller (or infrequently used) suppliers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3431633 elementor-widget elementor-widget-heading\" data-id=\"3431633\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Establish a supplier strategy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2661882 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"2661882\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Once you have adequately identified all existing and new suppliers, trimmed down your list, and prioritized it, it\u2019s time to involve your team members in implementing a strategy.<\/p><p>This will include defining:<\/p><ul><li>the resources required to build your products<\/li><li>the approach to take with each supplier<\/li><li>who is responsible for each connection, and<\/li><li>the key benchmarks for success to track progress.<\/li><\/ul><p><br \/>As you develop your strategy, remember it must be dynamic, as things<i>\u00a0will<\/i>\u00a0change. Change management is integral to a well-documented strategy and should outline what to do and who to contact to deal with the challenge. However, being prepared for change is almost as important as how you respond to it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7653804 elementor-widget elementor-widget-heading\" data-id=\"7653804\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4. Execute the strategy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fda4d12 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"7fda4d12\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ask for your suppliers for feedback and support to bring your strategy to life. For new suppliers, this will include conducting a supplier onboarding process, establishing a comprehensive scorecard to evaluate performance, and aligning expectations for both parties.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e483b6a elementor-widget elementor-widget-heading\" data-id=\"4e483b6a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">5. Collaborate and communicate with suppliers<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24ee9a85 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"24ee9a85\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Once you have effectively implemented your strategy and engaged all key suppliers, establish regular touchpoints. In these meetings you\u2019ll communicate milestones and goals and evaluate any concerns they may have.<\/p><p>You might share market insights, conduct regular business reviews, and collectively problem-solve which will develop into a mutually beneficial relationship.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de7a868 elementor-widget elementor-widget-heading\" data-id=\"de7a868\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">6. Regularly monitor and refine the strategy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03ea09a post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"03ea09a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Regular performance and relationship reviews are essential, but a review should\u00a0<i>also<\/i>\u00a0occur when a disruptive or meaningful event occurs. Changing market conditions \u2014 for better or worse \u2014 is an excellent test of your associations and how (and if) your partnership can weather the storm or take advantage of an opportunity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63713e33 post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"63713e33\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Benefits of effective supplier relationship management<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cdcc168 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"3cdcc168\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Once you successfully implement your SRM program, you may realize the following benefits:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10f8fe7d elementor-widget elementor-widget-heading\" data-id=\"10f8fe7d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Improves supplier collaboration<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-417a6cf7 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"417a6cf7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When you involve suppliers in strategic discussions, innovation initiatives, and process improvement efforts, it cultivates a stronger\u00a0partnership. You\u2019ll benefit from\u00a0enhanced collaboration, shared success, and a stronger working relationship.<\/p><p>In this way, SRM also encourages joint problem-solving, collaborative decision-making, and knowledge sharing. It emphasizes building long-term relationships based on trust, fairness, and mutual benefits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e53c4f0 elementor-widget elementor-widget-heading\" data-id=\"7e53c4f0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Reduces risk<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40633a1 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"40633a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Supply chain issues are common and can completely overturn your strategic sourcing process or damage your brand reputation. Establishing relationships with your suppliers will help you\u00a0mitigate risk. Better communication will enable you to learn about\u00a0risks,\u00a0<a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/reuters-events-us-supply-chain-woes-shift-persist-2023-2023-05-17\/\" target=\"_blank\" rel=\"noopener\">supply chain shortages<\/a>, and inefficiencies earlier in order to react.<\/p><p>With an effective supplier relationship management process, you can determine contingencies, disaster recovery, and alternative channels in the event of a roadblock or challenge.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3dd228cd elementor-widget elementor-widget-heading\" data-id=\"3dd228cd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Boosts supplier performance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66329613 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"66329613\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Establishing consistent, regular touchpoints with your suppliers will give them the feedback necessary to improve their performance.<\/p><p>The best way to do this is to ensure they know what\u2019s expected of them. Review your metrics and scorecards for potential opportunities for improvement, then use those insights to help set expectations and align with your suppliers.<\/p><p>Emphasizing quality, timely delivery, and encouraging clear and open communication channels will foster an environment full of problem-solving attitudes. Let your suppliers know that you are on their side and support them. Doing so will instill the confidence necessary to progress and meet (or exceed) your standards.<\/p><p>Remember that the exchange of ideas is a two-way street, which will foster collaboration and improve resource allocation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74b45c0 elementor-widget elementor-widget-heading\" data-id=\"74b45c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Increases supply chain efficiency<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f88e04b post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"2f88e04b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Working closely with your suppliers can help reduce lead times and address issues that can arise from disruptions. Of course, relationships are great when things are running smoothly \u2014 but they can be taxing during hard times.<\/p><p>During supply\u00a0shortages or industry-wide disruptions, you can work with your suppliers to determine how you will move forward together. Staying as close to order fulfillment can help maintain high customer satisfaction and give you an edge over your competition.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b04e87 elementor-widget elementor-widget-heading\" data-id=\"7b04e87\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Reduces costs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2a3e3f post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"c2a3e3f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Exploring\u00a0<a href=\"https:\/\/www.gartner.com\/en\/supply-chain\/insights\/supply-chain-costs\" target=\"_blank\" rel=\"noopener\">cost reduction opportunities<\/a>\u00a0can increase profitability and sustainability, giving you a greater competitive edge.<\/p><p>SRM reduces costs by fostering collaboration with suppliers, streamlining processes, negotiating favorable pricing, optimizing the supply chain, and identifying and eliminating inefficiencies.<\/p><p>Often, negotiating favorable terms is a win-win situation, and your supplier may also be able to reduce costs and increase product\/service quality with exclusive deals, bulk orders, and other value engineering methods.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d3906c5 elementor-widget elementor-widget-heading\" data-id=\"d3906c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Results in higher-quality product development<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7aee4888 post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"7aee4888\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Tapping into your supplier\u2019s view of the industry can give you a unique competitive advantage by leveraging their expertise.<\/p><p>Involving your suppliers early on in the product development process will not only improve the quality of your parts and end product. Still, it may also reduce your time to market (TTM) with fast delivery and lead times.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-475d991 elementor-widget elementor-widget-heading\" data-id=\"475d991\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Fosters ongoing improvement<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4dd9479d post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"4dd9479d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>SRM fosters ongoing improvement by monitoring supplier performance, promoting proactive, open communication and feedback, and facilitating collaborative problem-solving.<\/p><p>Because it also promotes conducting regular performance reviews, it can help you align your expectations to ensure both parties are meeting the predetermined metrics for success. This allows your organization and its suppliers to consistently improve performance, drive efficiency, and stay responsive to changing market demands.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72611a86 post-anchored-tag elementor-widget elementor-widget-heading\" data-id=\"72611a86\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Maintain strong supplier relations with Duro<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23a66c3a post-text-block elementor-widget elementor-widget-text-editor\" data-id=\"23a66c3a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"inner wysiwyg\" data-v-0163b48d=\"\"><p>In a dynamic world of challenges, supplier relationships are often left on the backburner if they\u2019re considered transactional relationships.<\/p><p>Through successful SRM management, you can benefit from cost savings, improved efficiency, profitability, faster TTM, and a clear objective: enhancing excellence and reducing risk.<\/p><p>Duro\u2019s\u00a0<a href=\"https:\/\/www.durolabs.co\/blog\/best-product-lifecycle-management-software\/\">product lifecycle management (PLM) software<\/a>\u00a0is specifically designed to streamline operations and optimize your supply chain. With integrations with off-the-shelf parts distributors and robust collaboration capabilities, Duro makes it easy to coordinate your efforts and ensure everyone is on the same page \u2014 whether internally or externally.<\/p><p><b>If you\u2019re ready to take the first step toward better\u00a0<\/b><b>supplier relationship management<\/b><b>,\u00a0<\/b><a href=\"https:\/\/www.durolabs.co\/request-demo\/\"><b>request a free demo<\/b><\/a><b>\u00a0today to see how Duro can\u00a0<\/b><b>streamline<\/b><b>\u00a0your processes.<\/b><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Establishing relationships with external suppliers and vendors can be challenging. It\u2019s common to face differing priorities, miscommunications, limited information sharing, and supply chain disruptions, among other things. However, there are ways to improve vendor engagement, and one of them is through strategic supplier relationship management (SRM). With SRM, your company can improve performance and relate [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"Boost performance and optimize your supply chain with strategic Supplier Relationship Management (SRM) using Duro's PLM software.","_seopress_robots_index":"","footnotes":""},"categories":[93],"tags":[],"resource-tag":[86],"class_list":["post-7846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","resource-tag-supply-chain"],"acf":[],"_links":{"self":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/comments?post=7846"}],"version-history":[{"count":105,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7846\/revisions"}],"predecessor-version":[{"id":13883,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/posts\/7846\/revisions\/13883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/media\/7847"}],"wp:attachment":[{"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/media?parent=7846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/categories?post=7846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/tags?post=7846"},{"taxonomy":"resource-tag","embeddable":true,"href":"https:\/\/durolabs.co\/wp-json\/wp\/v2\/resource-tag?post=7846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}