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Supplier Relationship Management
Learn the fundamentals of supplier relationship managementPreview the first lesson free — get full access to all 6 lessons.
Intermediate Provider : Kersten Kelly-Bruner 6 Lessons · 18m in Arabic, English, Spanish
Course Description
Procurement uses supplier relationship management to capture and organize information about an organization’s portfolio of suppliers. The SRM creates a space to facilitate mutual collaboration, transparency, and connection between buyers and vendors by capturing a supplier’s capabilities, strengths, and historical performance. The system is structured to plan, track, and streamline processes for a strategic partnership to run smoothly in between the organization and suppliers it uses. After a procurement team decides they want to work with a new supplier, it’s important to kick off the relationship with a solid onboarding plan. This sets the stage for success in the future by setting expectations early. To conduct business with suppliers, it’s important to create a supplier contract that both parties agree to. It lays the ground rules around the relationship so that any disputes that arise are easily resolvable by referring to the guidelines outlined in the contract. To agree on the terms, the business partnership must have proactive, two-way communication. These core concepts set both parties up for a mutually beneficial relationship where they can grow together.
In this course, Supplier Relationship Management, you’ll learn what a supplier relationship management system is and why it’s important in procurement. You’ll review the process of onboarding suppliers and why it’s important to share the mission and vision of the buying organization. You’ll learn how to develop a contract that includes the terms and conditions of the supplier relationship. You’ll also explore communication techniques between buyers and suppliers.
What You'll Learn
- Explain what a supplier relationship management (SRM) system is and why it is important in procurement
- Onboard new suppliers, including sharing the buying organization's mission and vision to set expectations early
- Develop a supplier agreement or contract that includes the terms and conditions of the relationship
- Compare communication techniques between buyers and suppliers
- Identify best practices for reporting presentations using quality tools
Key Takeaways
- Supplier relationship management captures and organizes information about an organization's portfolio of suppliers, recording their capabilities, strengths, and historical performance.
- An SRM creates a space that facilitates mutual collaboration, transparency, and connection between buyers and vendors.
- A solid onboarding plan kicks off a new supplier relationship and sets the stage for future success by setting expectations early.
- A supplier contract that both parties agree to lays the ground rules so that disputes can be resolved by referring to the guidelines in the contract.
- Proactive, two-way communication is needed for partners to agree on terms and build a mutually beneficial relationship where they can grow together.
Frequently Asked Questions
What is this course about?
Supplier Relationship Management teaches what an SRM system is and why it is important in procurement, how to onboard suppliers, how to develop a contract covering the terms and conditions of the supplier relationship, and communication techniques between buyers and suppliers.
What topics do the lessons cover?
The course includes lessons on an Introduction, Introduction to Supplier Relationship Management (SRM), Onboarding Suppliers, Supplier Contracts, Communicating With Suppliers, and a Test Your Knowledge assessment.
What skills will I gain from this course?
The course develops skills in negotiation, contract management, and strategic sourcing.
Why is onboarding important when starting a new supplier relationship?
After a procurement team decides to work with a new supplier, a solid onboarding plan kicks off the relationship and sets the stage for future success by setting expectations early, including sharing the mission and vision of the buying organization.
Why does a supplier contract matter?
Creating a supplier contract that both parties agree to lays the ground rules around the relationship so that any disputes that arise can be easily resolved by referring to the guidelines outlined in the contract.
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