Know About SRM Software and How It can Benefit Your Business?
If customer relationship management or CRM is the blood, then supplier relationship management or SRM is the spine of your business. That’s why businesses need to connect with a top-tier app development company for building mobile-friendly SRM software. The absence of a supplier management tool results in strained relationships that affect your business cycle.
SRM simplifies managing the supplier side by giving them a platform to compare prices, negotiate contracts, submit orders, generate bills, and track shipments. Many businesses are investing in robust SRM software and reaping rich benefits. But before diving into the advantages of this tool, it is also important to understand what SRM is and how it functions.
What is SRM?
SRM is the acronym for Supplier Relationship Management. It helps to monitor the supply side of your business and prevents delayed product launches, protects from regulatory authorities, and shields you against any business harm. Today, it is possible for a software development company to integrate an effective SRM technology on your android or iOS devices.
SRM systematically evaluates vendors that supply products, services, and materials to an organization. It contributes tremendously to the supply chain process and develops a strategy to improve performance. Businesses can also apply the concept to manufacturing industries and any other enterprise, particularly in core operations areas.
Additionally, it centralizes supplier data, helps to update information, and analyzes performance. It also detects leaks in the chain, plans, and manages the entire supply side. Some core features of SRM software include:
1. Supplier data management
2. Supplier risk management
3. Procurement management
4. Bidding and supplier selection
5. Supplier performance management
6. Supplier contract management
7. Cost management
8. Supplier portal management
How does SRM benefit your business?
SRM only stands for one thing – a company’s success. Without it, you will have no supply coming to your organization. So, let us now look at some of the benefits:
1. Improved Prediction
SRM’s allow you to make better predictions which translates into excellent decision-making and clearer understanding.
2. Efficient Production
SRM is designed to speed up your business. That’s why it is vital to connect with a top-tier app development company to implement the best SRM app for your business. SRM helps automate tasks like order entry, invoice reconciliation, and discrepancy resolution and reduces downtime. It helps all parties in the supply chain and reduces operational costs.
3. Improved Customer Satisfaction
You can integrate SRM and CRM and provide the best service to your customers. SRM manages customer expectations by bringing clear transparency to any process.
4. Improves Supplier Quality
An SRM software includes features like identifying problem areas, feedback sections, and others. So, it is capable of judging supplier abilities through effective data collection. All these points contribute towards a more effective SRM and better suppliers.
5. Reduced Cost
SRM reduces lead times and decreases operational costs. It helps to develop a mutually beneficial business partnership with valuable suppliers. What’s more, you will sustain these relationships for a long-time and reduce problems and delays.
6. A Strong Supply Chain
SRM promotes a strong supply chain by streamlining the entire process. It results in better coordination and inventory management, which leads to better revenue.
Whether you are a newbie in the supply chain business or looking to enhance your existing process, having an SRM system is crucial for anyone. That’s why connect with a top-tier software development company and generate value for your business.