{"id":11482,"date":"2023-10-24T06:00:18","date_gmt":"2023-10-24T13:00:18","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=11482"},"modified":"2025-05-23T07:35:06","modified_gmt":"2025-05-23T14:35:06","slug":"what-you-need-to-know-about-supplier-management-and-srm-software","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2023\/10\/what-you-need-to-know-about-supplier-management-and-srm-software","title":{"rendered":"What You Need to Know About Supplier Management and SRM Software"},"content":{"rendered":"

[vc_row][vc_column][vc_single_image image=”11483″ img_size=”full”][vc_column_text]Numerous forces drive your organization\u2019s need for visibility across supplier activities. Global <\/span>demand and supply chain<\/span><\/a> networks naturally include distance, cultural, time-zone, tariff, geopolitical and other types of challenges when working with suppliers. As a result, it\u2019s difficult to discover qualified suppliers, effectively collaborate with suppliers and quickly respond to unexpected supply events.\u00a0<\/span><\/p>\n

Benefits of Collaborative Supplier Relationships<\/span><\/h2>\n

Increasingly, organizations are realizing the benefits of tightening relationships with suppliers to better manage the <\/span>sourcing<\/span><\/a> and procurement of goods and lower supply costs. Collaborative processes transform a typical transaction-based association with suppliers into two-way access and mutually beneficial relationships. This builds a more effective and longer-term partnership that lowers inbound supply costs and improves supplier performance. In many cases, companies are relying on digital technology and <\/span>supplier management software<\/span><\/a> to transform relationships with suppliers.<\/span><\/p>\n

The Role of Supplier Relationship Management (SRM)<\/span><\/h2>\n

Many companies still rely on outdated processes or fail to understand the role supplier relationship management (SRM)<\/a> plays in maximizing supply chain performance. Organizations that have already boosted supplier management efforts are now able to more accurately select suppliers, quickly onboard suppliers and better communicate with key suppliers.\u00a0<\/span><\/p>\n

Challenges in Supplier Management<\/span><\/h2>\n

Going forward, having the right supplier information and supplier relationships is going to be increasingly important in meeting customer expectations and gaining competitive advantages. Organizations we work with often mention the desire for a single source of truth that improves decision making with suppliers based on the same set of information. Along with the global and swiftly changing nature of sourcing, inbound supply challenges include:<\/span><\/p>\n