Industry-leading supply chain consulting services

What is supplier relationship management?

Supplier Relationship Management (SRM) works on a common set of practices and processes that drive consistent interactions and open communications between the supplier and buyer. More than providing tools that refine department operations, SRM programs build new capabilities that enable Strategic Sourcing and Procurement to make the most of their supplier relationships. As a recognized leading procurement services provider, Corcentric helps companies create and manage successful SRM programs by providing the guidance and resources to tackle these complex initiatives.

Why are supplier and third-party management important for a business?

Managing the suppliers, vendors, and third parties that support your business with products and services is essential in securing your operational success. As companies’ needs evolve alongside growth, regulatory drivers, austerity, etc., supplier relationship management can become cumbersome and complicated. Lack of consistent management and communications with key vendors can decrease contract value while exposing your business to risk. While traditionally involved with suppliers just to the point of contract negotiations, Strategic Sourcing and Procurement are now often charged with driving greater value from external business relationships throughout the contract life cycle. Without established methodologies to closely monitor supplier activity post-sourcing, vendor activities are loosely managed against contract terms and key performance indicators (KPIs). The buying organization needs a structure that provides guidance in efficiently managing supplier relationships to improve performance, address risks, and ensure ROI.

What does Corcentric’s exclusive Supplier Relationship Management consulting include?

Staff augmentation for supplier relationship management

Taking a more proactive and in-depth approach to manage suppliers puts additional strain on your internal procurement resources, and many companies struggle to conjure the time and expertise to manage an SRM program. From its pool of experienced resources, Corcentric can augment Strategic Sourcing and Procurement departments in providing the guidance, best practices, or structure for an SRM program.

Learn more about how Corcentric can supplement your resources for supplier relationship management.

Supplier performance management and governance

To get the most from vendor contracts while building stronger strategic relationships, supplier performance management drives a consistent way to interact and manage critical suppliers throughout every contract stage. Using established supplier governance mechanisms that include processes, principles, communications, and other tools, Strategic Sourcing and Procurement can monitor performance and service against metrics, validate delivery of contractual obligations, and enact policies that reward exceptional performance and address deficiencies.

By being more proactively involved with vendors throughout the entire relationship, companies can identify and act on optimization opportunities and even tap more deeply into a supplier’s expertise to the point of developing joint ventures. Corcentric can provide the leadership to outline and implement a supplier relationship management program that adds value to the contract lifecycle and encourages positive interaction with suppliers.

Learn more about Corcentric’s supplier performance management expertise.

Supplier Relationship Management Advisory Services

Not all Strategic Sourcing departments have the right experience with supplier relationship management programs or can spare the resources to research and outline an SRM strategy. Where internal experience does not exist, Corcentric offers its experienced resources to support a particular aspect – or the entire scope – of an SRM program.

Supplier Risk Management services

Lack of compliance with laws and regulations can result in financial penalties, and security breaches of company and customer information can damage a company’s reputation and, ultimately, its bottom line. Working within a solid risk and control framework established as part of a supplier relationship management program, companies can ensure activities meet relevant regulations, and maintain the security of proprietary information. Corcentric understands the control processes necessary for managing both internal and supplier risk. We can also create disaster recovery and data backup plans to ensure operations against the loss of information as a result of an unprecedented event.

Learn more about Corcentric’s proven results in Supplier Risk Management.

Third-Party Management Software Advisory and Sourcing

SRM software provides an extra layer of management that helps organize supplier activity. While extremely useful, these tools do not serve as single solutions and must be accompanied by a well-planned SRM program. If SRM software already supports your supply management activities, Corcentric can optimize its use to best support your refined strategy. If your organization hasn’t yet defined its supplier management software solution, we are also experienced in sourcing best-in-class SRM platforms to automate and control your processes.

Take control of supplier relations. Let Corcentric’s supplier relationship management experts help you optimize your vendor and third-party management programs.