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Business Relationship Management maintains and improves relationships between your Procurement function and its customers to ensure alignment, minimize duplication of efforts, and maximize value for the business.
Strategic SRM is an intentional process focusing on building and leveraging two-way relationships that are aimed at enhancing collaboration, fostering innovation, and driving competitive advantage.
Category management is a formal strategy designed to ensure optimal performance within a specific category of spend. It is a core component of a mature Procurement organization which allows an organization to be proactive, not reactive when managing business relationships and supplier relationships.
A Procurement Employee Development Program (PEDP) is specifically tailored to the procurement professional. It focuses not only on technical competencies such as sourcing, negotiations, contracting, supplier management, and business relationship management, but also on the skills that set procurement professionals apart.
Diverse suppliers are often smaller businesses with more limited capabilities than your average supplier. For this reason, your Procurement team must be flexible when working with these vendors.