How does SAP SRM Work?
SAP SRM works in the linear process and below is the step-by-step procedure which briefs how to implement SAP supplier relationship management and how to work with it.
- Categorizing suppliers – Initially, we must categorize suppliers based on their importance in business and it aids in locating critical suppliers swiftly and speeds up the procurement process.
- Developing a supplier strategy – Here it is highly important to develop a suppliers strategy which is must for developing a well-designed supplier strategy that helps to align business processes and suppliers on same track. it is must to ensure that suppliers strategy must be operational and efficient. It also simplifies the performance management of suppliers
- Leveraging the supplier strategy – Effective implementation is supplier strategy helps us to hit the business targets precisely but implementation of those strategies is not enough. It is must to ensure that how effectively the strategy is being implementation of supplier strategy and troubleshoot if it any deviations are found. And procurement to payment is automatically done by SAP SRM.
Introduction to SAP SRM (Supplier Relationship Management)
Suppliers play a key role in businesses today. If any organization has a hassle-free relationship with its goods or services suppliers, it will phenomenally yield positive results and on the other hand, managing a consistent and vibrant relationship with suppliers is quite challenging. So having the correct tools to streamline procurement operations and interact with your suppliers. SAP SRM stands for Supplier Relationship Management and is an efficient tool that helps companies optimize procurement operations and helps to improve relationships with suppliers and other business vendors. In this article, we will be going through SAP SRM, features, benefits, and a lot more.
Table of Content
- What is SAP SRM?
- Why SAP SRM?
- How does SAP SRM Work?
- Key features of SAP SRM:
- Benefits of SAP SRM:
- Conclusion: