Disclosure: I’m the author of the article linked at the end of this message
We all know what SRM stands
But do Procurement practitioners know what it really means?
The way many procurement organizations work with suppliers could actually be called “supplier management” — not supplier relationship management. Supplier management is characterized by its focus on convenience — it is a zero-sum game.
Procurement = SRM²
Plus, the SRM acronym hides a secret meaning… Stakeholder Relationship Management.
This symmetry of SRM illustrates the purpose of the Procurement function: connecting the inside and the outside, answering needs and business challenges of both sides. Procurement should be a facilitator, a moderator, and a connector.
For more, read the full article: