Reinventing the Supply Chain Life Cycle: Strategies and Methods for Analysis and Decision Making by LeGrand Stephen B

Author:LeGrand, Stephen B....
Language: eng
Format: epub
Published: 2014-04-24T12:39:51.642000+00:00

10.2.3. Relationship Management

Relationship management (RM) is the process of maintaining and developing a closer relationship between the purchaser and suppliers. When applied to the supplier side of the relationship, as it is here, the Institute of Supply Management (ISM) suggests a more appropriate term, supplier relationship management (SRM) or supplier collaboration, both of which are defined by ISM as a process in which purchasing organizations work with suppliers to accomplish common goals and objectives. According to Monczka et al. (2011), relationship management (by any other name) is based on the three fundamental elements described in Table 10.1.

Table 10.1. Relationship Management Elements

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