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Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
The Council of Supply Chain Management Professionals' (CSCMP) Supply Chain Process Standards present an outline or framework for managing processes which are typically found to be involved in performing supply chain related activities, and a set of standardised activities described in two levels of maturity - the "suggested minimum" and "best practice" for each process.
It is a process reference model for supply-chain management, extending "from the supplier's supplier to the customer's customer". [21] It includes delivery and order fulfillment performance, production flexibility, warranty and returns processing costs, inventory and asset turns, and other factors in evaluating the overall effective performance ...
In the management of supply chains, supply chain professionals coordinate production among multiple providers, ensuring that production and transport of goods happen with minimal quality control or inventory problems. One goal of a well-designed and maintained supply chain for a product is to successfully build the product at minimal cost.
The Institute for Supply Management (ISM) defines strategic sourcing as the process of identifying sources that could provide needed products or services for the acquiring organization. [citation needed] The term procurement is used to reflect the entire purchasing process or cycle, and not just the tactical components.
Enable – Processes being associated with the management of the supply chain. These processes include management of business rules, performance, data, resources, facilities, contracts, supply chain network management, managing regulatory compliance, and risk management. The process is implemented in Version 11.0, released in December 2012.
Lead supplier as service integrator; The SIAM Foundation BoK also introduces other SIAM key concepts: [5] SIAM ecosystem: made of up three layers – the customer organization, the service integrator, and service providers; SIAM practices: addressing people, process, measurement and technology
Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the order size, whereas in traditional inventory management, the retailer (sometimes called distributor or buyer) makes his or her own decisions regarding the order size.