Transforming Supplier Relations: Evolving SRM to SXM
Supplier Experience Management is an evolution of traditional Supplier Relationship Management – aimed at helping all suppliers to do their best work
In today’s rapidly evolving business landscape, the traditional approach to Supplier Relationship Management (SRM) no longer suffices.
Historically, SRM has focused on nurturing relationships with a select few strategic suppliers, often neglecting the broader supplier base. However, businesses are now recognizing the need to engage with all of them, irrespective of size or strategic importance.
To thrive in a competitive market, companies must prioritise fostering positive interactions with 100% of their suppliers. This shift in mindset marks the evolution from SRM to Supplier Experience Management (SXM), where the emphasis is on delivering an exceptional experience for every supplier.
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