What is product category life cycle in SAP SRD-SRM - SRM-Supplier Relationship Management?

SAP Term: product category life cycle

• Component: SRD-SRM

• Component Name: SRM-Supplier Relationship Management

• Description: A record of the business relationship between a buyer and a supplier regarding a specific product category. The buyer can assess the product category and determine the dependency and complexity of the business relationship with the supplier for that product category. Maintenance of this record is optional, which allows the buyer to focus on the relationships with key suppliers for key product categories. Based on this information, the buyer can monitor thelife cycle of the relationship.

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  Key Concepts: 
  Product category life cycle in SAP SRM-Supplier Relationship Management (SRM) is a process that helps organizations manage the lifecycle of their product categories. It enables organizations to track the progress of their product categories from conception to retirement. This process helps organizations to identify and manage risks associated with product categories, as well as to ensure that the products are meeting customer needs. 
  
  How to use it: 
  The product category life cycle in SAP SRM-Supplier Relationship Management (SRM) is divided into four stages: conception, development, implementation, and retirement. During each stage, organizations can track the progress of their product categories and identify any risks associated with them. Organizations can also use the product category life cycle to ensure that their products are meeting customer needs. 
  
  Tips & Tricks: 
  When using the product category life cycle in SAP SRM-Supplier Relationship Management (SRM), it is important to keep track of all changes made to the product categories. This will help organizations identify any potential risks associated with their products and ensure that they are meeting customer needs. Additionally, organizations should regularly review their product categories to ensure that they are up-to-date and meeting customer needs. 
  
  Related Information: 
  For more information on the product category life cycle in SAP SRM-Supplier Relationship Management (SRM), please refer to the official SAP documentation. Additionally, there are many online resources