What is service procurement in SAP SRD-SRM - SRM-Supplier Relationship Management?

SAP Term: service procurement

• Component: SRD-SRM

• Component Name: SRM-Supplier Relationship Management

• Description: The purchasing of an intangible product, such as consulting, cleaning, maintenance, or repair services.

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• Key Concepts: 
  Service procurement is a component of SAP Supplier Relationship Management (SRM) that enables organizations to manage the procurement of services from external suppliers. It provides a comprehensive set of tools to streamline the process of sourcing, negotiating, and contracting services from external suppliers. It also helps organizations to manage the performance of their suppliers and ensure compliance with contractual obligations. 
  
  How to use it: 
  Service procurement in SAP SRM enables organizations to manage the entire service procurement process from start to finish. It provides a range of features such as supplier selection, contract management, and performance monitoring. Organizations can use the system to create and manage service contracts, track supplier performance, and ensure compliance with contractual obligations. 
  
  Tips & Tricks: 
  When using service procurement in SAP SRM, it is important to ensure that all relevant stakeholders are involved in the process. This includes both internal stakeholders such as procurement teams and external stakeholders such as suppliers. It is also important to ensure that all relevant information is captured in the system, including supplier performance data and contractual obligations. 
  
  Related Information: 
  For more information on service procurement in SAP SRM, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SRM/7.5/en-US.