What is supplier in SAP SRD-SRM - SRM-Supplier Relationship Management?

SAP Term: supplier

• Component: SRD-SRM

• Component Name: SRM-Supplier Relationship Management

• Description: A person or company from whom you purchase products. A supplier is also a role assigned to a person or company that sells products to your company.

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• Key Concepts: 
  Supplier Relationship Management (SRM) is a SAP software solution that helps organizations manage their relationships with suppliers. It enables companies to streamline and automate processes related to supplier management, such as procurement, contract management, and supplier performance evaluation. SRM also provides a platform for collaboration between buyers and suppliers, allowing them to share information and documents in real-time. 
  
  How to use it: 
  SRM can be used to manage the entire supplier lifecycle, from onboarding new suppliers to evaluating existing ones. It allows companies to create and manage contracts with suppliers, track supplier performance, and monitor supplier compliance. SRM also provides tools for managing supplier risk and ensuring that suppliers meet the company’s quality standards. 
  
  Tips & Tricks: 
  When using SRM, it is important to ensure that all relevant stakeholders are involved in the process. This includes buyers, suppliers, and other departments such as finance and legal. It is also important to ensure that all data is accurate and up-to-date in order to get the most out of the system. 
  
  Related Information: 
  For more information on SRM, please visit the SAP website at https://www.sap.com/products/supplier-relationship-management.html.