What is product in SAP SRM - Supplier Relationship Management?

SAP Term: product

• Component: SRM

• Component Name: Supplier Relationship Management

• Description: A good, material, or service that is bought, produced, and sold. Products can be either tangible, such as physical goods, or intangible, such as services.

Smart SAP Assistant

• Key Concepts: 
  Product Component in SAP SRM Supplier Relationship Management (SRM) is a tool that helps organizations manage their relationships with suppliers. It enables organizations to track and manage supplier performance, create and manage contracts, and monitor supplier compliance. 
  
  How to use it: 
  Product Component in SAP SRM Supplier Relationship Management (SRM) can be used to create and manage contracts with suppliers, track supplier performance, and monitor supplier compliance. It also allows organizations to set up automated processes for managing supplier relationships, such as automated payment processing and automated contract renewal. 
  
  Tips & Tricks: 
  When using Product Component in SAP SRM Supplier Relationship Management (SRM), it is important to ensure that all contracts are up-to-date and that all supplier performance metrics are tracked accurately. Additionally, it is important to ensure that all supplier compliance requirements are met. 
  
  Related Information: 
  Product Component in SAP SRM Supplier Relationship Management (SRM) is part of the larger SAP suite of products. It is closely related to other components such as Procurement, Inventory Management, and Logistics. Additionally, it can be integrated with other systems such as ERP and CRM.