In today’s global marketplace, success requires paint and coatings companies to pay attention to their supplier relationships and work with suppliers who will contribute to the long-term success of their business and the business of their customers. Making sure that the relationship with these suppliers runs smoothly and provides value for all is a key factor that leads to bottom-line profits. Supplier relationship management (SRM) is the approach to managing and interacting with your supplier to maximize the value of the partnership, minimize risk and manage costs through the entire supplier relationship lifecycle. The goal of a SRM program is to drive the ideal balance of inventory, working capital and service levels.
The program is enabled by a SRM solution that can be used to foster collaboration among buyers and sellers. The software automates the transactions of buying and selling over a robust network. It collects transactional information that can be used to measure key performance indicators of inventory, transportation, service levels and more. A SRM system drives value for both parties, resulting in lower costs, reduced risk, greater efficiencies and better quality.