BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -SRM takes a role-based business process-centric approach to ensure streamlined business processes between manufacturers and suppliers. The benefits are: Ability to rapidly adapt business processes. Information supports efficient decisions within the business process.

Detailed explanation-2: -The main benefit of having strong, reciprocal supplier relationships is getting more value for your company. The better you know your suppliers and they know you, the more likely you are to receive personalized service, discounted prices, and uniquely beneficial terms.

Detailed explanation-3: -A supplier is a person or business that provides a product or service to another entity. The role of a supplier in a business is to provide high-quality products from a manufacturer at a good price to a distributor or retailer for resale.

Detailed explanation-4: -What are the types of supplier relationships? In his article Strategies for Global Sourcing, David Pyke explored five types of sourcing relationships: buy the market, ongoing relationship, partnership, strategic alliance, and backward integration.

Detailed explanation-5: -What Is the Importance of a Supplier? Suppliers play a crucial role in the product life cycle. They source raw materials to expedite production and find better quality raw material in a saturated market. Every company needs to have a solid relationship with its supplier in order to create the best products.