Supply Management (redirected from Supplier relationship management)

Supply Management

The act or process of ensuring that one's business has the proper supplies in order to continue operations. Supply management involves ensuring that supplies are procured as cheaply as possible. For example, a construction company must procure cement, wood, and nails efficiently and inexpensively; equally, a consulting firm must make sure that research materials, for example, are easily available. Large companies often devote whole divisions to supply management, giving them budgets of millions of dollars to help the company save money. See also: Supply chain management, JIT.