The hidden meaning of SRM…
There is more to SRM than SRM…
I am sure that if you ask 100 Procurement people about what is SRM, the answer you will get almost 100 times is: Supplier Relationship Management.
But, there is a hidden meaning.
And to be honest, I never thought about it.
Here it is:
S = Stakeholder
R = Relationship
M = Management
The two sides of SRM
Yes, the SRM acronym works for stakeholder management too.
- SRM as in Supplier Relationship Management
- SRM as in Stakeholder Relationship Management
Which is pretty cool when you think about the unique position that Procurement has: connecting the inside and the outside. Answering needs and business challenges of both sides. Procurement is a facilitator, moderator, and a connector.
Which is also a good way to look at it as, traditionally, Stakeholder Management is presented as one part of the SRM domain. But, at the end of the day, it is really equally important to manage the SRM and the other SRM.
The symmetry of SRM
Yes, it gets even better when you look at what SRM (Supplier or Stakeholder) is, it is applicable to both sides and/or transposable:
- Customer/Supplier of choice + Customer/Supplier Experience
- Understanding
- Intimacy
- Influence
- Inclusion
Therefore, Procurement is SRM x SRM!
