What is the value to the company and the supplier in developing and implementing a supplier relationship management (SRM) system?

Wisner, J. D., Tan, K.-C., & Leong, G. K. (2019). Principles of supply chain management: A balanced approach (5th ed.).

https://www.proquest.com/docview/1673351854?accoun

Prior to beginning work on this discussion forum, read Chapter 3: Creating and Managing Supplier Relationships in the textbook, read the Raytheon article, How They Did It: Supplier Relationship Management at Raytheon (Links to an external site.), and watch the video, Role of Procurement in Supply Chain Management With Avetta | Overview (Links to an external site.).

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Read the Raytheon case study and consider the following questions for this discussion forum:

What is the value to the company and the supplier in developing and implementing a supplier relationship management (SRM) system?
Describe the value of it to the organization. How can such a system provide greater efficiency regarding customer satisfaction, quality, time, cost, and assets?
What did Raytheon do that was so successful?
Find another company to use as a model for this discussion and share your findings about their supplier relationship management and why it works for them. What did they do that is unique? Why did their strategy work?

SAMPLE SOLUTION

Supplier Relationship Management System
Implementing a supplier management system is critical to both the success of the company and its suppliers. It is the key to a successful partnership between parties. One of the most essential values of the supplier management system is that as the relationship between the company and its suppliers develops, the customer becomes a priority for new innovations and new technologies in the marketplace (Wisner et al., 2019). In this case, all the parties, the company, its suppliers, and the customer win which as value is created for all. It is therefore strategic for companies to manage supplier relationships to maximize their value. This will be in the best interest of both the company and the supplier and the customer will also benefit in return.
The supplier management system also benefits the organization. The system leverages the latest technology to improve supplier-related processes. An important value to the organization is that the system can grant it a competitive advantage in the market (Wisner et al., 2019). This is in terms of enhanced operations such as timely…

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