The approach you take to SRM will depend on your business, your goals, and your current supplier network. The general process you follow to make this investment, however, could be as follows:
Assess your suppliers and network and identify strengths, weaknesses, vulnerabilities, and areas that can be optimised for greater value.
Set goals and objectives for your SRM that align with your overall business goals.
Leverage digital solutions that improve your supplier communication and overview of your operations.
Commit to engaging your suppliers and improving, adapting, and developing your SRM programme over time.