THE MANY MEANINGS OF SRM
In the world of software, SRM can mean quite a few things. Let’s clear up the confusion and dive into the three most common definitions.
SRM: Service Relationship Management
SRM™, or Service Relationship ManagementⓇ, is the unique bridge between Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP). This hybrid approach to service focuses on the end-to-end service delivery life-cycle and embraces the concept of service as a relationship and revenue generator, rather than a cost center.
Service Relationship Management ties together the fundamental elements of a service organization into a cohesive business process. SRM tools and methods provide a framework to improve operational efficiencies and reduce costs. At the same time, these methods aim to promote higher customer satisfaction, leading to more contract renewals and overall revenue growth.
SRM software provides solutions mainly in the areas of field service, reverse logistics, workflows, customer service, and end-to-end service management. Service Relationship Management solutions streamline disparate processes into a single, easy-to-use system for managing all aspects of an organization’s service operations.
However, given the process-driven nature of Service Relationship Management, evaluating a business’s current management systems and environment before implementing any new software solution is paramount to the main goal of increasing profitability. Software solutions can only do so much. If an organization’s foundational processes are not set up correctly first, then a software solution will not fix its problems.
One-size-fits-all software is everywhere and anywhere. Instead, lower costs and drive profitability with customized SRM solutions.
SRM: Supplier Relationship Management
SRM also stands for Supplier Relationship Management, which is the process of evaluating different vendors, assessing each supplier’s importance or contribution to success, and creating strategies to manage the supply chain in an efficient manner. The main idea driving Supplier Relationship Management is understanding both the risk and profitability of each of your suppliers, especially the raw material suppliers, and how that will impact the company overall.
Of course, certain suppliers will hold more importance for businesses than others. For instance, a camera manufacturer’s stationery supplier has a lot less of an effect on profitability than its main electronics supplier. Therefore, the main electronics supplier would be categorized as a key strategic partner to the business. Since the main electronics supplier has such a strong influence on the camera manufacturer’s overall profitability, their absence would pose a great risk to business operations.
The importance ranking of each supplier plays into the way supplier relationships are managed, such as regular in-person visits versus monthly emails or sharing sensitive commercial information versus providing a short-term planning strategy. Because each supplier holds different levels of importance, the company’s goods and resources must be allocated accordingly. Key strategic partners will request a lot of attention and time from purchasing organizations, thus supplier relationships are large commitments.
Although the approach to Supplier Relationship Management can vary from one organization to the next, there are three general steps to follow:
- Segment Suppliers
In this first stage, companies categorize all of their suppliers based on how important they are to their business.
- Develop a Supplier Strategy
Going from most influential to least, organizations create specific plans that detail how they will work with each supplier and strategize mutually beneficial methods to foster success.
- Execute the Supplier Strategy
Lastly, managers are assigned to each supplier to follow through with the devised plans and to ensure that all goals are being met.
Supplier Relationship Management software simplifies the supply chain management process by centralizing all supplier information and integrating a multitude of operational functions, such as procurement, scheduling, product lifecycle management, contract management, and more.
Developing beneficial supplier relationships is imperative, but can be time-consuming. Optimize your efforts by streamlining your operations with SRM Inventory, SRM Dispatch, SRM Depot, and SRM Analytics.
SRM: Storage Resource Management
In its most technical form, SRM stands for Storage Resource Management. This term refers to the process of storing and managing large amounts of data. The main components of Storage Resource Management are carefully backing up data, effectively maintaining existing data, and scaling these storage solutions as the data grows.
Mainly, Storage Resource Management software tracks and analyzes data usage and storage. Through monitoring, data is allocated to the appropriate storage devices and alerts can signal the need for additional storage or device failure.
These SRM solutions also back up important data via regularly scheduled periods or on-the-spot fixes. Luckily, many networks have a failsafe storage device that kicks in if the primary Storage Resource Management software stops working.
If there is a need for greater storage, SRM software allows for easy integration of new storage devices onto the network. When adding these new storage devices, new data, as well as existing data, can be immediately transferred. Storage Resource Management software can monitor data storage on a myriad of storage environments, whether it be a complete cloud-based system, a hybrid cloud-based system, or a shared Network Attached Storage (NAS) system.
In a world of increasing data, the need for scalability and flexible cloud-based applications continues to grow. Make the move to a cloud-based infrastructure seamless with SRM Cloud.
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