Formal supplier relationship management (SRM) systems are becoming more popular in the market place. With the advent of web-based technologies and cloud computing, the stand alone system is no longer the only option. Businesses can now build end to end SRM systems for evaluating and managing their relationships in real time --- if they can make a successful business case for the implementation of such a system. - By Shaniqua Thomas

Such systems are not inexpensive to purchase or implement. Yet they do provide measurable outputs for firm operations. With a SRM in place, it is possible to measure supplier value, automate procurement, evaluate performance between suppliers, and much more. A more in-depth look at SRM systems can make building the business case for using them that much easier for the organization.