By equating SRMs with internal managers in terms of resources, training, and recognition, organisations can unlock several advantages: • Stronger supplier relationships and higher performance: When SRMs are supported and valued, they are better positioned to cultivate high-trust relationships with suppliers. This often leads to improved performance, quicker resolution of issues, and greater responsiveness to organisational needs. • Enhanced risk management and resilience: With appropriate resources, SRMs can proactively identify risks within the supplier relationship, implement mitigation strategies, and adapt to disruptions more effectively, safeguarding the organisation from external shocks. • Greater innovation and competitive edge: Well-supported SRMs foster co- innovation, driving value that goes beyond transactional relationships. Suppliers can become genuine partners in growth, contributing insights and innovations that bolster the organisation’s market position. SRMs are leaders who deliver strategic impact, build resilience and shape the customer experience. With half of an organisation's workforce and customer experience now in the hands of suppliers, the role of SRMs is critical to ensuring business continuity, competitive advantage and customer satisfaction. As organisations continue to rely on an extended enterprise of suppliers, it's time to give SRMs the same recognition, support and resources as internal managers. Investing in SRMs as equal partners in leadership will enable organisations to realise the full potential of their supplier relationships, driving both internal and external success. Recognising SRMs as true leaders is not only fair - it is essential for sustainable growth and excellence in delighting your customers. The 2024 Global SRM Research Report is now available for you to view and download . If you have any questions, please contact us at: enquiries@stateofflux.co.uk
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