SAP SRM stands for Supplier Relationship Management may be a comprehensive approach, backing up the method of management and procurement, which improves delivering products and services necessary for business operations.SAP SRM ensures innovative methods of coordinating company business processes connected with key suppliers and makes them simpler. This SRM software enables the optimization of shopping strategies and orders to enhance the management of suppliers and acquire long-term benefits in mutual relationships. With SAP SRM companies can study and predict shopping behaviours, shorten procurement cycles and cooperate with partners in real-time. The system also allows for the management of individual orders of the company’s employees and coordinate tenders.SAP SRM allows you to optimize your procurement process to figure effectively with suppliers to urge future benefits and also to perform forecasting, procurement cycle and to figure with partners. you’ll reduce the time and cost of procurement cycle using innovative methods to manage business processes with key suppliers.SAP SRM supports the complete procurement cycle, i.e., ranging from source and buy to pay through the complete procurement process with suppliers and effectively managing supplier to create a long-term relationship.SAP SRM helps you to stress supplier performance management and helps you to streamline the procurement operations, put compliance with contracts and buying policies, and improve overall cost management and expenditure.
Following are the key benefits of SAP SRM −
- Catalog Management: Suppliers can easily manage catalogue data and this data can easily be integrated with business processes like accounting, finance and planning.
- Procure to Pay Optimization: Using SAP SRP product, you will streamline procure and price lifecycle and improve communication with supplier and cost management.
- Self Service Procurement: End-users can search for products using multiple product catalogues and helps them to seek out and buy a product that is compliant with the purchase and procurement policy of the corporate.
- Reporting Functionality: Using SAP Supplier Relationship Management, you will create reports associated with procurement activities, compliance and contract management, and managing costing in the procurement process.
- Contract Management: You will manage contracts using a secure central repository. This helps to scale back compliance violations and allows end-users to follow business processes during self-service procurement.
The key functions in SAP SRM include the subsequent −
Navigation
In SAP SRM, screens are easy to navigate. SRM portal features a user-friendly and straightforward to manage to look.
Searching
In SAP SRM portal, you’ll easily perform look for different products and suppliers. Search criteria are straightforward to use.
Purchase Orders
You can create purchase orders for a couple of of the fabric type. POs also are automatically created for a few materials and suppliers.
Account Assignment
A user can also define default account preferences. Cost assignments can be defined as per quantity, percentage or value of the material. You can also search for G/L codes online using the search option.
Workflow
In SAP SRM, the approval process for Purchase Orders is very easy. This allows the organization to perform goods requisition easily and simply.
Copying and Deleting
In SAP SRM, the approval process for Purchase Orders is extremely easy. this enables an organization to perform goods requisition simply and straightforwardly. Deletion is additionally easy in a handcart as you’ll easily select an honest in the cart and delete it.