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Supplier Relationship Management (SRM) refers to the systematic approach used by businesses to manage their interactions and relationships with suppliers in order to achieve mutual benefits and maximize value across the supply chain. It encompasses strategies, tools, and processes that help organizations build strong, collaborative partnerships with strategic suppliers, ensuring a reliable source of goods and services while reducing risks and costs. SRM enables businesses to streamline procurement, enhance supplier performance, and foster innovation, ultimately contributing to improved business outcomes and sustainable growth.