Hi, need to submit a 2500 words essay on the topic Report outlining the major stages & variables of Business Relationship development (BRD).
Any organization specialising in the production of a particular goods has a number of supplier who supplies raw materials and equipments to the company. Thus, stages for widening supplier relationships are the focus of the current study. This report gives insights into the essential steps and ideas required in attaining an effective supply chain management strategy in the concerned DIY furniture company.
The concept of business relationship management deals with linking the organization with various stakeholders in order to fulfil business requirements as efficiently as possible (Krause et al. 2007). In order to develop a new supplier relationship, organizations like DIY furniture provider, can implement the supplier relationship model. The Supplier Relationship Model (SRM) consists of planning and maintaining a constructive relationship with the suppliers who supply materials and goods to the business (Hakansson, 1982). SRM is a part of supply chain management that provides major focus on developing and nourishing a strong relationship with the organizational suppliers. As per the model, when a business communicates with its suppliers, it needs to manage its entire supply chain in an efficient manner. Buying SRM software is a good option to start. Apart from that, there are four other stages that can be taken into account to build a good partnership with the suppliers and increase an overall organizational performance.
In order to develop a good supplier relationship, business organizer can purchase Supply Chain Management Software (SCMS) that contains features of SRM or apps (Wilson, 1995). This type of software includes invaluable features to perform a task of building a good relationship, such as deifying and accommodating new suppliers, monitoring supplier’s performance, providing all suppliers’s updated business profile etc. This software helps to keep