Supplier relationship management (SRM) is the process of managing supplier relationships to develop and maintain a strategic procurement partnership. SRM includes focus areas such as supplier selection, procurement strategy development, procurement negotiation, and performance measurement and improvement. SRM has been around for over 20 years but we are now seeing new technologies such as machine learning come into play. What exactly does advanced analytics such as artificial intelligence (AI) / machine learning (ML) have to do with SRM? And how will AI/ML technologies transform procurement? What are some real-world machine learning use cases related to supplier relationships management?

Efficiency and cost-effectiveness are the biggest challenges facing supply chain management today. Businesses are continually striving to reduce costs, enhance profit margins, and provide exceptional customer service. In such a competitive market, disruptive technologies like Machine Learning (ML) and Artificial Intelligence (AI) have opened up exciting opportunities for companies. Are you grabbing these opportunities? Artificial Intelligence and Machine Learning have recently become buzzwords across different verticals, but what do they mean for modern supply chain management?