Strategy Development: Once the supplier relationship management (SRM) strategy is developed, the next step is to establish clear criteria for selecting prospective partners.

Criteria Development: These criteria typically include factors such as supplier reliability, financial stability, quality standards, capacity to meet demand, technological capabilities, and alignment with the company’s strategic objectives.

Importance: Developing these criteria is crucial as it ensures that the company selects suppliers who are most likely to contribute to its long-term success and who can form mutually beneficial partnerships.

Next Steps: After criteria development, the company can proceed to identify and evaluate potential suppliers against these criteria before making selections and moving forward with SRM implementation.