Relationship between Supplier Relationship Management (SRM) Practices and Supply Chain Resilience
DOI:
https://doi.org/10.47672/ajscm.1817Keywords:
Supplier Relationship, Management Practices, Supply Chain, ResilienceAbstract
Purpose: The aim of the study was to assess the relationship between supplier relationship management (SRM) practices and supply chain resilience.
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: The relationship between Supplier Relationship Management (SRM) practices and supply chain resilience has been extensively explored, revealing critical insights. SRM practices, encompassing strategic partnerships, collaboration, and communication with suppliers, are integral to enhancing supply chain resilience. Research indicates that effective SRM fosters trust, transparency, and information sharing among supply chain partners, enabling timely responses to disruptions. Moreover, robust
SRM practices contribute to supplier diversification, redundancy, and flexibility, which are essential elements of resilient supply chains. By prioritizing long-term relationships and mutual value creation, organizations can leverage SRM to mitigate risks and enhance the agility and adaptability of their supply networks.
Implications to Theory, Practice and Policy: Resource dependence theory, transaction cost economics, social exchange theory may be use to anchor future studies on assessing the relationship between supplier relationship management (SRM) practices and supply chain resilience. Develop guidelines and best practices for implementing effective SRM strategies aimed at enhancing supply chain resilience. Advocate for policies that promote transparency, fairness, and ethical practices in supplier relationships, as these factors can contribute to trust-building and collaboration essential for resilience.
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