Supplier Relationship Management (SRM) 
Market and client requirements for products are changing with increasing frequency. Purchasing departments can no longer be considered as having merely a supplier function, but must approach their tasks strategically. This means that resource markets and suppliers must be purposefully developed and maintained. With an efficient Supplier Relationship Management (SRM) higher standards and better prices can be achieved.
According to www.wikipedia.org, SRM is part of Supply Management and includes
"implementing technologies, processes, policies, and procedures to support the purchasing process. [...] Supply management is generally regarded as a systematic business process that includes more functions than traditional buying, such as coordinating inbound and internal pre-production logistics and managing inventory.
Supply management deals primarily with the oversight and management of materials and services inputs, management of the suppliers who provide those inputs, and support of the process of acquiring those inputs. The performance of supply management departments and supply management professionals is commonly measured in terms of amount of money saved for the organization. However, managing risk is one of the other critical aspects of supply management; especially the risk of non-availability at the required time of quality goods and services critical for an organization's survival and growth."
Supply management. (2009, February 25). In Wikipedia, The Free Encyclopedia. Retrieved 09:05, March 27, 2009, from http://en.wikipedia.org/w/index.php?title=Supply_management&oldid=273086284
In order to cope with the challenges of supply management, purchasing divisions need powerful systems, such as LCM Purchase.
This specific module of the LCM - Legal Contract Management suite consists of sub-modules for Category Management, Supplier Qualification, Spend Analysis, Supplier Rating, Supplier Development, Measures Controlling und Supplier Communication.LCM Purchase support begins right at the supply chain, from the processing of a procurement project to the analysis and processing of offers, supplier comparisons, drawing up of contracts and contract execution. In addition, LCM Purchase supports purchase controlling and exchange of ERP-data with e.g. SAP or Navision.
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