Supplier Relationship Management. SRM is similar to customer relationship management in that it involves the review and improvement of three different aspects of purchasing: - Purchasing processes - strategic sourcing, contract negotiation management and measurement and the "req to cheque" (order to payment) process. IT can assist in the implementation and management of these business processes, but they must be reviewed and improved before implementing operational systems to support them - Operational systems - e-commerce (e-procurement, B2B marketplaces and e-negotiation tools) are a key component of SRM. They enable organisations to tie their purchasing processes more tightly into their supply base. E-commerce can enable more efficient transactional processes, better compliance, and improved collaboration with suppliers - Information systems are key to the effective understanding, improvement and measurement of the other two aspects of SRM. Without comprehensive and detailed information about an organisations current spend it is difficult to identify and implement improved purchasing strategies.