Vendor Relationship Management
Enabling mutually beneficial relationships between buyers and sellers
VRM is a grass roots initiative which seeks to ‘Enable buyers and sellers to build mutually beneficial relationships by helping individuals to gather, store, share and use the information they need to go to market more efficiently and effectively’.
The goal of Project VRM is to improve the relationship between Demand and Supply by providing new and better ways for the former to relate to the latter. In a larger sense, VRM immodestly intends to improve markets and their mechanisms by equipping customers to be independent leaders -- not just captive followers in their relationships with vendors and other parties on the supply side of the marketplace.
Project VRM Activities include:
- Define and advocate a clear vision for a VRM-enabled world
- Ensure the development and publishing of open standards and specifications for VRM services
- Create a lightweight and effective organisational structure for the project
- Drive VRM usage
- Create and oversee a VRM compliance and benchmarking program
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