Explain its importance supplier relationship management" $($SRM$)$ in modern business practices. $(5)$ Supplier Relationship Management $($SRM$)$ refers to the strategic approach organizations use to effectively manage their interactions and relationships with suppliers. It involves the planning, coordination, and optimization of all processes related to the procurement of goods and services from suppliers. SRM is crucial in modern business practices because it helps organizations enhance supplier performance, reduce costs, mitigate risks, and drive innovation through collaborative partnerships.