Partner Relationship Management
A partner relationship management strategy seeks to improve business processes by improving communications between a business and its channel partners. In some ways it is closely related to customer relationship management. However, in many cases, partner relationship management is a term specifically applied to relationships between businesses.
Partner relationship management can take a number of different forms. In some cases, delivery of a product is needed during specific times of the day. For example, in some shipping and receiving departments, suppliers must deliver within a certain time frame. In the busiest of locations, that window could be as little as 30 minutes. When traveling across a large geographic region, that can be a hard target to hit.
Using software and other communication tools often provided through a partner relationship management strategy, suppliers, shippers and the end users can keep in constant contact with each other. This means the end user will be able to know where each item is each step in the process and when to expect it. Depending on the situation, this may allow a factory to adjust production so that the entire operation does not shut due to supply concerns.
Partner relationship management is also important for a manufacturer and reseller or retailer. On this side, software allows the producer to understand when a certain product is in demand and allows that producer to adjust his processes likewise. Without this benefit, a manufacturer would need to wait for an order from the retailer or reseller. That could delay the process and thus allow both sides to miss out on valuable sales.
In addition to communication, partner relationship management can also provide services in other areas. For example, it may include a partner loyalty component, which provides a benefit to both companies. As those relationships are solidified, it provides a good customer base on which both can depend.
Though the idea of forming business-to-business relationships is not a new idea, the extent to which it is taken in a partner relationship management situation is. This is due to a number of reasons. First, with business taking advantage of the Internet, it makes improved communication possible. Second, with business becoming more specialized in the services they provide, it is creating a greater interdependency between businesses and thus a need for enhanced partner relationship management applications. Third, with products and suppliers located all across the globe, a better system for real-time communication was needed.

Reference: http://www.wisegeek.com/what-is-partner-relationship-management.htm

My opinion: Partner Relationship Management is used to describe the methods and strategies for improving communications and relationships between other companies and their channel. Main reasons of this method include selling, commission, opportunity, marketing campaigns, inventory access, and other features designed to facilitate the relationship between manufacturers and others.