Having said that, we know that the SRM product involves a range of functions that are considered "mission critical" by SAP customers. Consider that SRM encompasses not just the core e-procurement app but other key areas, such as vendor managed inventory and private marketplace functionality. We are entering an era in SAP where it is hard to choose between core SAP work (MM in your case) versus the mySAP areas. Upgrades to core components are keeping the rates for core modules healthy, but we are also seeing some action on certain "mySAP areas" such as CRM and SRM.
On the other hand, APO seems to be a little flat, so not all mySAP products are taking off. And in fact, SAP seems to be on a path of bringing mySAP functionality back to the core, such as the decision to package BW with the core NetWeaver 2004s release.
My feeling about functional areas of SAP is that it's going to be important to be more than a "configuration specialist." To be an exceptional SAP consultant, if you pursue any area, SRM included, you want to master the best practices involved in Supplier Relationship Management. And then you want to be able to configure the SRM functionality to meet the needs of particular industries. It's the combination of deep configuration and industry knowledge that will keep you marketable. So choose a growth area, but make sure it also connects strongly to your professional interests. I think SRM would suit you well as such a focus.
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