Obtaining Supplier information in Service Request

Summary: Fetching the Supplier information in Procurement module into the Service Request.

Content (required): Our client has a requirement of associating the Service Request with a supplier in some cases. This was initially achieved by creating an FCL field with the names of Suppliers as the lookup names. But this is inefficient as this is not extensible and not a long term solution. Now, they have requested for getting the Supplier and Supplier Contact information dynamically from the Procurement module. Is there a way for us to achieve this requirement?

If the Suppliers were created as Accounts and Supplier Contacts as Contacts in CRM module and are made to periodically sync with Procurement, we can achieve the above requirement. But, is this a correct approach? If not, is there a way for us to achieve the above requirement.