| | May 20188CIOReviewapid changes in technology and continu-ous changes in consumer behavior are altering business models for a majority of businesses. Digital has dis-interme-diated the traditional sales and distribu-tion channel by bringing customers and brands closer. It has also democratised access to information, brought pricing transparency and decentralized power. Change in market dynamics is presenting a real challenge to or-ganisations in staying relevant. Traditional channels are in for a change as products become services,organisations look at leaner structures, cost to serve customers reduces and direct to customer models emerge. Diminishing customer loyalty has led to a shorter revenue realization cycle. AI, platforms and data-led connected ecosystems are redefining consumer and enterprise businesses alike. As the cost of physical reach increases, it needs to be backed with higher ef-ficiency to optimize unit cost to acquire and serve cus-tomers. Most companies are also looking at investing in customer retention, repeat purchases and cross-sell to maximize revenue per customer rather than acquire more new customers without a plan to retain. Changes shaping the sales forceCustomer Relationship Management (CRM)CRM is the first and foremost priority for every organi-sation. A 360o view of customers and prospects, and in-teractions across all touch points are the key to growth and survival of businesses. CRM provides a customizable yet integrated dashboard, connecting with various data sources like web, call centre, social media, transactions and sales interactions. Initially,CRM was seen more as a sales tool but it is increasingly being used across the organisation i.e. customer service, call centre, sales and business development. With most solutions hosted on cloud, it is easy to deploy and plug-n-play at the initial stages before embarking on customization. It can also connect with different business apps and ecosystem play-ers to provide scalable, actionable and real time insights. As AI and predictive tools get integrated in CRM, inter-action with customers and prospects becomes more en-IN MY OPINIONRDIGITAL ERASALES FORCE IN THE By Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank
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