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Customers are becoming increasingly fickle and sophisticated, and technology has given them a plethora of choices and unprecedented access to information. As power shifts to the consumer, organizations are trying to find new ways to understand and reach their customers. The focal point of this trend is Customer Relationship Management (CRM), a disciplined, holistic approach to identifying, attracting and retaining customers. More than ever, the customer is always right, and those organizations that embrace CRM stand to gain tremendously.
Today, technology is enabling companies to extend their reach in managing the supply chain, and to operate in a coordinated fashion from raw material supplier to the end consumer. Leading companies are beginning to create "synchronized supply chains" that are driven by the needs of the market and, in essence, ARE moving the supply chain closer to the customer. To succeed with this new model, however, executives will have to understand and employ several critical concepts used in the field of Customer Relationship Management (CRM).
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