Customer relationship management technology

Abstract

CRM has changed the way companies handle customer enquiries, advertise and sell their products or manage the entire relationship with their customers. As the power of CRM technology has expanded, companies have come to view it as a resource ever more critical to their success in customer management. CRM technology has delivered great benefits to some firms, even propelling a few into positions of industry leadership, but for most businesses it is a continuous source of frustration, disappointment and costs. It has led managers to plough cash into misguided CRM initiatives, sometimes with catastrophic ROI figures. In addition to playing a direct role in cost, CRM technology often alters the cost drivers of activities in ways that can improve a company’s value proposition. This paper looks at the evolution of CRM and CRM technology, analyses its current status and provides recommendations on how and when to best utilize CRM technology.