Critical Success Factors: Three Market-Centric Change Management Elements for CRM Implementation
According to CIOInsight.com, an astounding one in four projects will fail to meet requirements, representing approximately $63 billion spent on failed initiatives annually (McCafferty, 2010). While many types of enterprise-wide software fit within this category, Customer Relationship Management (CRM) systems represent one major category with high failure rates. The core value of CRM is in the collection of customers’ demographic information and behavior, from desired method of outreach to purchasing preferences, to provide analytics that provide insight into how organizations can build relationships with their customers. This market- and customer-centric view of the world reflects a mindset shift for many organizations that maintain an internal focus that is based on either product or process. CRM is meant to give organizations insight into their most valuable customers and how best they respond in order to increase the lifetime value of each customer, rather than merely focus on each transaction.
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