Demystifying the CRM conundrum

Since gaining a mass following in the mid‐1990s, companies have poured millions into customer relationship management (CRM) software and solutions. Over the next few years analysts predict that this high spend is set to continue. But why the explosion in investment? Can CRM offer long‐term value, and if so how? The basics of CRM have been around ever since the birth of commerce. At the heart of every business transaction lies the process of interaction between customer and vendor. Managing this interaction so that customers willingly return should be the goal of every customer‐facing organization.