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Mining the Value in CRM Data: A CFO Perspective - A report prepared in collaboration with Sun Microsystems

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Business Software > CRM

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Customer relationship management (CRM) is that part of an enterprise’s business strategy that enables the entire enterprise to understand, anticipate and manage the needs of any current and potential customers. CRM is not an event or a technology, or even an application or a process. Ideally, CRM is a comprehensive strategy that integrates all areas of business that touch the customer – though mainly, it is limited to marketing, sales, customer service and field support — through the integration of people, process and technology. To be successful, CRM requires acquiring and distributing knowledge about one’s customers across the enterprise, to balance costs, revenue and profits with customer satisfaction. Obviously, business processes and key technologies are required to optimize CRM strategies.