t Customer relationship management (CRM) is a combination of people, processes and
technology that seeks to understand a company’s customers. It is an integrated approach to
managing relationships by focusing on customer retention and relationship development. CRM has
evolved from advances in information technology and organizational changes in customer-centric
processes. Companies that successfully implement CRM will reap the rewards in customer loyalty
and long run profitability. However, successful implementation is elusive to many companies,
mostly because they do not understand that CRM requires company-wide, cross-functional,
customer-focused business process re-engineering. Although a large portion of CRM is technology,
viewing CRM as a technology-only solution is likely to fail. Managing a successful CRM
implementation requires an integrated and balanced approach to technology, process, and people.