Customer Relationship Management (CRM) is not a product or service, it’s an overall business strategy that enables companies to effectively manage relationships with their customers. (…) Most customers leave instead of trying to explain their problem or issue over and over to a different company representative. CRM implies that everyone in the enterprise is focused on the customer. (Khera 2000)
In the last decade, a totally new dimension of business has emerged. Customer relationships are changing continuously. Customer interaction occurs through many different channels. Data about customers and their transactions with the organisation is gathered at every point of contact. Finding ways to extract the information contained in the amassed data, transforming it into knowledge and utilising it to revise business processes, in order to adjust to changing customer values, is the foundation for sustainable business success.