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Past Symposium/ITxpo
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Tuesday, 8 October 2002 Customer relationship management (CRM), often misunderstood, can have a profound effect when applied appropriately, Gartner analyst Scott Nelson told attendees Tuesday at Gartner Symposium/ITxpo 2002. "[CRM] involves much more than simply buying and installing a software package," Mr. Nelson said. "In reality, CRM requires a strategy to capture accurate data, analyze it effectively, move it to the appropriate customer contact points and use the information properly. Clearly, companies engaged in CRM, or planning to be, should understand the keys to success in CRM." During his presentation titled The CRM Vision: Moving From Disillusionment to Real Value, Mr. Nelson pointed out that CRM can become expensive because of poor planning. According to Mr. Nelson, the costs of implementing CRM can double if the necessary investments are not carefully planned early on. "Savvy companies will make investments in CRM based on where they are in the continuum," he said. "[They] will set themselves up for future investments needed to move to higher levels." Mr. Nelson recommends following a "strategic CRM framework" in planning CRM initiatives, using the "eight building blocks of CRM." The building blocks begin with "CRM vision" and "CRM strategy," and end with "CRM technology" and "CRM metrics." Specifically, Mr. Nelson offered the following strategies to help make CRM work:
Most companies have multiple customer interaction channels, but 85 percent of Global 1000 companies have failed to integrate them. This has resulted in alienated customers, and while in the short term gains are possible, in the long term losses are inevitable. Mr. Nelson explained that planning is critical to success, adding that, "by breaking down the sales and marketing cycle, and viewing each phase from a high-level strategic point of view - all the way down to operations and execution - [companies] can start to evaluate what systems they need to accomplish each area." He expects that through 2004, "large companies will rely on best-of-breed applications for the bulk of their CRM requirements." Additional technologies will likely be added to supplement further down the road. At the end of his presentation, Mr. Nelson explained the importance of balancing financial and customer benefits as well as making CRM a company-wide initiative. "Everyone worries about the customer," he said, "and customer service is everyone's business, not just one department's title." Joel Edelman Gartner Staff Writer |
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