Customer Relationship Management, better known in acronym form as CRM, is extremely important in these days. In a digital age, where organisations are trying to do more with less, it is vital that audiences are successfully engaged. CRM ensures that this is done to the highest and most effective standard.
The information technology research and advisory firm Gartner has observed significant change in this regard, stating that more businesses than ever before are "leveraging CRM technologies" as part of a bigger digital programme of innovation to boost the customer experience.
It said that this is, in part, being driven by the demands of the 21st century, which require organisations to "refresh or expand integration and usage" of CRM software. Moreover, it is the desire of executives and directors to deliver more focused customer relations that is driving the move towards savvy technological solutions.
"CRM will be at the heart of digital initiatives in coming years," said Joanne Correia, research vice president at Gartner.
"This is one technology area that will definitely get funding as digital business is crucial to remaining competitive. Hot areas for CRM investment include mobility, social media and technologies, web analytics and e-commerce."
While market growth for CRM will be reasonable throughout 2014, with revenue pitched to hit $23.9 billion (approximately £14.3 billion), it is expected to pick up over the next few years. What is certain is that growth in this sector will be modest at a minimum, with the potential to be bigger if economic conditions permit.
Ed Thompson, vice president and a prominent analyst at Gartner, said that the largest spenders on CRM are organisations operating in high-tech, banking, insurance, securities, telecommunications, pharmaceutical, consumer goods, IT manufacturing and IT services vertical industries.
Gartner said that one growing entity in promoting a bigger interest in CRM is the Internet of Things, which is helping come up with all sorts of new realities previously never conceived of.