Is CRM an investment, a cost or an expense?

CRM (Customer Relationship Management) can be seen as both an investment and a cost for a business, depending on how it is implemented, how it is used and the corporate approach.

CRM can be considered an investment as it can help the business improve customer relationships, increase customer retention and generate more sales in the long run. With the CRM system, the business can better understand the needs and preferences of its customers and adapt its products and services to meet these needs. CRM can lead to increased customer satisfaction and loyalty, which can result in higher revenue. In order for this whole setup to work, the business must devise the right strategies to process the data. With developing artificial intelligence technologies, data processing and creating business intelligence can be much easier and cheaper than before.

On the other hand, if the right will is not demonstrated in the data creation and processing processes, CRM will be a wasted investment in addition to the workload and cost for employees and managers. Because there are upfront costs associated with implementing a CRM system, such as purchasing the software, training employees, and customizing the system to meet the specific needs of the business. Additionally, ongoing expenses such as maintenance, upgrades and support may be required to keep the system running smoothly and effectively. According to Gartner's research, businesses get a return of $6.5 for every $1 investment even in standard CRM investments. It is possible to increase these rates up to $45 with CRM + HR (human resources) + DSS (Decision support Services) software powered by new generation artificial intelligence.

Ultimately, the approach to CRM will depend on the specific goals and priorities of the business, as well as how effectively the CRM system is implemented and used to achieve those goals. COREDINAT artificial intelligence includes measures to minimize the CRM system falling victim to employee laziness by using the possibilities of new technology in obtaining data.