Risk management of customer relationship management

Abstract

Almost every business strives to attract new customers and retain the existing ones to remain competitive .In order to achieve this goal companies choose to install customer relationship management (CRM) systems. However, over 80% of installation projects are unsuccessful or the projects are less beneficial for the business than expected. It is therefore recommended to identify the risks that arise during the CRM system installation and to control them. This article analyzes various stages of CRM installation project and the risks that influence these stages. The article also provides results from the research about CRM systems' installation risks carried out in Lithuania. The article introduces the model for the risk management based on the findings of the research and the analysis of additional scholarly literature.