The phase of the technology makes use of statistical inference tools which can analyze large amounts of data and present the information in a readable and comprehendible format. These tool take up probability based analysis as well as regression through concept analysis, variable analysis, decision tree based analysis as well as through data mining on the data stored in the data repository.
All the three phases are the components of the CRM model adopted by the CRM technology. This technology is usually integrated with enterprise wide systems and technology which make it possible or the data and information to be available for the operations of the business at different levels.
The application of CRM processes in business, especially in marketing have been present for a long time however the application of CRM technology in business has taken place only recently in the past decade. The reason for this is that previously customers for business use to make their choice of product and service based on the product offering in terms of price.
However now the concept of product offering has changed and customers are becoming increasingly price insensitive. They instead now make their choice of products and services based on the value addition they receive from the product/ service offering in terms of a package.
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