In the article "Are CRMs Alone Sufficient in a Data-Driven World?" Virtusa’s report Engineering Data Mastery: Beyond Customer Obsession highlights why traditional CRM systems are no longer enough to leverage customer data effectively.
The report reveals that while companies invest heavily in CRM software—over $100 billion in 2023 alone—customer satisfaction has barely improved since 2017. This is because CRMs primarily capture sales and service interactions but fail to harness valuable digital, product usage, and social data. Businesses that collect and utilize these broader data sources—labeled as “customer-clairvoyant” firms—see up to 18% higher revenue growth compared to their peers.
Additionally, IT infrastructure struggles to keep pace with the explosion of unstructured data, making it difficult for companies to digitize and use customer insights effectively. The report emphasizes the role of emerging technologies like generative AI in transforming customer data, reducing costs by 27% and time by 40%.
Read more about how businesses can move beyond traditional CRMs and adopt a more comprehensive data strategy to drive customer satisfaction and revenue growth.