Know the Risk: Digital Transformation's Impact on Your Business-Critical Applications REGISTER >
If you're like the CIOs in our survey and you're considering a CRM project, get ready for a few realities. Like anything designed to change the way we work with customers, CRM isn't cheap, fast or easy.
Respondents 'average expenditure for their CRM installation was $1.9 million ($2.7 million for larger companies, $650,000 for smaller companies). Of those expenditures, CIOs are shelling out major dollars for services as well as the technology components:65 percent of the typical project 's costs comprise such services as business-needs consulting, integration services, applications development and training, with the remaining 35 percent going toward products.
For older CRM projects, the average cost was a little more than $1.5 million, but for new projects, respondents said their average project cost was more than $2.4 million. Why the difference? The newer systems are more ambitious and are being deployed into more complex environments, making hurdles more likely.