By Gale Group
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According to a Gartner/Dataquest survey of IT and business executives reported in CRMDaily at the beginning of 2002, the percentage of companies with more than $1 billion in annual revenue that would deploy CRM systems dropped from 35 percent in 2001 to less than 20 percent for 2002. By contrast, 35 percent of companies with sales between $500 million and $1 billion planned to deploy CRM systems within six months, compared to less than 15 percent that were involved in deploying CRM systems at the end of 2001.
Ecommerce Webopedia. com, 2002. html. ❚ 19 DATA MINING Data mining is the method of using various statistical analysis tools to unmask obscured patterns in a specified chunk of data. Considered an advanced form of data analysis, data mining goes beyond more commonplace data analysis practices, such as spreadsheet analysis and SQL (structured query language) queries. Quite often data mining tools are used in conjunction with data warehouses, multi-dimensional data structures that help businesses both organize and analyze the data created during daily business operations.
Boston, MA: Artech House, 1997. Punch, Linda. ’’ Business and Management Practices, December 2001, Vol. 14, no. 9, 24. ’’ New TV Strategies, 21 December 2000, 5. Smart, Victor. ’’ Guardian (London), 11 April 2002. Wilson, Chuck. Get Smart: The Emergence of Smart Cards in the United States and Their Pivotal Role in Internet Commerce: A Comprehensive Review. Richardson, TX: Mullaney Pub. Group, 2001. ❚ 16 CUSTOMER RELATIONSHIP MANAGEMENT Customer relationship management (CRM) refers specifically to the software that companies use to manage and track contact with their customers.