CRM will be replaced over time by the emergence of Personal Knowledge Banks, which give access, ownership, management and control of personal data back to the individual, according to personal records management specialists Paoga.
"Consumer organisations use CRM software to 'know you better' so that they can anticipate your needs and target their sales efforts to ensure that you buy from them," said Graham Sadd, CEO of PAOGA. "However, even though these companies are doing their best to focus on you, their customer, you are not solely focused on them. Letting individuals control and manage the access to their own data is the only way large organisations will ever be able to truly target and effectively sell to them."
Sadd argues that corporate disillusionment and high failure rates of CRM projects have led many companies to question their return on investment in expensive data marts and complex CRM software.
But he adds that consumer data can never be captured 100 per cent no matter how extensive the database or how much it is enriched with third party data sources or modelling techniques. This is because the only entity truly capable of delivering a single customer view is the customer himself, which PAOGA believes is the fatal flaw of consumer CRM systems.
Furthermore, less responsible organisations 'sell' their CRM data to all sorts of people who may or may not be discerning with an individual's personal details. Worse, inaccurate and out of date records can pass from hand to hand and result, for example, in an application for a loan being rejected.
"Individuals should have the ability to transact with an organisation and then walk away, effectively ‘slamming the door’ if they no longer wish to buy from them," added Sadd. "Instead of marketing companies distributing an individual’s information to numerous vendors and organizations with no means of tracking and maintaining it, Personal Knowledge Banks provide individuals with their own database where they maintain their current personal details in one place."
Paoga sees Personal Knowledge Banks extending beyond traditional consumer boundaries over time with individuals taking responsibility for their Medical Records, reducing costs for the NHS and joining up all of their different legacy systems. Similarly, third parties can provide independent verification and certification of sensitive data which individuals cannot change.